Under the law pertaining to life insurance, who can be named an irrevocable beneficiary?

The correct response highlights that any person with an insurable interest can be named as an irrevocable beneficiary in a life insurance policy. This is grounded in the concept of insurable interest, which means that the person designated as an irrevocable beneficiary must have a legitimate interest in the life of the insured. This interest can arise from various relationships such as familial ties, business connections, or financial dependencies, thus encompassing any individual rather than being restricted to specific groups like minor children or a spouse.

By allowing individuals who possess an insurable interest to be named, the law acknowledges the diverse nature of relationships and the various statuses of those who may provide financial support or have a vested interest in the insured’s life. This flexibility is essential in ensuring that individuals who are genuinely impacted by the outcome of the insurance policy can receive the benefits when the policyholder passes away.