PSI Ohio Insurance Practice Exam 2025 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 400

When can a policyowner change a revocable beneficiary?

Only during policy renewal

At any time

A policyowner can change a revocable beneficiary at any time. This flexibility allows the policyowner to adapt their policy according to changing personal circumstances or preferences, such as changes in relationships, financial planning needs, or life events. Since a revocable beneficiary is one that can be altered by the policyowner without needing the consent of the beneficiary, it provides significant control.

In contrast, irrevocable beneficiaries cannot be changed without their consent, making the revocable option a more versatile choice for policyowners who may wish to make adjustments as their situation evolves. This characteristic distinguishes revocable beneficiaries from other types and aligns with general practices in life insurance policies, where policyowners seek streamlined management of their benefits.

Get further explanation with Examzify DeepDiveBeta

Once every year

Only upon the insured's death

Next Question

Report this question

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy