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Which of the Following Statements About Beneficiary Designations Is (Are)

question 52

Multiple Choice

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.


Definitions:

Merchandise

Products or goods that are bought, sold, or traded in any business operation.

Cash Payments

Outflows of cash from a company, covering expenses like salaries, suppliers, and other operational or investment activities.

Merchandising Company

A business that purchases finished products and sells those products to consumers.

Accounts Payable

Liabilities representing the amount a company owes to creditors for purchases made on credit.

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