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Irrevocable Beneficiary
(redirected from Absolute Beneficiary)

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Irrevocable Beneficiary
The beneficiary of an insurance policy or a segregated fund who may not be deprived of his/her right to receive the benefit without his/her own consent. This differs from other types of beneficiaries whose benefit may be changed or eliminated at the discretion of the policyholder or other appropriate party.


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In the light of this provision, it is concluded that the nominee in a policy nominated by a Muslim policyholder should be treated as a mere executor and not as an absolute beneficiary of the policy.
 
 
 
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