Ace the 2026 Rhode Island Life Insurance Test - Unlock Your Future with Confidence!

An irrevocable beneficiary can only be changed with their consent because this designation is intended to provide a level of security for the beneficiary. When a beneficiary is named as irrevocable, it means that the policyowner cannot change or remove that beneficiary without their explicit agreement. This rule is in place to protect the rights of the irrevocable beneficiary, ensuring they have a claim to the policy proceeds, and preserving their vested interest in the contract. The need for consent emphasizes the legal and financial implications of such a designation, reinforcing the irrevocable nature of the beneficiary status.

Other options suggest scenarios where a policyowner could unilaterally change the beneficiary, which undermines the very definition of an irrevocable beneficiary.