Florida Life and Health Insurance License Practice Test

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A policyowner's rights are limited under which type of beneficiary designation?

Revocable
Irrevocable
Tertiary
Contingent

The correct answer is: Irrevocable

Irrevocable beneficiary designation means that the policyowner cannot change or revoke the chosen beneficiary without their consent. This limits the policyowner's rights to change the beneficiary as they please. The other options are incorrect because - Revocable beneficiary designation allows the policyowner to change or revoke the beneficiary at any time without their consent. - Tertiary beneficiary designation refers to the order in which beneficiaries are entitled to receive the benefits, not the limitations on the policyowner's rights. - Contingent beneficiary designation means the chosen beneficiary will receive the benefits only if the primary beneficiary is unable to. It does not limit the policyowner's rights in any way.