What allows for the temporary transfer of ownership of a life insurance policy?

Collateral assignment is the correct answer because it refers to a temporary transfer of ownership or rights within a life insurance policy, specifically for the purpose of securing a loan or an obligation. In a collateral assignment, the owner of the policy assigns certain rights, such as the right to the death benefit, to a lender as collateral for a loan. This does not transfer complete ownership of the policy; instead, it allows the lender to receive the funds if the borrower were to pass away before repaying the loan.

Complete assignment would involve a full transfer of ownership rights, which is more permanent than a collateral assignment. Partial assignment usually indicates that only a portion of the benefits is assigned, but not as a means of securing a loan. Beneficiary assignment does not refer to ownership transfer; instead, it defines who will receive the death benefit upon the insured's passing, not the temporary usage of the policy's value.