PSI Ohio Insurance Practice Exam

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Prepare for the PSI Ohio Insurance Exam. Utilize flashcards and multiple choice questions with hints and detailed explanations. Gear up for success!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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When can a policyowner change a revocable beneficiary?

Only during policy renewal
At any time
Once every year
Only upon the insured's death

The correct answer is: At any time

A policyowner can change a revocable beneficiary at any time. This flexibility allows the policyowner to adapt their policy according to changing personal circumstances or preferences, such as changes in relationships, financial planning needs, or life events. Since a revocable beneficiary is one that can be altered by the policyowner without needing the consent of the beneficiary, it provides significant control. In contrast, irrevocable beneficiaries cannot be changed without their consent, making the revocable option a more versatile choice for policyowners who may wish to make adjustments as their situation evolves. This characteristic distinguishes revocable beneficiaries from other types and aligns with general practices in life insurance policies, where policyowners seek streamlined management of their benefits.