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IFSE Institute Exam LLQP 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?

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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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Gabriele
4 months 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
4 months ago
C) Luisa can modify the designation anytime.
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Wilda
4 months ago
B) Since Linda is Luisa's named beneficiary, she would need to consent to the change.
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Jovita
4 months ago
A) The change will take effect on the date that the insurer receives the change of beneficiary form.
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Lettie
5 months 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
4 months ago
C) Luisa can modify the designation anytime.
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Vernice
4 months ago
B) Since Linda is Luisa's named beneficiary, she would need to consent to the change.
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Broderick
4 months ago
A) The change will take effect on the date that the insurer receives the change of beneficiary form.
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Antione
5 months 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
4 months ago
That makes sense. It's important to consider all possible outcomes before making a decision.
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Clemencia
4 months ago
If Linda refuses, Luisa may need to seek legal advice on how to proceed.
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Tatum
5 months ago
But what if Linda refuses to consent to the change?
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Sang
5 months ago
I agree, B is the correct answer. Linda would need to consent to the change.
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Lamonica
5 months ago
I disagree, I believe it's B because Linda needs to consent.
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Alease
5 months ago
I think the correct statement is A.
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Quiana
6 months 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
4 months 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
4 months ago
C) Luisa can modify the designation anytime.
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Mike
5 months ago
B) Since Linda is Luisa's named beneficiary, she would need to consent to the change.
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Shawnda
5 months ago
A) The change will take effect on the date that the insurer receives the change of beneficiary form.
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