Sharon is the policy owner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of beneficiary designation is this?

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Sharon is the policy owner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of beneficiary designation is this?

Tertiary
Contingent
Revocable
Irrevocable

Answer: Irrevocable

Life Insurance Premiums Proceeds and Beneficiaries

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