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. 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.Bureau of Health Coverage Access, Administration, and Appeals. Forms and Instructions. Once you have found the right loan, you must fill out the collateral assignment form. Your insurer will be able to provide you with this form easily. Complete the enclosed form. Complete, print, and sign this Assignment of benefits form (highlighted fields can be completed online then printed). Application for Individual Life Insurance COMPACT A. Proposed Insured (PI 1) 1. Name First Middle Last 2.