Which of the following statements describes an irrevocable beneficiary?

The statement that accurately describes an irrevocable beneficiary is that they have a claim on the policy proceeds. An irrevocable beneficiary holds a legal right to the benefits under a life insurance policy, meaning that the policyholder cannot change or remove this beneficiary without their consent. This feature provides the irrevocable beneficiary with a secured interest in the policy, ensuring they will receive the proceeds upon the insured's death, provided that the policy remains active.

The other options do not reflect the true nature of an irrevocable beneficiary. For instance, the ability to change a beneficiary without consent applies only to revocable beneficiaries, and the assertion that an irrevocable beneficiary is always a contingent beneficiary is inaccurate because they can be designated as primary beneficiaries. Furthermore, regarding benefits in case of a policy lapse, an irrevocable beneficiary typically does not receive any benefits or rights unless the policy is active and the insured has passed away. Thus, identifying the claim to policy proceeds correctly captures the essence of what an irrevocable beneficiary entails.