Kansas Life & Health Insurance Final Exam | 150 Questions with 100% Correct Answers | Verified | Latest Update 2024

When can a policy owner change a revocable beneficiary? - Anytime J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? - Revocable 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? - Revocable Beneficiary revocable beneficiary - the policy owner may change the beneficiary at any time without notifying or getting permission from the beneficiary. K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? - Proceeds will be paid to K's estate if P dies within a specified time 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 Which statement is true regarding a minor beneficiary - Normally, a guardian is required to be appointed in the Beneficiary clause of the contract