Irrevocable Beneficiary


DEFINITION of 'Irrevocable Beneficiary'

A beneficiary in a life insurance policy or segregated fund contract whose compensation cannot be changed without his or her consent.

BREAKING DOWN 'Irrevocable Beneficiary'

If a parent wanted to leave money to a child, the parent could designate that child as an irrevocable beneficiary, thus ensuring the child will receive the compensation of the life insurance policy or the segregated fund contract.

  1. Absolute Beneficiary

    A designation of a beneficiary that can not be changed without ...
  2. Life Insurance

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  3. Beneficiary

    Anybody who gains an advantage and/or profits from something. ...
  4. Crummey Power

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  5. Revocable Beneficiary

    The ability of a policy owner either to change who will receive ...
  6. Segregated Fund

    A type of pool investment that is similar to a mutual fund, but ...
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  1. How do I change my contingent beneficiary?

    Keeping your beneficiary designations up to date is an important aspect of comprehensive estate planning. Listing a primary ... Read Full Answer >>
  2. Under what circumstances will a contingent beneficiary receive an insurance payout?

    A contingent beneficiary is someone who receives the proceeds of an insurance policy if the person named as the primary beneficiary ... Read Full Answer >>
  3. How much money does Texas make from unclaimed property each year?

    In 2014, the office of the Texas Comptroller of Public Accounts reported $234 million in unclaimed property claimant liabilities, ... Read Full Answer >>
  4. Are Cafeteria plans subject to FICA, ERISA or FUTA?

    Cafeteria plans are employer-sponsored benefit plans that provide both taxable and nontaxable, or qualified, benefit options ... Read Full Answer >>
  5. How much money does Michigan make from unclaimed property each year?

    According to the 2013-2014 Annual Report of the State Treasurer, the state of Michigan earned only $82,875 in abandoned and ... Read Full Answer >>
  6. Who decides if a financial security should be escheated?

    There is no one entity who "decides" to escheat assets. Rather, financial institutions are required to report inactive accounts ... Read Full Answer >>

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