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 ?
Since the trust is irrevocable, the grandchildren are, in effect, the irrevocable beneficiaries of the insurance on their mother's life, and this is analogous to their owning the insurance on their mother's life.
Don't arbitrarily designate irrevocable beneficiaries or co-owners.
In most states there can be a valid subsequent assignment of a policy even if the assignee does not have an insurable interest in the life of the insured (but in Kentucky and Kansas, the assignment to one having no insurable interest in the life of the insured, other than charitable, benevolent, educational or religious institutions that are irrevocable beneficiaries, is void as contrary to public policy.

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