Question
The type of charge created on LIC Policy is ............................
Answer: Option C
Assignment is the transfer of ownership rights and interests of one person (assignor) to another person (assignee) in a life insurance policy. The assignor is the original policyholder who originally purchased the life insurance policy and is transferring the rights and interests to the assignee.
Definition of Assignment:
Assignment is a legal process in which a policyholder transfers their rights and interests in a life insurance policy to another person. The assignor is the policyholder who originally purchased the policy and is transferring the rights and interests to the assignee.
Definition of Pledge:
Pledge is a form of security given by a borrower to a lender in order to secure a loan. It is a form of security given by the borrower to the lender in order to secure a loan. The pledge is usually a piece of property, such as a car or house, that the borrower is willing to put up as collateral in order to secure the loan.
Definition of Hypothecation:
Hypothecation is a type of security where a borrower pledges a specific asset as collateral for a loan. The borrower retains ownership of the asset and can use it as they wish, however, the lender has the right to take possession of the asset if the borrower defaults on the loan.
Definition of Mortgage:
Mortgage is a loan secured by property or real estate, in which an individual or entity borrows money from a lender in exchange for a lien on the property or real estate. The lien is a legal claim against the property or real estate, giving the lender the right to take possession of the property if the borrower defaults on the loan.
Therefore, the type of charge created on LIC Policy is Assignment.
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Assignment is the transfer of ownership rights and interests of one person (assignor) to another person (assignee) in a life insurance policy. The assignor is the original policyholder who originally purchased the life insurance policy and is transferring the rights and interests to the assignee.
Definition of Assignment:
Assignment is a legal process in which a policyholder transfers their rights and interests in a life insurance policy to another person. The assignor is the policyholder who originally purchased the policy and is transferring the rights and interests to the assignee.
Definition of Pledge:
Pledge is a form of security given by a borrower to a lender in order to secure a loan. It is a form of security given by the borrower to the lender in order to secure a loan. The pledge is usually a piece of property, such as a car or house, that the borrower is willing to put up as collateral in order to secure the loan.
Definition of Hypothecation:
Hypothecation is a type of security where a borrower pledges a specific asset as collateral for a loan. The borrower retains ownership of the asset and can use it as they wish, however, the lender has the right to take possession of the asset if the borrower defaults on the loan.
Definition of Mortgage:
Mortgage is a loan secured by property or real estate, in which an individual or entity borrows money from a lender in exchange for a lien on the property or real estate. The lien is a legal claim against the property or real estate, giving the lender the right to take possession of the property if the borrower defaults on the loan.
Therefore, the type of charge created on LIC Policy is Assignment.
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