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. 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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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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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 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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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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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.

  • 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 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.

  • UTI Beneficiary means NILT Trust, in its capacity as the initial beneficiary of the Titling Trust.

  • 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.

  • 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.

  • 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 Lenders, the L/C Issuers, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents.

  • District attorney means any of the following:

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

  • Investor Representative has the meaning assigned to such term in Section 2.1(a).

  • 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.

  • Creditor Representative means, with respect to Series 2023-2, the Indenture Trustee.

  • 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.

  • Representative payee means an individual, agency, or institution selected by a court or the Social Security Administration to receive and manage benefits on behalf of another person.

  • 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.