There shall be a provision as follows:

Terms Used In Alaska Statutes 21.51.150 - Change of beneficiary

  • beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC

“Change of Beneficiary: Unless the insured makes an irrevocable designation of beneficiary, the right to change a beneficiary is reserved to the insured and the consent of the beneficiary or beneficiaries shall not be requisite to surrender or assignment of this policy or to a change of beneficiary or beneficiaries, or to any other changes in this policy.” (The first clause of this provision, relating to the irrevocable designation of beneficiary, may be omitted at the insurer’s option.)