A beneficiary change can occur:

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Study for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Exam. Familiarize yourself with key concepts through engaging questions and explanations. Prepare effectively for your exam!

Multiple Choice

A beneficiary change can occur:

Explanation:
Beneficiary designations on a life insurance policy are generally revocable by the policyowner. You can change who will receive the proceeds at any time during the policy term by submitting the appropriate beneficiary change form to the insurer. The change usually takes effect once the insurer updates its records. The only common exception is if the beneficiary is irrevocable; in that case, the owner must obtain the consent of the irrevocable beneficiary to make a change. So, changes can occur at any time, not just at renewal or upon death, and not never.

Beneficiary designations on a life insurance policy are generally revocable by the policyowner. You can change who will receive the proceeds at any time during the policy term by submitting the appropriate beneficiary change form to the insurer. The change usually takes effect once the insurer updates its records. The only common exception is if the beneficiary is irrevocable; in that case, the owner must obtain the consent of the irrevocable beneficiary to make a change. So, changes can occur at any time, not just at renewal or upon death, and not never.

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