Insurance Claims Agent Interview Question:

Please explain what is the difference between “revocable beneficiary” and “irrevocable beneficiary”?

Submitted by: Muhammad

‘Revocable beneficiary' designation gives right to the policy holder to change the beneficiary name without the consent of the named beneficiary. While in ‘Irrevocable beneficiary' the policy holder has to take consent of the beneficiary before the name is changed.
Submitted by: Muhammad