Ownership of a life insurance policy may be temporarily transferred with a(n):

A collateral assignment of a life insurance policy is a temporary transfer of ownership rights to another party, typically used as security for a loan. In this arrangement, the policyholder maintains ownership but gives a lender the right to claim the death benefit if the loan is not repaid. This means that the policy remains under the control of the original owner unless the conditions of the assignment are triggered, such as loan default.

This type of assignment allows for flexibility in financing while ensuring that the lender's interests are protected. Once the obligation is fulfilled, the collateral assignment can be lifted, returning full ownership rights back to the policyholder.

The other options do not accurately describe a temporary transfer of ownership rights. A permanent assignment would relinquish ownership completely, while a conditional assignment typically includes provisions that must be met to ensure the transfer occurs, often making it more complex than a straightforward temporary transfer. Exclusive assignment is not a commonly recognized term in life insurance policies and may imply unilateral rights without the intent of a temporary nature. Thus, collateral assignment is the appropriate choice for temporary ownership transfer in life insurance.