Question

Which of the following statements about beneficiary designations is (are) true? I. The primary beneficiary is entitled to the death proceeds of a life insurance policy only if the contingent beneficiary dies before the insured. II. If a revocable beneficiary designation is used, the insured must obtain the beneficiary's permission of exercise most policy rights.

Answer 1

Explanation:

The answer is your second choice. we know the 1st choice is wrong because if the beneficiary dies b4 the primary beneficiary, They dont collect anything because the policy is only good if the primary dies, they are the insured.

The second choice is true because both the primary (the insured), and the beneficiary both have to sign an agreement confirming the wishes of the insured.

Answer 2

It is true that if a revocable beneficiary designation is used, the insured must obtain the beneficiary's permission of exercise most policy rights.

Who is a beneficiary?

A person(s) who is entitles to derive benefits or advantages arising out of something, especially which is registered under the law, is known as a beneficiary.

A revocable beneficiary is someone whose advantages or benefits may be revoked by the creator of such benefits. However, such revocation may be done only in case of non-happening of the event in favor of the beneficiary.

Hence, option B holds true regarding the designation of a beneficiary.

Learn more about a beneficiary here:

https://brainly.com/question/15582415

#SPJ2