Policy Riders, Provisions, Options, and Exclusions
What restriction applies to an owner who names an irrevocable beneficiary?
Answer and explanation
Answer: C. An irrevocable beneficiary designation creates a vested right; the owner cannot alter the designation or exercise major rights without the beneficiary's consent.Source: IIPRC Policy Standards — § 3 > D. Beneficiary
More policy riders, provisions, options, and exclusions questions
- A beneficiary selects a straight life-income settlement. Which tradeoff is most important?
- A beneficiary wants equal installments of proceeds and interest for a selected number of years. Which settlement option fits?
- A buyer compares annual and monthly premium modes for the same term policy. Which cost point should the buyer verify?
- A cash-value policy has an elected automatic premium loan provision and an unpaid premium at the end of the grace period. If sufficient loan value exists, what occurs?
- A cash-value policyowner stops paying premiums but wants to preserve some policy value. Which group contains nonforfeiture choices?
- A compliance reviewer checks a Texas life policy form before filing. Which entire-contract clause fits Texas law?
590 Texas questions like this one.
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