A life insurance policyowner has several rights, including assigning or transferring the policy (e.g., through absolute or collateral assignment), borrowing against the cash value (in policies with cash value), and selecting or changing the beneficiary, as outlined in Oklahoma’s Insurance Code (Title 36 O.S. § 4001 et seq.). However, anabsolute assignmenttransfers all ownership rights to the assignee, and the original policyowner cannot unilaterally revoke it without the assignee’s consent, as it is a complete transfer of ownership.
Option A: Incorrect (is a right). The policyowner can assign or transfer the policy to another party.
Option B: Incorrect (is a right). The policyowner can borrow against the cash value in policies like whole life or universal life.
Option C: Incorrect (is a right). The policyowner can select and change the beneficiary unless restricted (e.g., irrevocable beneficiary).
Option D: Correct (is not a right). An absolute assignment cannot be revoked by the original policyowner without the assignee’s agreement.
This question aligns with the Prometric content outline under “Provisions, Options, Exclusions, Riders, Clauses, and Rights,” which covers policyowner rights and assignments.
[:, Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: General Knowledge – Life Insurance Provisions)., Oklahoma Insurance Department, Title 36 O.S. § 4001 et seq. (life insurance policy provisions)., Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing., ]
