Succession Beneficiary Clause


Definition of "Succession beneficiary clause"

Joanne Carter Associate Broker
  Hall & Hunter

Section of a life insurance policy setting the procedure for revoking a current beneficiary and designating a successor beneficiary. Insurers require written notice of a beneficiary change, usually on a form designated for that purpose. Some may require return of the policy for the beneficiary change to be added.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Money Market Mutual Fund

Fund that concentrates primarily on short-term government securities, certificates of deposit with m ...

Bimonthly Mortgage

A mortgage on which half the monthly payment is paid twice a month. It should be called a 'semi-mont ...

Mortality Table With Projection

Mortality table whose statistics have been adjusted to show expected mortality experience. ...

Zoning

Local governmental ordinance breaking down the country into districts that are restricted on how p ...

Liability, Criminal

Wrong against the government or society as a whole. An individual representing the state (usually th ...

Preclosing

Mock closing; all information is available prior to an actual closing in order to insure all documen ...

Related Real Estate FAQ

What Is A Spec House?

The textbook definition of a spec house is \"one built on a speculative basis, without an order on t ...

What Is Earnest Money?

Earnest money is a deposit you make when you make an offer on a house. ...

What Does Travel Insurance Typically Cover?

Loss of luggage Loss of travel documents Cancellation and lost deposit expenses Medical expens ...

What Is A Gated Community?

A gated community is a community of homes where you must pass through a security gate in order to en ...

What Is Principal?

Principal is the amount of money borrowed and still owed on a loan not including the interest. ...

What Is A Loan-to-value (LTD) Ratio?

A loan-to-value ratio is used by lenders to state how much you have financed. If you put down 20 per ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Is it better to buy or sell a home first How is Square Footage Determined? 7 Tips for a First Time Homebuyer 5 U.S. Cities with the Best Public Transportation When to buy a house

FAQ

What is a Multiple Listing Service (MLS)? What do I need to know about Homeowners Insurance? What is a mortgage broker? What does preapproved mean? What is a maintenance fee?