Life · Chapter 6 · Beneficiaries
Revocable vs Irrevocable Beneficiary
Definition
Revocable = owner may change anytime, no permission needed. Irrevocable = cannot be changed without the beneficiary's written consent; the beneficiary has a vested interest, so the owner can't assign, borrow, or surrender without consent.
Exam tip
Even with an irrevocable beneficiary, the owner still collects dividends and picks the premium mode.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms