Which of the following statements is CORRECT about the death benefit of a life insurance policy?

A. It cannot be assigned.
B. It can only be assigned by the beneficiary.
C. It can be assigned by the policyowner.
D. It can be assigned by verbal agreement.

Question

10-08-2024
Business

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Which of the following statements is CORRECT about the death benefit of a life insurance policy?

A. It cannot be assigned.
B. It can only be assigned by the beneficiary.
C. It can be assigned by the policyowner.
D. It can be assigned by verbal agreement.

Sagot :

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Final answer:

The Death benefit of a life insurance policy can be assigned by the policyowner, offering flexibility and enhancing the value of the policy.

Explanation:

The correct statement about the Death benefit of a life insurance policy is that it can be assigned by the policyowner. This means that the policyowner has the ability to transfer the rights of the death benefit to another person or entity.

Assignability of the death benefit offers flexibility to policyowners to designate different beneficiaries or use the death benefit as collateral. It is a crucial feature that enhances the value and adaptability of life insurance policies.

Understanding the assignment options is essential for policyowners to make informed decisions regarding their life insurance coverage and financial planning.

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