Which of the following statements is true regarding an irrevocable beneficiary designation?

The correct statement is that the owner retains the right to make premium payments. In an irrevocable beneficiary designation, once the policyowner designates a beneficiary as irrevocable, they cannot change that beneficiary without the consent of the beneficiary. However, the policyowner still maintains the responsibility for paying the premiums on the insurance policy. This means they retain control over financial obligations associated with the policy, even though they cannot change who receives the benefits after their passing.

In contrast, an irrevocable designation does not allow the policyowner to change the beneficiary freely, nor does it imply that the beneficiary has control over policy changes. The policyowner's ability to take loans against the policy can also remain intact, regardless of whether the beneficiary is irrevocable. Therefore, the owner’s responsibility for premium payments remains, even when they cannot alter the beneficiary designation without consent.