Which of the following statements about the ownership of a life insurance policy is (are)true?
I.Under the ownership clause,the policyholder and beneficiary equally share all contractual rights in the policy while the insured is living.
II.The policyholder can designate a new owner by filing an appropriate form with the insurance company.

Question

Quizplus · Accepted Answer

II is correct because the policyholder has the right to change the ownership of the policy, typically by completing a form provided by the insurance company. I is incorrect because the ownership clause does not grant the beneficiary any contractual rights in the policy while the insured is living; those rights are held solely by the owner of the policy.

Which of the Following Statements About the Ownership of a Life