What action is required to change a named beneficiary in an insurance policy?

To change a named beneficiary in an insurance policy, the policyholder generally needs to submit a request form to the insurer. This request form serves as an official document that the insurance company uses to record the changes and update the policy records accordingly.

Submitting this form ensures that the insurer has a clear, documented request from the policyholder to make the change, and it helps to prevent disputes or misunderstandings regarding who the intended beneficiary is. Insurers typically have specific procedures in place for processing beneficiary changes, which often require this type of formal request to ensure compliance with legal and policy requirements.

Completing a new application or notifying the insurer of the change might not suffice because they may not capture all the necessary information or documentation required to process the change properly. Additionally, assuming ownership rights of another policy is unrelated to changing a beneficiary and does not contribute to altering the beneficiary designation in the current policy.