Which of the following statements about beneficiary designations is (are) true? I. The primary beneficiary is entitled to the death proceeds of a life insurance policy only if the contingent beneficiary dies before the insured. II. If a revocable beneficiary designation is used, the policyowner must obtain the beneficiary's permission to change the beneficiary.

None of the two

Explanation:

A beneficiary designation is the description of the person or persons you want to receive a specific asset upon your death.

A common example of a beneficiary designation would be listing your spouse or children as beneficiaries on a life insurance policy.

when a charity is named beneficiary, the policy owner's heirs cannot contest the gift, minors can be named life insurance beneficiaries, a business may be designated as a beneficiary, when a trust is named beneficiary, a trustee will manage the insurance proceeds.

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