Benefit rights in relation to life assurance

By benefit rights, the right to dispose of the due benefit from a life assurance policy is meant. Upon maturity the beneficiary (entitlement) receives the money from the insurance undertaking. In the case of survival this is usually the actual insurance policyholder. To cover the eventuality of death before the maturity of the policy another beneficiary should be listed, who may be listed by name in the insurance certificate. The entitlement may be entered either revocably or irrevocably.