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
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What is the Definition of Revocable Beneficiary?
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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.
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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.
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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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