1. The owner of a life insurance policy generally has the right to:

Name and change the beneficiary, subject to policy terms

The policyowner controls ownership rights, including naming and changing a revocable beneficiary.

2. A beneficiary designation that cannot be changed without the beneficiary's consent is:

Irrevocable

An irrevocable beneficiary's consent is required to change the designation or exercise certain ownership rights.

3. The requirement that an applicant have an insurable interest helps prevent:

Wagering on a stranger's life

Insurable interest prevents using insurance as a wager on the life or property of someone in whom one has no legitimate interest.

4. A warranty in an insurance contract differs from a representation because a warranty is:

Guaranteed to be true

A warranty is a statement guaranteed to be true, whereas a representation is believed true to the best of one's knowledge.