You and your refer to the Creditor named above. DOC010343500. This article will provide an explanation of the rules surrounding life insurance policies and discuss charitable giving methods.If the Collateral Assignment is to be released, the Assignee must complete a collateral release form dated prior to the Absolute Assignment. Most status changes are easy to manage. Simply complete a Benefit Election Form and return it to your department representative within 60 days. How to fill out the Assignment Policy Form for Life Insurance? 1. Identify the policy and the assignee details. 2.