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

Other Questions: What is the definition of Annuity?

What is the Definition of Irrevocable Beneficiary?

What is the Definition of Irrevocable Beneficiary?

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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)


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