Question

A policy owner would like to change the beneficiary on a life insurance policy and make the change permanent. Which type of designation would fulfill this need?

a) Revocable beneficiary designation
b) Irrevocable beneficiary designation
c) Primary beneficiary designation
d) Contingent beneficiary designation

Answer 1

The type of beneficiary designation that would fulfill the policy owner's need to change the beneficiary on a life insurance policy and make the change permanent is the irrevocable beneficiary designation.

Step-by-step explanation:

The type of beneficiary designation that would fulfill the policy owner's need to change the beneficiary on a life insurance policy and make the change permanent is the irrevocable beneficiary designation. An irrevocable beneficiary designation cannot be changed without the consent of the beneficiary, providing a permanent change to the policy. On the other hand, a revocable beneficiary designation can be changed at any time without the need for consent.