Revocable beneficiary

Revocable beneficiary,

Definition of Revocable beneficiary:

  1. Feature of an insurance policy that allows the policy owner to change the beneficiary or terminate the policy without obtaining the beneficiarys consent.

Meaning of Revocable beneficiary & Revocable beneficiary Definition

Revocable Beneficiary,

What is The Definition of Revocable Beneficiary?

  1. Revocable Beneficiary refers to The recovering recipients are not guaranteed any compensation from the company, such as an insurance policy or a trust fund. Policyholders have the right to decide who receives the payment, change the terms of the policy, or cancel policies without the need for recipients' approval, which can be revoked. Most life insurers have this feature.

    • Canceled beneficiaries are not guaranteed any compensation by the company, such as an insurance policy or a trust fund.
    • Most life insurers refer to a recipient who can be canceled.
    • Policyholders have the right to decide who receives the payment, change the terms of the policy or cancel policies without the need for recipient approval, which can be withdrawn.
    • An opponent of a canceled recipient is an invalid recipient who has the right to guarantee payment under the insurance policy, unless he terminates his policy as a recipient.

  2. Meaning of Revocable Beneficiary: Most life insurance policies have provisions that policyholders may transfer or change to recipients without the consent of the recipient.

  3. Recipient who may surrender at the request of the contract holder.

  4. Definition of Revocable Beneficiary: The recipient's name is changed by the contract holder without prior notice to the current recipient

Literal Meanings of Revocable Beneficiary

Revocable:

Meanings of Revocable:
  1. It can be canceled or revoked.

Sentences of Revocable
  1. Terms that may be revoked

Beneficiary:

Meanings of Beneficiary:
  1. Someone who benefits from something, especially a trust, will or life insurance policy

Sentences of Beneficiary
  1. Benefit from Australian policies that do not need to be followed.

Synonyms of Beneficiary

legatee, heir, heiress, inheritor