Irrevocable 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.
References in periodicals archive ?
In a life policy, the assured (Muslim) appoints a nominee who must not be an absolute beneficiary.
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.