What are the two methods commonly used to change beneficiaries?

The correct answer identifies the two methods commonly used to change beneficiaries through the requirement of a formal process that ensures the intentions of the policyowner are clearly documented. Filing in writing with the policyowner's signature confirms the authenticity of the request and safeguards against potential disputes or misunderstandings. The written request endorsement further reinforces this by providing a verifiable record of the change, thereby protecting both the insurer and the policyholder.

This method is standard practice in insurance due to the importance of maintaining accurate beneficiary information. It ensures that the policy proceeds are directed according to the wishes of the policyowner at the time of their passing.

In contrast, simply notifying the insurance agent verbally lacks the necessary documentation and could lead to confusion or challenges regarding the intended changes. Updating the policy at the time of renewal does not specifically address the beneficiary change process, and filing in writing and paying a fee may not reflect standard industry practice as many insurers do not charge a fee for beneficiary changes when done correctly.