Irrevocable Beneficiary
A beneficiary in a life insurance policy or segregated fund contract whose compensation cannot be changed without his or her consent. Investopedia Says:
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. Related Terms:
Beneficiary
Crummey Power
Life Insurance
Segregated Fund |