FLA Health, Life, and Annuity Practice Exam 2026 – The All-in-One Guide for Exam Success!

The key idea here is that some beneficiary designations are locked in, while others remain flexible. An irrevocable beneficiary has a vested right to the policy proceeds, so the policy owner cannot change or remove that beneficiary without obtaining their written consent. This protects the beneficiary’s interest, which is why consent is required for any changes that would affect them, such as altering the beneficiary designation or certain policy changes tied to their rights.

In contrast, revocable beneficiaries can be changed by the policy owner without the beneficiary’s consent, giving the owner flexibility. A contingent beneficiary is simply a secondary recipient who only receives if the primary is unavailable, and while you can typically designate or adjust contingent beneficiaries, the designation is not irrevocable. The primary beneficiary can likewise be changed by the owner unless that designation is irrevocable.