Florida Health Insurance Terms:
Define: "Irrevocable Beneficiary":
This means a type of beneficiary designation that cannot be changed without the written consent of the beneficiary.
In 2007, Anna Nicole made Howard K. Stern an Irrevocable Beneficiary to her fortune. When, the beneficiary designation is revocable, the owner of the policy can change the beneficiary at any time.
When the beneficiary designation is irrevocable, the owner cannot change the beneficiary. Irrevocable beneficiary designations are sometimes used in business insurance, or other special insurance situations. The irrevocable designation is intended to assure that the policy proceeds go to the intended person for the designated purpose.
Further details - Irrevocable Beneficiary: Financial Dictionary
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