Succession Beneficiary Clause
Definition - What does Succession Beneficiary Clause mean?
A succession beneficiary clause is a provision in a life insurance policy that establishes the procedure for revoking a current designated beneficiary and designating a successor beneficiary instead.
Insuranceopedia explains Succession Beneficiary Clause
To change their beneficiary designation, the insured usually must submit a written notice. Most insurers provide specific forms for this purpose. In some instances, the policy contract must be returned for the change to be effective.