Policy Riders, Provisions, Options, and Exclusions
An owner wants to replace a named irrevocable beneficiary with someone else. What additional requirement applies?
Answer and explanation
Answer: A. An irrevocable beneficiary cannot be changed without that beneficiary's consent. The ordinary change procedure alone is insufficient when the beneficiary designation is irrevocable.Source: Interstate Insurance Product Regulation Commission — Individual Flexible Premium Adjustable Life Insurance Policy Standards — § 3 > D. Beneficiary (3)
More policy riders, provisions, options, and exclusions questions
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- The insured is not the owner of a cash-value life policy. The insured asks to take a policy loan without the owner's authorization. Which response best reflects the parties' roles?
- The insured's age was misstated on a flexible-premium life application. When discovered, how should the provision generally respond?
- Under standard individual life policy provisions, what is the maximum initial suicide exclusion period permitted under IIPRC compact standards?
- Under the entire contract provision, what elements constitute the legal agreement between the owner and insurer?
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