Without written consent, a policyowner CANNOT change the beneficiary if he has named

Rationale

A policyowner cannot change the beneficiary if he has named an irrevocable beneficiary.

An irrevocable beneficiary has a legal right to the policy benefits, meaning the policyowner cannot change the beneficiary designation without the consent of that beneficiary. This protects the irrevocable beneficiary's interest in the policy, ensuring their entitlement to the proceeds.

A (a contingent beneficiary.) YOUR ANSWER

A contingent beneficiary is designated to receive the policy benefits only if the primary beneficiary is unable to do so. The policyowner retains the right to change the contingent beneficiary without restrictions, as their rights to the policy proceeds are not yet established.

B (a revocable beneficiary.) YOUR ANSWER

A revocable beneficiary can be changed by the policyowner at any time without needing consent from the beneficiary. This flexibility allows the policyowner to update their beneficiary designations as needed, thus they are not restricted from making changes.

C (a permanent beneficiary.) YOUR ANSWER

The term "permanent beneficiary" is not commonly used in insurance terminology and may imply a beneficiary designation that remains unchanged. However, if a beneficiary is designated as "permanent" without the status of irrevocability, the policyowner may still have the ability to change it without consent.

D (an irrevocable beneficiary.) CORRECT

An irrevocable beneficiary has a secured claim to the policy benefits, which means that the policyowner cannot change the beneficiary without obtaining written consent from that beneficiary. This legal protection ensures the irrevocable beneficiary’s rights are upheld.

Conclusion

In insurance policies, the designation of beneficiaries is crucial, particularly regarding revocability. An irrevocable beneficiary cannot be changed by the policyowner without consent, safeguarding the beneficiary's rights to the proceeds. This contrasts with contingent and revocable beneficiaries, who do not enjoy such protection, highlighting the importance of understanding beneficiary designations in policy management.

Without written consent, a policyowner CANNOT change the beneficiary if he has named

A policyowner cannot change the beneficiary if he has named an irrevocable beneficiary.

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