California Insurance License Exam Practice Test Practice Question
A policyowner has the right to change all of the following EXCEPT the
Correct Answer: D
Rationale: A policyowner can typically change the beneficiary, payment mode, and dividend option, allowing for flexibility in managing the policy. The beneficiary can be updated to reflect personal circumstances, the payment mode can be adjusted for convenience, and the dividend option can be selected based on financial goals. However, the dividend schedule is generally set by the insurance company and is not subject to change by the policyowner. This ensures that the company maintains control over dividend distribution, making option D the only choice that cannot be altered.
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