What is the difference between a revocable and irrevocable beneficiary?

• A. A revocable beneficiary can be changed by the policy owner without consent; an irrevocable beneficiary requires consent to change or surrender rights.
• B. A revocable beneficiary has no rights to the policy proceeds; irrevocable beneficiary can change policy owner.
• C. An irrevocable beneficiary can be removed by the policy owner at any time without consent; revocable requires consent.
• D. A revocable beneficiary cannot be changed; irrevocable beneficiary can be changed freely.

Answer: (B)