Irrevocable Beneficiary definition

Irrevocable Beneficiary means the Beneficiary, which cannot be unilaterally recalled or changed by the Policyholder without the consent of the Beneficiary himself or, in cases stated in the Contract, of the Insured.
Sample 1Sample 2Sample 3
Irrevocable Beneficiary. A Beneficiary whose rights in this Policy are irrevocable unless the irrevocably designated Beneficiary agrees to such change in writing.
Sample 1Sample 2
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.
Sample 1Sample 2

Examples of Irrevocable Beneficiary in a sentence

  • The Request does not need to be signed by the Beneficiary unless you have designated an Irrevocable Beneficiary.

  • Written consent of any Irrevocable Beneficiary is required before any assignment is effective.

  • An Irrevocable Beneficiary cannot be changed without the consent of the Irrevocable Beneficiary.

  • You have the right to name an Irrevocable Beneficiary on the application.

  • If the Beneficiary is designated as an Irrevocable Beneficiary, the Owner must receive written consent from the Beneficiary to exercise any right or option under this Contract.

  • BENEFICIARY CHANGE You have the right to name an Irrevocable Beneficiary on the application.

  • The Irrevocable Beneficiary cannot be removed as Beneficiary without his or her consent.

  • You may exercise your rights subject to the consent of any Irrevocable Beneficiary, subject to any applicable law.Unless provided otherwise, if you are not the Insured and you die before the Insured, all of your rights under this Policy will transfer and vest in your executors, administrators or assigns.If there is more than one Owner, ownership shall be shared jointly, unless specifically stated otherwise, and the consent of all joint Owners will be necessary to exercise any right.

  • IRREVOCABLE BENEFICIARY The Irrevocable Beneficiary cannot be removed as Beneficiary without his or her consent.

  • The Irrevocable Beneficiary must also consent to any full or partial withdrawal, or ownership change, that the Owner wishes to make.


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.
Sample 1
Irrevocable Beneficiary means a beneficiary (whether primary or contingent) whose status as your beneficiary cannot be changed by you without the signed consent of that beneficiary. You also cannot make certain changes to your policy without the consent of the irrevocable beneficiaries. Such changes include:• reducing your coverage amount; or• reducing the percentage allocation for that irrevocable beneficiary; or• changing that beneficiary’s status from irrevocable to revocable; or• revoking that person or entity’s status as a beneficiary so that the person or entity is no longer entitled to receive the benefit amount. Critical illness benefitIf you are diagnosed with a covered critical illness while your policy is in effect, then the critical illness benefit will be payable to you in a lump-sum payment. If you die before the critical illness benefit can be paid to you, the benefit will be paid to your estate or to your named beneficiaries1, if you were permitted to name beneficiaries.The critical illness benefit will be paid if:
Sample 1
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.
Sample 1
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.
Sample 1

Related to Irrevocable Beneficiary

  • Eligible beneficiary means a resident of this state who:

  • Irrevocable trust means a trust over which no person holds a power of revocation. A power holder's lack of capacity to exercise a power of revocation negates the power of revocation unless an agent of the power holder under a durable power of attorney, a conservator of the power holder, or a plenary guardian of the power holder is serving and the agent, conservator, or guardian is authorized to exercise the power of revocation.

  • Irrevocable letter of credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

  • Beneficiary means the person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or to which Awards or other rights are transferred if and to the extent permitted under Section 10(b) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the person, persons, trust or trusts entitled by will or the laws of descent and distribution to receive such benefits.

  • Collateral Agent as defined in the preamble hereto.

  • Participating attorney means an attorney who is authorized to participate in the title guaranty program, who is in full compliance with the attorney’s participation agreement, the Code of Iowa, these rules, the manual, staff supplements, and any other written or oral instructions or requirements given by the division, and who is not subject to current disciplinary proceedings by the Iowa supreme court that preclude the attorney from practicing law in this state.

  • Power of Attorney means a record that grants an agent authority to act in the place of a principal.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Revocable as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.

  • Collateral Trustee has the meaning set forth in the preamble.

  • Beneficiary(ies means the beneficiary(ies) designated by the Participant who are entitled to receive any distributions from the Plan payable upon the death of the Participant.

  • Secured Parties means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, the Hedge Banks, the Cash Management Banks, the Supplemental Administrative Agent and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.01(c).

  • assigns shall not include any purchaser of Securities merely because of such purchase.

  • Prosecuting attorney means the prosecuting attorney for a county, an assistant prosecuting attorney for a county, the attorney general, the deputy attorney general, an assistant attorney general, a special prosecuting attorney, or, in connection with the prosecution of an ordinance violation, an attorney for the political subdivision that enacted the ordinance upon which the violation is based.

  • Family Trust means, with respect to any natural Person, a trust, limited partnership or limited liability company benefiting solely such individual and/or the Family Members of such individual.

  • Initial Beneficiary means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

  • Collateral Administrator has the meaning set forth in the introductory section of this Agreement.

  • Special administrator means a personal representative as described in Sections 75-3-614 through 75-3-618.