Pedro and his wife Alejandra meet with you to discuss their...

Pedro and his wife Alejandra meet with you to discuss their insurance needs. They explain to you that they would like an insurance policy to be structured such that, if either of them were to die, the insurance proceeds would be payable to their daughter Yolanda. During the application process, you explain to Pedro and Alejandra that Yolanda's beneficiary designation must be either revocable or irrevocable. When Pedro asks you to explain the difference, which is the CORRECT response that you should provide to him?

a)If Pedro and Alejandra designate Yolanda as a revocable beneficiary, the death benefit would not be protected from potential creditors.

b)If Pedro and Alejandra designate Yolanda as a revocable beneficiary, they would not be able to designate another protected class beneficiary without Yolanda's permission.

c)Whether the beneficiary is revocable or irrevocable, Pedro and Alejandra would still be able to surrender the policy at any time without Yolanda's permission.

d)If Pedro and Alejandra designate Yolanda as an irrevocable beneficiary, they would have to obtain her consent before taking a policy loan.