A revocable beneficiary designation means the policyowner may:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under a revocable designation, the beneficiary has no vested rights in the policy, so the policyowner may change the beneficiary at any time without asking for the beneficiary's consent. This is the standard designation on most life insurance policies because it preserves the owner's flexibility. The change is typically implemented through a written request filed with the insurer, which merely processes the instruction. Revocable designations stand in contrast to irrevocable ones, where the beneficiary's consent becomes necessary because the beneficiary has acquired a protected interest in the policy.
Why the other options are wrong
- B) Requiring the beneficiary's written consent describes an irrevocable designation, under which the beneficiary holds a vested right. A revocable designation imposes no such consent requirement on the owner.
- C) A revocable designation is not permanent. The owner retains full flexibility to update or replace the beneficiary whenever circumstances change, such as marriage, divorce, or a new family priority.
- D) The insurer administers change requests filed by the owner but grants no approvals of its own. The decision to change the beneficiary is the owner's, subject only to the policy's change procedure.
Memory hook
Revocable = you can rewrite the will of the policy anytime. Irrevocable = you are stuck unless they sign.