Multiple Choice
Hillary had purchased a term life insurance policy and had nominated her mother as the beneficiary, while William, her colleague, had a universal life insurance and had nominated himself as the beneficiary. Hillary and William recently got married and wish to nominate each other as beneficiaries in their individual life insurance policies. In the context of the given scenario, which of the following statements is true?
A) Hillary and William will have to purchase two new policies to nominate each other as beneficiaries.
B) Hillary and William will have to seek an endorsement to make the requisite changes in their current individual life insurance policies.
C) Hillary will be able to nominate William as the beneficiary, but William cannot do so because he did not enlist a beneficiary earlier.
D) William will have to nominate both Hillary and her mother as beneficiaries for his insurance policy because existing beneficiaries cannot be denied coverage.
Correct Answer:
Verified
Correct Answer:
Verified
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