A life insurance assignment is a document that allows a beneficiary to transfer the ownership rights of a policy to a third party such as a funeral home. How to fill out the Assignment Policy Form for Life Insurance?1. Identify the policy and the assignee details. 2. If the Collateral Assignment is to be released, the Assignee must complete a collateral release form dated prior to the Absolute Assignment. The "Assignee" is the person(s), firm(s), or trust(s) (usually named on an Assignment form, RI 76-10) who owns and controls the Insured's life insurance.