An individual borrowed money at the bank to send his daughter to college instead of purchasing credit life insurance he used on existing life insurance policy to secure the debt this would be called a?

This would be called a "collateral assignment." In this arrangement, the individual uses an existing life insurance policy as collateral to secure the loan for his daughter's college expenses, rather than purchasing additional credit life insurance. If the borrower were to pass away, the insurance proceeds would go to the bank to cover the outstanding debt before any remaining benefits are paid to the beneficiaries.