Tim purchased a 10-payment whole life insurance policy 15 years ago.Tim would like to donate this paid-up policy to a charity.Under which policy provision can Tim transfer all ownership rights in the policy to the charity?

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Absolute assignment allows the policy owner to transfer all ownership rights to another person or entity, including a charity. This means that Tim can donate his paid-up policy to the charity without any further obligations or liabilities. The other options, such as extended term nonforfeiture option, reinstatement, and collateral assignment, do not involve a complete transfer of ownership rights and are not applicable in this scenario.

Tim Purchased a 10-Payment Whole Life Insurance Policy 15 Years