The drawback of this method is that once you transfer ownership to the charity, a process known as absolute assignment, you no longer have control over the policy. (briansoinsurance.com)
If the policyholder wants the entire proceeds to go to another person, then he or she needs to opt for absolute assignment. (business-standard.com)
Usually, the individual owns the policy and designates beneficiaries, then by absolute assignment transfers to the employer an amount equal to the premiums paid by the employer. (ufcu.pfyfn.com)