Initially an insured paid premiums annually on her life insurance policy. She would now like to change to a monthly premium payment. What must occur to effect this change?

Correct answer: (C)
Insurer and owner must agree in writing to the change and amend the original contract

Any changes to the contract, including mode of premium must be agreed to in writing, by the insurer (an executive of the company) and the only person who controls the rights in the policy, the owner. Typically, but not always, the insured, applicant and owner are the same person.