Irrevocable Beneficiary definition
Irrevocable Beneficiary. A Beneficiary whose rights in this Policy are irrevocable unless the irrevocably designated Beneficiary agrees to such change in writing.
Irrevocable Beneficiary. The Owner can name any Beneficiary to be an Irrevocable Beneficiary. An Irrevocable Beneficiary must provide his or her consent for any change of Beneficiary, withdrawal of any part of the Net Certificate Value, or any collateral assignment of the Certificate. Otherwise, the Owner can change a Beneficiary as set out below.
Irrevocable Beneficiary means the person or persons permanently designated by a Participant in writing to the Board pursuant to an Approved Domestic Relations Order to receive all or a portion of the vested Accumulated Total Defined Contributions or lump sum benefit payable upon the death of such Participant.
Examples of Irrevocable Beneficiary in a sentence
We must receive a signed copy of the assignment along with the Written Notice and the consent of any Irrevocable Beneficiary, if the assignment is to be binding on us.
More Definitions of Irrevocable Beneficiary
Irrevocable Beneficiary means a Beneficiary whose rights and interests under this Contract cannot be changed without his, her or its consent.
Irrevocable Beneficiary means the beneficiary who may not be revoked and replaced unilaterally, at the discretion of the policyholder (or in the cases specified in the insurance contract – of the insured person), without prior consent of the beneficiary.