L4 - Life Insurance Premiums, Proceeds, and Beneficiaries

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

Revocable

A policyowner is able to choose the frequency of premium payments through what policy feature?

Premium Mode is the feature that allows the policyowner to select the timing of premium payment, such as monthly, quarterly, annually etc.

A policyowner is allowed to pay premiums more than once a year under which provision?

mode of premium

Which statement is true regarding a minor beneficiary?

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

A level premium indicates

the premium is fixed for the entire duration of the contract

Regarding the Change of Beneficiary provision, when is the policyowner able to change the beneficiary and when is consent needed?

A policyowner may change a beneficiary at any time. However, consent may be needed by the current beneficiary if designated as irrevocable.

M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son?

With a revocable beneficiary designation, the policyowner may change the beneficiary at any time without notifying or getting permission from the beneficiary.

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 be directed?

With a common disaster provision, a policyowner can be sure that if both the insured and the primary beneficiary die within a short period of time, the death benefits will be paid to the contingent beneficiary.

P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to

In this situation, benefits will be paid to P because P survived the accident and is the primary beneficiary.

A policyowner would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need?

irrevocable