Change of beneficiary provision

{
  "id": "MLC-T-INS-000740",
  "term": "Change of beneficiary provision",
  "field": "Insurance and risk management",
  "definition": "A clause in a life insurance policy that grants the policyholder the right to alter the designated recipient of the death benefit. This right can be exercised at any time during the insured's lifetime, provided the beneficiary designation is revocable. The change becomes effective upon written notification to the insurer and its endorsement on the policy, or when a new policy is issued reflecting the change.",
  "url": "https://mlchart.com/terminology/insurance/change-of-beneficiary-provision/"
}