Which of the following statements about beneficiary designations is (are) true?
I.The primary beneficiary is entitled to the death proceeds of a life insurance policy only if the contingent beneficiary dies before the insured.
II.If a revocable beneficiary designation is used, the insured must obtain the beneficiary's permission of exercise most policy rights.

Question

Quizplus · Accepted Answer

The primary beneficiary receives the death proceeds if they are alive at the insured's death, regardless of the contingent beneficiary's status. A revocable beneficiary designation allows the policyholder to change the beneficiary without their permission.

Which of the Following Statements About Beneficiary Designations Is (Are)