Which of the following is / are true regarding the ownership of life insurance?
1. A policy can only be issued to the insured.
2. Generally, approval of a policy requires proof that the insured is still “insurable” meaning still in good health.
3. Only a person with an insurable interest, generally a relative, a business associate, or lender, can be named as beneficiary.
4. The owner of a life insurance policy can assign (transfer) the policy to whomever he or she chooses, even if the assignee has no insurable interest. ( hint: this is true :-)
2 only.
4 only.
2 and 4.
1, 2, and 3.