A term in a Marine policy providing that the insurers will pay claims however small the percentage of loss.
Insurance Encyclopedia
Irrevocable assignment
Permanent legal transfer of an individual’s interest in an insurance policy to another person.
Irrevocable beneficiary
See: beneficiary .
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Beneficiary designation allowing no change to be made in the beneficiary of an insurance policy without the consent of the named beneficiary.
Irrevocable beneficiary (Life Insurance)
A designation of beneficiary that can only be changed with that person’s consent.
Irrevocable Letter of Credit
A letter of credit with a fixed expiration date that carries the irrevocable obligation of the issuing bank to pay the exporter when all of the terms and conditions of the letter of credit have been met.
Irrevocable Trust
A trust that cannot be altered by the person who created the trust.
Irrevocable trust (Legal Terminology)
A trust that cannot be revoked by the individual who established it.