What is the Definition of Revocable Beneficiary?

What is the Definition of Revocable Beneficiary?

A life insurance policy beneficiary whose right to the policy’s proceeds can be cancelled or reduced by the policy owner at any time before the insured’s death. Contrast with Irrevocable 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 Revocable Beneficiary?

You can find random definition and meaning of insurance terms below:


What is the meaning of Term Insurance

life insurance payable only if death of insured occurs within a specified time, such as 5 or 10 years, or before a specified age.


What is the meaning of Third Party

person other than the insured or insurer who has incurred losses or is entitled to receive payment due to acts or omissions of the insured.


What is the meaning of Title Insurance

coverage that guarantees the validity of a title to real and personal property. Buyers of real and personal property and mortgage lenders rely upon the coverage to protect them against losses from undiscovered defects in existence when the policy is issued.


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