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You can click Insert even if the video has not processed. Your instructor will be able to view the video once it is processed.
You will see your video embedded in the Rich Content Editor. If the video has processed, you can click play to check the video.
Once ready, click Submit assignment.
You will see a temporary banner message at the top: Assignment successfully submitted. You will also see a submitted message which includes the submission date and time. You can click the Submission details link to view the assignment as submitted to your instructor.