Question

Christine has paid-up $50,000 whole life policy. She would like to transfer all ownership rights in the policy to her favorite charity. Christine can accomplish the transfer through a(n)

Answer 1

Christine can accomplish the transfer through an assignment or assignment of ownership rights.

Step-by-step explanation:

Christine can accomplish the transfer of ownership rights in her $50,000 whole life policy to her favorite charity through an assignment or assignment of ownership rights.

An assignment is a legal transfer of ownership from one party to another. In this case, Christine would need to complete the necessary paperwork and submit it to her insurance company, indicating her intention to transfer the policy to the charity.

Once the assignment is complete, the charity would become the new owner of the policy and would have the right to receive the death benefit upon Christine's passing.