What does the term "irrevocable" mean regarding a beneficiary in an insurance policy?

The term "irrevocable" in the context of a beneficiary in an insurance policy means that once a beneficiary is designated as irrevocable, the policyholder cannot change that beneficiary without their consent. This ensures that the rights of the beneficiary are protected, as they have a vested interest in the policy. If the policyholder wants to change the beneficiary, they must first obtain the agreement of the irrevocable beneficiary, adding a layer of security to that individual's claim on the policy's benefits.

The other options do not accurately reflect the meaning of "irrevocable." The second option suggesting that the beneficiary has full control over policy decisions misrepresents the role of the beneficiary, who primarily receives benefits rather than making administrative choices regarding the policy. The third option about the beneficiary being responsible for paying premiums is not true, as typically, the policyholder is responsible for premium payments regardless of the beneficiary's designation. Lastly, saying that the beneficiary receives double benefits is not accurate; benefits are defined by the policy terms and do not imply the possibility of double payouts simply based on the status of the beneficiary.