(2) The full name, and age, of the Assignee must be stated. (3) The actual consideration for the assignment received from the assignee should be written in.How to fill out the Assignment Questionnaire for LIC Policy Holders? As Schlass notes, you can fill out an Assignment of Life Insurance Policy as Collateral form at any time during the life of your policy. Once you have found the right loan, you must fill out the collateral assignment form. A collateral assignment of life insurance is a conditional assignment appointing a lender as an assignee of a policy.