A beneficiary change can occur
a) only upon the request of the revocable beneficiary
b) only on specified dates within the policy
c) normally at any time during the policy term
d) at no time
The Correct Answer Is:
- c) normally at any time during the policy term
A beneficiary change can occur normally at any time during the policy term. Regardless of whether the beneficiary is still alive or not, a beneficiary change can happen at any time during a policy term. Insurance companies must notify all beneficiaries when a beneficiary passes away so that they can receive benefits. It is possible to request removal of a beneficiary’s name from the list of beneficiaries if there are multiple beneficiaries and one does not want to continue receiving benefits from the policy.