Korneli is an insurance agent and he meets with a prospective client, Kamal. Kamal wants to...

 

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Korneli is an insurance agent and he meets with a prospective client, Kamal. Kamal wants to purchase a life insurance policy and designate a beneficiary on the policy. Which of the following statements about the beneficiary designation on Kamal's policy is CORRECT? Kamal should name a revocable beneficiary if there is a need to protect the insurance proceeds from potential 15 Oa) creditors. Kamal should name a contingent beneficiary if the life insurance policy is required under a court order for spousal or child support. Kamal should name an irrevocable beneficiary if the life insurance policy is being used to implement a tax strategy in connection with charitable giving. Kamal should name his estate as beneficiary if he wishes to ensure that the death benefit will not be subject to probate. Ob) Oc) Od) Korneli is an insurance agent and he meets with a prospective client, Kamal. Kamal wants to purchase a life insurance policy and designate a beneficiary on the policy. Which of the following statements about the beneficiary designation on Kamal's policy is CORRECT? Kamal should name a revocable beneficiary if there is a need to protect the insurance proceeds from potential 15 Oa) creditors. Kamal should name a contingent beneficiary if the life insurance policy is required under a court order for spousal or child support. Kamal should name an irrevocable beneficiary if the life insurance policy is being used to implement a tax strategy in connection with charitable giving. Kamal should name his estate as beneficiary if he wishes to ensure that the death benefit will not be subject to probate. Ob) Oc) Od)

Answer rating: 100% (QA)

Correct answer Option C Explanation Option A is wrong as revocable beneficiary is one individ... View the full answer