Question

which statement about irrevocable beneficiaries is true? *
they can be changed at any time
they must consent to policy changes
they receive no rights until death
they can be removed after the grace period

if a minor is named beneficiary, policy proceeds are typically: *
paid directly to the minor
paid to the insurer
held by a guardian or trustee
denied

the spendthrift clause protects policy proceeds from: *
the insured
creditors of the beneficiary
the insurer
the policyowner

Explanation:

1. For irrevocable beneficiaries: They have a vested interest in the policy, so any changes to the policy that affects their benefits require their consent. They cannot be changed freely, have rights during the insured's lifetime, and cannot be removed after a grace period.
2. For minor beneficiaries: Minors cannot legally manage large sums of money, so proceeds are held by a guardian or trustee until they reach the age of majority, rather than paid directly, to the insurer, or denied.
3. For spendthrift clauses: This clause is designed to protect the beneficiary's policy proceeds from being seized by their creditors, preventing creditors from accessing the funds to satisfy the beneficiary's debts.

Answer:

1. They must consent to policy changes
2. Held by a guardian or trustee
3. Creditors of the beneficiary