Back in the 1980's, when i was in college, my father took out a life insurance policy on me naming himself beneficiary. I don't remember the details or how he even got me to sign it but I always trusted him. He said he didn't want to be responsible for my school loans if something happened.
The policy was cancelled in the late 1980's. The loans only totalled about 7,500.00 to 10,000.00. I'm sure the policy was worth more. Is this common? I'm not sure about all the details since it was son long ago.
Effectively i was the owner of the policy