GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Revocable Beneficiary


Synonyms:expungeable beneficiary, rescindable beneficiary, retractable beneficiary, voidable beneficiary
Filed Under: estate-management, insurance, investments
Tags: insurance, investment, life insurance
 

Definition of revocable beneficiary

revocable beneficiary
1. A beneficiary of a life insurance policy or segregated fund whose benefit can be revoked or modified without their consent.

Related Terms and Acronyms:

  • beneficiary   An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
  • contingent beneficiary   A beneficiary who only receives his or her benefit when specific conditions have been met.
  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • irrevocable   Unalterable.
  • irrevocable beneficiary   A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • maturity guarantee   A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
  • spin-life   A financial industry that specializes in buying life insurance policies from individuals or convincing individuals to take out new life insurance policies with an investor as a beneficiary.
  • transferable insurance policy   A life insurance policy that can be sold to another party through a viatical settlement.
  • trust   A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.

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