Surrender by an insured of the right to change the beneficiary of his life insurance policy creates a vested interest in the then designated beneficiary and an acceptance by the company of the insured's subsequent request to change the beneficiary constitutes a waiver of the prohibition against such change and an estoppel to deny liability to the new beneficiary.
Phillips v. Continental Assurance Co., 210 Pa. Super. 178, 231 A.2d 422 (1967), allocatur denied, 231 A.2d 422 (1967).
Mark A. Rock,
Insurance Contracts - Waiver by Estoppel,
Duq. L. Rev.
Available at: https://dsc.duq.edu/dlr/vol6/iss2/13