Which Statement Regarding The Change Of Beneficiary Provision Is True
A. The beneficiary can only be changed with the consent of the insurer
B. The policyowner can change the beneficiary
C. The insured can change the beneficiary
D. A beneficiary change is subject to underwriting procedures
Correct Answer: B. The policyowner can change the beneficiary.
The policyowner can change the beneficiary. A change of beneficiary form must be requested from their insurance company. The form must be filled out by the new beneficiary, along with any required documentation.
A new beneficiary will be added to the policy once the form is completed and submitted to the insurance company. Changing the beneficiary can have significant legal and financial implications for the policyowner, so it is essential they carefully consider their decision.
It is typically possible for the policyholder to change the beneficiary of an insurance policy at any time without the insurer’s consent. To change a beneficiary, the policyholder must follow the specific procedure outlined in the policy, which may involve submitting a beneficiary change form to the insurer. Beneficiaries can also be restricted in some policies, such as requiring them to be family members or close relatives. A policyholder should consult their insurer or the policy documents for information regarding how to change the beneficiary of an insurance policy.
Underwriting procedures are typically not applied to beneficiary changes. The purpose of underwriting is to determine an individual’s eligibility and the terms and premiums of their insurance policy by evaluating his or her risk profile. Underwriting procedures are not typically required for beneficiary changes because no assessment of an individual’s risk profile is involved.
As long as the insured follows the guidelines and procedures set forth by the insurance company, they can change the beneficiary of their policy. Ensure that the intended person or entity receives insurance benefits if the insured dies or another qualifying event occurs by reviewing and updating the beneficiary on an insurance policy regularly.