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IFSE Institute LLQP Exam - Topic 4 Question 5 Discussion

Actual exam question for IFSE Institute's LLQP exam
Question #: 5
Topic #: 4
[All LLQP Questions]

Luisa owns a balanced segregated fund currently valued at $50,000. Her mother Linda is the current revocable beneficiary of the policy. However, Luisa has been dating Benjamin for a year and would like to name him as the new beneficiary of her policy.

Which of the following statements about modifying the beneficiary designation is CORRECT?

Show Suggested Answer Hide Answer
Suggested Answer: A

Beneficiary changes in insurance contracts generally become effective once the insurer receives and processes the signed change form. This is supported by LLQP material, which specifies that changes to beneficiary designations must be documented and received by the insurer for the new designation to take effect. Since Linda is a revocable beneficiary, Luisa can make this change without requiring Linda's consent.

Option B is incorrect as revocable beneficiaries do not require consent for changes. Option C is too general, and D is incorrect because a formal written change form is typically required.


by Fernanda at Oct 19, 2024, 07:37 PM

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Kerrie
6 months ago
D sounds off, I thought she had to send a form, not just call.
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Cristal
6 months ago
C is true, she can modify it whenever she wants.
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Devora
6 months ago
Wait, can she really change it anytime? That seems too easy!
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Rory
6 months ago
I disagree with B, she doesn't need Linda's consent since it's revocable.
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Darrin
7 months ago
A is correct, changes take effect when the insurer gets the form.
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Edgar
7 months ago
I doubt D is right because I think changes have to be submitted in writing, not just a phone call.
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Myong
7 months ago
I feel like C could be true since it's a revocable beneficiary designation, but I can't recall the specifics.
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Avery
7 months ago
I'm not entirely sure, but I remember something about needing consent from the current beneficiary. So maybe B is correct?
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Glenn
7 months ago
I think option A is correct because changes usually take effect once the insurer receives the form, right?
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Denise
7 months ago
I'm a bit confused on this one. I know Luisa wants to change the beneficiary, but I'm not sure of the exact process. I'll need to review the details carefully before selecting an answer.
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Lillian
7 months ago
Okay, let's break this down step-by-step. First, I need to determine if Luisa can modify the beneficiary at all. Then I'll need to figure out if Linda's consent is required. Finally, I'll confirm the effective date of the change.
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Donte
7 months ago
Hmm, I'm not sure about this one. I'll need to think it through carefully. Is it possible that Linda's consent is required since she's the current beneficiary?
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France
8 months ago
This seems straightforward. The correct answer is A - the change will take effect on the date the insurer receives the change of beneficiary form.
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Gabriele
1 year ago
D sounds like the easiest option, but I'm pretty sure that's not how it works. The correct answer is probably A.
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Earnestine
1 year ago
C) Luisa can modify the designation anytime.
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Wilda
1 year ago
B) Since Linda is Luisa's named beneficiary, she would need to consent to the change.
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Jovita
1 year ago
A) The change will take effect on the date that the insurer receives the change of beneficiary form.
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Lettie
2 years ago
Haha, I bet Luisa is trying to ditch her mom and hook up her boyfriend! But I guess B is the way to go here.
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Agustin
1 year ago
C) Luisa can modify the designation anytime.
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Vernice
1 year ago
B) Since Linda is Luisa's named beneficiary, she would need to consent to the change.
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Broderick
1 year ago
A) The change will take effect on the date that the insurer receives the change of beneficiary form.
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Antione
2 years ago
B seems like the right answer to me. Since Linda is the current named beneficiary, she would need to consent to the change.
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Glenn
1 year ago
That makes sense. It's important to consider all possible outcomes before making a decision.
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Clemencia
1 year ago
If Linda refuses, Luisa may need to seek legal advice on how to proceed.
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Tatum
2 years ago
But what if Linda refuses to consent to the change?
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Sang
2 years ago
I agree, B is the correct answer. Linda would need to consent to the change.
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Lamonica
2 years ago
I disagree, I believe it's B because Linda needs to consent.
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Alease
2 years ago
I think the correct statement is A.
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Quiana
2 years ago
I think C is the correct answer. Luisa can modify the beneficiary designation anytime, as long as she follows the proper procedures with the insurer.
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Frederica
1 year ago
That's right! As long as Luisa follows the proper procedures with the insurer, she can change the beneficiary anytime.
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Lizbeth
1 year ago
C) Luisa can modify the designation anytime.
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Mike
2 years ago
B) Since Linda is Luisa's named beneficiary, she would need to consent to the change.
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Shawnda
2 years ago
A) The change will take effect on the date that the insurer receives the change of beneficiary form.
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