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

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  2. Life Insurance

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  3. Segregated Fund

    A type of pool investment that is similar to a mutual fund, but ...
  4. Crummey Power

    A technique that enables a person to receive a gift that is not ...
  5. Revocable Beneficiary

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

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