Irrevocable commitment

Irrevocable commitment means an obligation by an insurer to pay benefits to a named participant or surviving beneficiary, if the obligation cannot be cancelled under the terms of the insurance contract (except for fraud or mistake) without the consent of the participant or beneficiary and is legally enforceable by the participant or beneficiary.

Source

29 CFR § 4001.2

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Scoping language

For purposes of this chapter (unless otherwise indicated or required by the context):

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