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- Is the appointment of a beneficiary revocable? | 28 November 2023
Is the appointment of a beneficiary revocable? | 28 November 2023
a beneficiary refers to the person allowed by law or by the terms of the contract to demand and receive the proceeds of the insurance
Is the appointment of a beneficiary revocable?
The Insurance Code provides:
“Section 11. The insured shall have the right to change the beneficiary he designated in the policy, unless he has expressly waived this right in said policy. Notwithstanding the foregoing, in the event the insured does not change the beneficiary during his lifetime, the designation shall be deemed irrevocable.” (Section 11, Republic Act No. 10607, or the Insurance Code)
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Alburo Alburo & Associates Law Offices:
• Have labor law and business law as our main fields of practice. For almost a decade now, we have been helping businesses improve their productivity and profitability by helping them comply with relevant laws, rules, and regulations.
• Observe high standards of excellence.
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