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3 9 . Vern has a whole life policy, and he has named his wife Corinne as a revocable beneficiary. He is considering changing her
Vern has a whole life policy, and he has named his wife Corinne as a revocable beneficiary. He is considering changing her status to an irrevocable beneficiary, but is unsure of the potential consequences. If Vern makes Corinne irrevocable beneficiary, what actions can he still take without Corinne's permission?
i Receive policy dividends.
ii Obtain a policy loan.
iii Assign the policy.
iv Let the policy lapse.
a i and ii
b i an iv
c ii and iii
d iii and iv
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