- Impossible to take back or retract.
Related Terms and Acronyms
- Consent Judgement — Definition,
- A judge's legally binding approval of a written agreement by the parties of a lawsuit.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Irrevocable Beneficiary — Definition,
- A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
- Letter of Credit (L/C) — Acronym,
- A letter authorizing a person or company to draw on a bank or stating that the bank will honour the credit up to the stated amount.
- Life Insurance Trust (LIT) — Acronym,
- A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
- Revocable Beneficiary — Definition,
- A beneficiary whose benefit can be modified without his or her consent.
- Segregated Fund — Definition,
- Investment vehicles that feature both maturity and death guarantees. Segregated funds share similarities with mutual funds but are categorized as insurance products.
- Trust — Definition,
- A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.