50. Without written consent, a policyowner CANNOT change the beneficiary if he has named
Answer: B
A policyowner CANNOT change the beneficiary if he has named an irrevocable beneficiary.
An irrevocable beneficiary cannot be changed without the written consent of that beneficiary. This means that the policyowner has relinquished the right to alter the beneficiary designation without approval.
A) a revocable beneficiary.
A revocable beneficiary can be changed by the policyowner at any time without needing consent. Therefore, this option does not align with the question, as the policyowner retains control over revocable beneficiaries.
B) an irrevocable beneficiary.
This option is correct because naming an irrevocable beneficiary means that the policyowner cannot change the beneficiary designation without obtaining written consent from that beneficiary. This restriction ensures that the interests of the irrevocable beneficiary are protected.
C) a permanent beneficiary.
The term "permanent beneficiary" is not a standard designation in insurance terms and does not carry specific legal implications. The policyowner may still have the ability to change this designation unless it is specified as irrevocable, making this option incorrect.
D) a contingent beneficiary.
A contingent beneficiary is a secondary beneficiary who receives the policy benefits only if the primary beneficiary is deceased or cannot claim the benefits. The policyowner can change a contingent beneficiary designation without restriction, which makes this option incorrect.
Conclusion
The correct answer is B) an irrevocable beneficiary, as it accurately reflects the restriction on changing a beneficiary without consent. Options A, C, and D fail to capture this legal requirement, thereby reinforcing the importance of understanding beneficiary designations in insurance policies.