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 policy changes require their consent. They cannot be changed freely, have rights before the insured's death, and cannot be removed post grace period without consent.
2. Minors lack legal capacity to manage large sums, so proceeds are held by a guardian/trustee until they reach majority, not paid directly, to the insurer, or denied.
3. A spendthrift clause is designed to shield the beneficiary's policy proceeds from being seized by their creditors, not from the insured, insurer, or policyowner.

Answer:

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