Irrevocable beneficiary

{
  "id": "MLC-T-INS-001920",
  "term": "Irrevocable beneficiary",
  "field": "Insurance and risk management",
  "definition": "A designated recipient of life insurance policy proceeds whose designation cannot be changed without their written consent. This provides a high level of security for the beneficiary, as the policyholder cannot unilaterally alter the beneficiary or surrender the policy. The policyholder also cannot borrow against the policy's cash value without the irrevocable beneficiary's permission.",
  "url": "https://mlchart.com/terminology/insurance/irrevocable-beneficiary/"
}