Vern has a whole life policy, and he has named his wife Corinne as a revocable beneficiary. He is considering changing her status to an irrevocable beneficiary, but is unsure of the potential consequences. If Vern makes Corinne irrevocable beneficiary, what actions can he still take without Corinne's permission? i) Receive policy dividends. ii) Obtain a policy loan. iii) Assign the policy. iv) Let the policy lapse. alil and ii)

Vern has a whole life policy, and he has named his wife Corinne as a revocable beneficiary. He is considering changing her status to an irrevocable beneficiary, but is unsure of the potential consequences. If Vern makes Corinne irrevocable beneficiary, what actions can he still take without Corinne's permission? i) Receive policy dividends. ii) Obtain a policy loan. iii) Assign the policy. iv) Let the policy lapse. alil and ii)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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5 Edmond is a life insurance agent who sold a whole life policy to his client Emile a few years ago. Emile becomes mentally incapable after an accident and her brother, Jake, meets Edmond to surrender Emile's policy. Jake informs Edmond that he is Emile's enduring power of attorney. What must Edmond do first before proceeding with Jake's request to surrender the policy? aUNKOXFJWSt60EQ0YzljeUkyUVoxdz09 → a. O Edmond should transfer the ownership of the insurance policy to Jake before accepting his request to surrender the policy. b. O Edmond should obtain a certified true copy of the power of attorney from a notary public and have it reviewed by the insurance company. c. O Edmond should require Jake to sign the surrender application on behalf of Emile before submitting the application to the insurer. d. O Edmond should obtain Jake's personal identification documents and attach them with the surrender application for the insurance company's reference.
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