Asked by
Taylor Rodriguez
on Nov 27, 2024Verified
Kip enters into a contract with Life Insurance Company for a policy that designates Mia as the beneficiary. Kip reserves the right to change the designated beneficiary. Mia's rights under the policy are
A) not affected by the reservation.
B) subject to any change that Kip makes.
C) subject to the first-in-time rule.
D) terminated by the reservation.
Designated Beneficiary
An individual or entity chosen to receive benefits or assets upon the death of the policyholder or account holder.
Right to Change
The authority to alter or modify something, often found in contractual agreements or policies.
First-in-time Rule
A principle that establishes priority in various legal contexts, generally indicating that the first in time in taking certain actions has superior rights.
- Acquire knowledge on the role of third-party beneficiaries in contract law and their associated rights.
- Identify the differences between purposeful beneficiaries and unintended beneficiaries in contractual agreements.
Verified Answer
LS
Learning Objectives
- Acquire knowledge on the role of third-party beneficiaries in contract law and their associated rights.
- Identify the differences between purposeful beneficiaries and unintended beneficiaries in contractual agreements.