Types of Mandatory Uniform Provisions: Change of Beneficiary

A change of beneficiary provision in a mandatory uniform provision is when a particular contract or policy stipulates that a change of beneficiary must be made in writing and is typically signed by both the policyholder and the beneficiary. This mandatory requirement ensures the policyholder has control over the policy and that any changes to the beneficiary or beneficiaries of the policy are done in a formal and transparent manner. The provision also serves as an important legal document that outlines the rights of all parties involved in the policy.