New Jersey Life Insurance Exam Practice Question
Which of the following is NOT among the rights of the Life Insurance Policyowner?
Correct Answer: D
Rationale: Policyowners possess several key rights, including the ability to assign or transfer the policy (A), borrow against cash values (B), and select or change beneficiaries (C). Each of these rights empowers the policyowner to manage their policy according to personal needs and circumstances. However, revoking an absolute assignment (D) is not a right of the policyowner, as an absolute assignment permanently transfers ownership to another party, limiting the original owner's control. Thus, option D stands apart, as it reflects a restriction rather than a right.
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