Which of the Following Statements About the Assignment of a Life

question 52

Multiple Choice

Which of the following statements about the assignment of a life insurance policy is true?

• A)The insurer must be notified of any assignment or the death proceeds will be paid to the named beneficiary.
• B)Under an absolute assignment,the only right transferred to a new owner is the right to change the beneficiary designation.
• C)As long as a collateral assignment exists,a creditor will receive the entire death benefit even if the loan has been repaid.
• D)Assignment may be made only with the permission of the insurer and the beneficiary.

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Definitions:

Manic Episodes

Periods of extremely elevated mood, energy, and activity levels that are characteristic of bipolar disorder.

Depressive Episodes

Periods characterized by severe symptoms of depression, such as deep sadness, fatigue, and a lack of interest in activities, significantly impacting daily functioning.

Biological Treatments

involve medical approaches to treating psychological disorders, including medication, surgery, or procedures that impact the body’s biochemistry.

Electroconvulsive Therapy

A method of treating psychiatric illnesses by deliberately causing seizures using electrical stimulation to aid in symptom relief.