Life Policy ProvisionsQuestion 545 of 716
Which right belongs to the policyowner rather than to the insured (when they are different people)?
a.Choosing whether to undergo a medical examination
b.Determining the official medical cause of the insured's death for the purpose of certifying the claim to the company
c.Naming and changing the beneficiary, taking policy loans, and surrendering the policy
d.Setting the reserves the insurer must hold
Explanation
Ownership rights, such as naming beneficiaries, borrowing, and surrendering, belong to the policyowner, who may or may not be the insured. Medical exams involve the insured, cause of death is a medical fact, and reserves are the insurer's actuarial obligation.
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Related questions on this topic
- If suicide occurs after the policy's suicide-clause period (commonly two years) has elapsed, the insurer will:
- The free-look provision in a life insurance policy gives the policyowner the right to:
- Under the entire contract provision, the insurer may NOT:
- A policyowner assigns a life policy to a bank as security for a loan, intending the bank to have rights only up to the outstanding loan balance. This is a:
- A revocable beneficiary designation means the policyowner:
- If a beneficiary is named irrevocably, the policyowner generally may NOT do which of the following without that beneficiary's consent?
Last reviewed: · editorial process
PrepPass team · Verified against California Life & Health Insurance License Exam · How we review
Reviewed by John Zihao Zhang — California-Licensed Life Insurance Agent (CA Dept. of Insurance License #4396095 — verify)