change of beneficiary

change of beneficiary
A divesting of beneficial interest held by one person and a vesting of that interest in another

Black's law dictionary. . 1990.

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  • change of beneficiary — A clause in a life insurance policy which changes the interest of the beneficiary named from a vested to a contingent interest by reserving to the insured the right to change the beneficiary in accordance with requirements prescribed in the… …   Ballentine's law dictionary

  • change of beneficiary — A divesting of beneficial interest held by one person and a vesting of that interest in another …   Black's law dictionary

  • change — I verb adapt, adjust, alter, be converted, be inconstant, be irresolute, convert, convertere in, deviate, displace, diverge, evolve, exchange, fluctuate, give in exchange, go through phases, immutare, innovate, interchange, make a transition,… …   Law dictionary

  • Beneficiary Clause — A beneficiary clause is a provision in a life insurance policy or other investment vehicle such as an annuity or IRA that permits the policy owner to name individuals as primary and secondary beneficiaries. The policy owner typically may change… …   Investment dictionary

  • beneficiary — ben|e|fi|cia|ry [ˌbenıˈfıʃəri US ˈfıʃieri] n plural beneficiaries 1.) someone who gets advantages from an action or change beneficiary of ▪ The rich were the main beneficiaries of the tax cuts. 2.) someone who receives money or property from… …   Dictionary of contemporary English

  • beneficiary — noun (C) 1 someone who gets advantages from an action or change: The rich were the main beneficiaries of the tax cuts. 2 someone who receives money or property from someone else who has died (+of): He was the chief beneficiary of his father s… …   Longman dictionary of contemporary English

  • Revocable Beneficiary — The ability of a policy owner either to change who will receive the compensation from his or her policy or to terminate the policy without having to get consent from the current beneficiary. Most life insurance policies have this feature. This is …   Investment dictionary

  • Life insurance — The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value. F. C. Oviatt, Economic place of insurance and its relation to society[1] Life insurance is a… …   Wikipedia

  • Life insurance trust — A life insurance trust is a trust that is set up for the purpose of owning a life insurance policy. The idea is that if it is an ILIT, an irrevocable life insurance trust, that the trust itself is the policy holder and owner, the payer is the… …   Wikipedia

  • Life settlement — A life settlement is a financial transaction in which a life insurance policy owner possessing an unneeded or unwanted life insurance policy sells the policy (at fair market value) to a third party for more than the cash surrender value offered… …   Wikipedia

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