If a life policy's beneficiary is designated as revocable, which of the following is TRUE? A. The beneficiary has a vested interest in the policy. B. The beneficiary may return control of policy to the owner with written approval. C. The policyowner needs the beneficiary's permission to borrow against the cash value. D. The policyowner can change the beneficiary designation anytime without the beneficiary's consent.
If a life policy's beneficiary is designated as revocable, which of the following is TRUE? A. The beneficiary has a vested interest in the policy. B. The beneficiary may return control of policy to the owner with written approval. C. The policyowner needs the beneficiary's permission to borrow against the cash value. D. The policyowner can change the beneficiary designation anytime without the beneficiary's consent.
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 15DQ
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Transcribed Image Text:If a life policy's beneficiary is designated as revocable, which of the following is TRUE?
A. The beneficiary has a vested interest in the policy.
B. The beneficiary may return control of policy to the owner with written
approval.
C. The policyowner needs the beneficiary's permission to borrow against the
cash value.
D. The policyowner can change the beneficiary designation anytime without the
beneficiary's consent.
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