how can i read file in shell script , then assign each line to an variable that i can use later ,,,(am thinking in way to load an default setting from file)

i already try :

process (){

}

FILE=''
read -p "Please enter name of default file : " FILE

if [ ! -f $FILE  ]; then

    echo "$FILE : does not exists "
    exit 1
elif [ ! -r $FILE  ]; then

    echo "$FILE : can not read "
fi

exec 0<"$FILE"
n=0
while read -r line
do
   (assign each line to an variable) 
done