Insurance Practice Exam 150 Questions with Complete and Verified Answers

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Insurance Practice Exam 150 Questions with Complete and Verified Answers What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? *Irrevocable benefic... iary *Tertiary beneficiary *Primary beneficiary *Revocable beneficiary ✔✔*Irrevocable beneficiary (An irrevocable designation may not be changed without the written consent of the beneficiary.) When can a policyowner change a revocable beneficiary? *Anytime *After the consent of the current beneficiary *Never *Only if primary beneficiary dies ✔✔*Anytime (With a revocable beneficiary designation, the policyowner may change the beneficiary at any time without notifying or getting permission from the beneficiary.) M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? *Tertiary *Irrevocable *Revocable *Contingent ✔✔*Revocable (With a revocable beneficiary designation, the policyowner may change the beneficiary at any time without notifying or getting permission from the beneficiary.) How would a contingent beneficiary receive the policy [Show More]

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