North Carolina Accident and Health Practice Exam

The policyowner is the individual who holds the policy and has the rights to make changes to it, including the beneficiary designation. This authority stems from the ownership of the policy, which includes not only the ability to name a beneficiary but also to change that designation at any point while the policy is in force, as long as the policy does not have restrictions on such changes.

The insurer does not have the authority to change the beneficiary; rather, their role is to administer the policy according to the stipulations agreed upon and to provide coverage as specified. The beneficiary, while the recipient of the policy benefits in the event of a claim, does not hold the rights to alter the designation without the policyowner’s consent. As for the agent, they typically assist the policyowner in managing the policy but do not have the authority to make changes such as beneficiary designations unless formally authorized to do so by the policyowner.

Therefore, the policyowner is the only party authorized to make amendments to beneficiary designations in an Accidental Death and Dismemberment policy.