LLQP (Life Licence Qualification Program) Practice Exam · Question
What is the main implication of naming an 'irrevocable beneficiary' on a life insurance policy?
If a beneficiary is designated as 'irrevocable,' the policyowner cannot change the beneficiary, take a policy loan, or surrender the policy without the written
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Question: What is the main implication of naming an 'irrevocable beneficiary' on a life insurance policy?
Answer options:
- The policyowner can change the beneficiary at any time.
- The beneficiary receives the payout only if they outlive the policyowner. ✅ The policyowner needs the beneficiary's consent to change the designation or access cash values.
- The beneficiary is responsible for paying the premiums.
Correct answer: The policyowner needs the beneficiary's consent to change the designation or access cash values.
Explanation: If a beneficiary is designated as 'irrevocable,' the policyowner cannot change the beneficiary, take a policy loan, or surrender the policy without the written consent of that beneficiary.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
- Mark, a 45-year-old business owner in British Columbia, has a Universal Life policy with a Level Cost of Insur
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