A. key-man policy
B. endowment policy
C. term insurance policy
D. whole life insurance
Correct Answer: Option C
C. term insurance policy
Explanation
A collateral assignment of life insurance is a conditional assignment appointing a lender as the primary beneficiary of a death benefit to use as collateral for a loan. If the borrower is unable to pay, the lender can cash in the life insurance policy and recover what is owed.
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