Life Policy ProvisionsQuestion 166 of 315
An insured names her spouse as primary beneficiary on an irrevocable basis. Several years later she wants to change the beneficiary. What must she do?
a.Simply submit a new beneficiary designation form
b.Obtain the written consent of the irrevocable beneficiary
c.Wait until the policy anniversary date
d.Cancel the policy and apply for a new one
Explanation
An irrevocable beneficiary has a vested interest in the policy. The owner cannot change the beneficiary, surrender the policy, take a loan against cash value, or assign the policy without the irrevocable beneficiary's written consent.
Law Reference: Cal. Ins. Code §10130Practice all 315 questions free — no signup required.
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