Beneficiary Designation
Beneficiary designation defines who receives the proceeds of a policy in the event of the insured's death — the core of the death-settlement process.
Standard and custom wording
A designation is either:
- Standard — the product's predefined beneficiary wording. No additional text may be supplied.
- Custom — free text authored for the policy. The text cannot be empty or whitespace-only.
Not every product supports a beneficiary designation, and support for the standard wording depends on the product having an active standard wording configured.
Lifecycle
A policy's beneficiary designation can be changed only while the policy's lifecycle state permits it — for example, a designation change is rejected once the policy has moved into a state where it is locked.