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.
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Irrevocable Beneficiary. A Beneficiary whose rights in this Policy are irrevocable unless the irrevocably designated Beneficiary agrees to such change in writing.
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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.
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Examples of Irrevocable Beneficiary in a sentence

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

  • 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.

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

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

  • The Owner may change any Beneficiary, unless the Beneficiary is designated as an Irrevocable Beneficiary in the previous designation, by providing a Notice to change beneficiary.

  • A Beneficiary’s status may be changed at any time prior to the Maturity Date unless you designate such Beneficiary as an Irrevocable Beneficiary.

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

  • 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.

  • 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.
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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:
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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.
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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.
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Related to Irrevocable Beneficiary

  • Eligible beneficiary means a resident of this state who:

  • Charitable Beneficiary means one (1) or more beneficiaries of the Trust as determined pursuant to Section 5.9(iii)(f), provided that each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.

  • 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 Proxy means the agreement appointing the Platform or an affiliate of the Platform as the sole and exclusive attorney and proxy of the Investor, with full power of substitution and re-substitution, to vote and exercise all voting and related rights with respect to all of the securities of the Company that now are or hereafter may be beneficially owned by Investor.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Collateral Agent as defined in the preamble hereto.

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

  • Irrevocable Transfer Agent Instructions means, with respect to the Company, the Irrevocable Transfer Agent Instructions, in the form of Exhibit E, executed by the Company and delivered to and acknowledged in writing by the Transfer Agent.

  • 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.

  • 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).

  • 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.