Minnesota Life Insurance License Practice Exam

What is typically required for a beneficiary designation to be revocable?

1. Written consent from the beneficiary

2. Notification from the policyholder

3. Unsigned requests for change

4. None, as they can be changed at any time

The correct answer is: None, as they can be changed at any time

For a beneficiary designation to be revocable, no specific requirement is typically mandated for change, allowing the policyholder the flexibility to alter the designation at any time. This means the policyholder can change the beneficiary without needing permission or providing notice to the existing beneficiary, making the designation inherently revocable. This characteristic aligns with the notion that a revocable beneficiary designation is fully controlled by the policyholder, ensuring their rights to modify their insurance policy as they see fit. While some other options might hint at restrictions or procedural steps that do not apply to a revocable designation, the essence of a revocable beneficiary is that it can be updated or altered freely, illustrating the autonomy granted to the policyholder in managing their life insurance policy.