Policy Riders, Provisions, Options, and Exclusions
What does consumer guidance say about an owner changing beneficiaries?
Answer and explanation
Answer: D. The NAIC Life Insurance Buyer's Guide states that as the policy owner, you can change beneficiaries at no cost, and advises reviewing beneficiaries every few years, especially after major life events. A fee, insurer consent, and an anniversary-only window are not part of that guidance.Source: NAIC — Life Insurance Buyer's Guide — Buyer's Guide page 8, Review your policy
More policy riders, provisions, options, and exclusions questions
- An owner names 'my children, per stirpes.' One child dies before the insured but leaves two children. What result is the designation intended to produce?
- An owner returns a newly delivered policy within the stated review period. What does consumer guidance say results?
- An owner signs a policy assignment before the insurer receives notice. The insurer takes an allowed action without knowledge of it. Under the Compact standard, how is the timing handled?
- An owner wants only the children who survive the insured to divide the class benefit equally, without preserving a deceased child's branch. Which designation most directly expresses that intent?
- An owner wants the original permanent insurance plan to continue for a smaller amount with no further premiums. Which nonforfeiture option fits?
- An owner wants to replace a named irrevocable beneficiary with someone else. What additional requirement applies?
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