Risk Management and Insurance > QUESTIONS & ANSWERS > INSURANCE PRACTICE EXAM 150 QUESTIONS WITH 100% CORRECT ANSWERS (All)

INSURANCE PRACTICE EXAM 150 QUESTIONS WITH 100% CORRECT ANSWERS

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What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? *Irrevocable beneficiary *Tertiary beneficiary *Primary beneficiary *Revocable benefici... ary Correct Answer *Irrevocable beneficiary (An irrevocable designation may not be changed without the written consent of the beneficiary.) When can a policy owner change a revocable beneficiary? *Anytime *After the consent of the current beneficiary *Never *Only if primary beneficiary dies Correct Answer *Anytime (With a revocable beneficiary designation, the policy owner 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 Correct Answer *Revocable (With a revocable beneficiary designation, the policy owner may change the beneficiary at any time without notifying or getting permission from the beneficiary.) How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? *If the primary beneficiary is a minor at the time of the insured's death *If the primary beneficiary dies before the insured *If the insured died of accidental causes *If the insured died of natural causes Correct Answer *If the primary beneficiary dies before the insured [Show More]

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