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

Anne Durham

Social Studies

28 February, 15:41

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.

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Answers (1)

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Ryan Watkins · Answer 1

The answer is your second choice. we know the 1st choice is wrong because if the beneficiary dies b4 the primary beneficiary, They dont collect anything because the policy is only good if the primary dies, they are the insured.

The second choice is true because both the primary (the insured), and the beneficiary both have to sign an agreement confirming the wishes of the insured.