4 - Life Insurance Premiums, Proceeds and Beneficiaries

How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment ( AD&D) policy?

If the primary beneficiary dies before the insured

What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made?

Irrevocably beneficiary

T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable beneficiary. What action will the insurance company take if T request a change of beneficiary?

Request of the change will be refused

K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the common disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds a direct?

Daughter

And insured covered by life insurance has just died. What will happen if the primary beneficiary had already died for the insured and contingent beneficiary?

Proceeds will go to the contingent beneficiary

Which statement is true regarding a minor beneficiary?

Normally, a guardian is required to be appointed in the beneficiary clause in the contract

Which of the following best describes a contingent beneficiary?

Person designated by the insured to receive policy proceeds in the event that the primary beneficiary dies before the insured

On a life insurance policy, who is qualified to change the beneficiary designation?

Policyowner

If the insured any primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the uniform simultaneous death act?

Insured's contingent beneficiary

J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used?

Revocable