Under what condition is consent of the beneficiary required in an insurance contract?

The requirement for the consent of the beneficiary in an insurance contract is associated with the status of the beneficiary as irrevocable. When a beneficiary is named as irrevocable, the policyowner cannot change the beneficiary or make alterations to the policy that could impact the benefits payable without obtaining the consent of that irrevocable beneficiary. This is a significant protective measure that ensures the rights of the beneficiary are upheld and that the policyowner cannot unilaterally change the beneficiary designation to someone else or alter the terms that might diminish the irrevocable beneficiary's entitlement to the proceeds.

In this situation, consent from the irrevocable beneficiary is a safeguard that ensures they are aware of and agree to any changes that might affect their status or benefits under the policy. This condition highlights the importance of the irrevocable designation in establishing the beneficiary's rights within the contract, providing a clear rationale for requiring their consent in specific situations.