What is the Definition of Irrevocable Beneficiary?
What is the Definition of Irrevocable Beneficiary?
A life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured’s lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary’s consent. Contrast with Revocable beneficiary.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
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What is the Definition of Irrevocable Beneficiary?
You can find random definition and meaning of insurance terms below:
Meaning of File-And-Use States in Insurance Terms
States where insurers must file rate changes with their regulators, but don’t have to wait for approval to put them into effect.
Meaning of Financial Guarantee Insurance in Insurance Terms
Covers losses from specific financial transactions and guarantees that investors in debt instruments, such as municipal bonds, receive timely payment of principal and interest if there is a default. Raises the credit rating of debt to which the guarantee is attached. Investment bankers who sell asset-backed securities, securities backed by loan portfolios, use this insurance to enhance marketability. (See Municipal bond insurance)
Meaning of Financial Responsibility Law in Insurance Terms
A state law requiring that all automobile drivers show proof that they can pay damages up to a minimum amount if involved in an auto accident. Varies from state to state but can be met by carrying a minimum amount of auto liability insurance. (See Compulsory auto insurance)
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