Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.
Contingent Beneficiary. The Contingent Beneficiary will become the Beneficiary if the named Beneficiary dies prior to the date of the death of the Insured. The Contingent Beneficiary is named in the application, unless changed.
Contingent Beneficiary means the person, persons, or trust duly designated by the Participant to receive any death benefit from the Plan in the event the designated Beneficiary does not survive the Participant.
Examples of Contingent Beneficiary in a sentence
If the primary Beneficiary dies before the Owner, the death proceeds are paid to the Contingent Beneficiary, if any.
If before payment of any death benefit proceeds, we receive proper notice that the trust has been revoked or is not in effect, then any death benefit proceeds payable will be paid to the Contingent Beneficiary, if living; if not to the Owner’s estate.
If the Primary Beneficiary dies prior to the Owner, the Contingent Beneficiary becomes the Primary Beneficiary.
Any new choice of Owner, Primary Beneficiary or Contingent Beneficiary will revoke any prior choice.
If no Beneficiary or Contingent Beneficiary is living, the Beneficiary is the estate of the deceased Owner.
More Definitions of Contingent Beneficiary
Contingent Beneficiary means a designated beneficiary with the right to receive any benefit or
Contingent Beneficiary refers to a person so designated on the Beneficiary Designation form who becomes entitled to receive the Account Proceeds upon the death of the Account Holder as a result of the failure of a Primary Beneficiary to survive the Account Holder.
Contingent Beneficiary means the person(s) who will receive the Benefits if the primary beneficiary is not living at the time of the Director’s death. Trust as Beneficiary Designation can be done by using the following written statement: “To [name of trustee, trustee of the [name of trust], under a trust agreement dated [date of trust].” Primary Beneficiary DOB Social Security # Address % of Proceeds Contingent Beneficiary DOB Social Security # Address % of Proceeds The undersigned employee acknowledges that _________________ Bank (“Bank”) is providing this Death Benefit subject to the terms and conditions of the Agreement entered into with Director. , 20 Director’s Signature Date Acknowledged Receipt by the Bank: , 20 Officer This beneficiary designation supersedes all previously executed beneficiary designations.
Contingent Beneficiary means a designated beneficiary with the right to receive any benefit or refund of accumulated contributions payable if there is no eligible primary beneficiary.
Contingent Beneficiary. The Contingent Beneficiary will become the Beneficiary if the named Beneficiary dies or is no longer in existence prior to the date Death Proceeds become payable. The Contingent Beneficiary is named in the application, unless changed.
Contingent Beneficiary. The new Beneficiary upon the current Beneficiary's death. CONTRACT DATE. The later of the date on which payments are first received and the date the properly completed application is received by us at our Office.
Contingent Beneficiary who will receive the death benefit if the primary beneficiary dies before the insured. If a beneficiary dies at the same time as the insured or within fifteen days thereafter, we will pay the death benefit as if that beneficiary were not living when the insured died. If none of the named beneficiaries are living when the insured dies, the death benefit will be paid to you. We will pay the death benefit to the beneficiaries according to the most recent written instruction we have received from you. If we do not have any written instructions, we will pay the death benefit in equal shares to the beneficiaries who are to share the funds. If there is more than one beneficiary in a class and one of the beneficiaries predeceases you, the death benefit will be paid to the surviving beneficiaries in that class. You may name new beneficiaries. We will provide a form to be signed. You must file it with us. Upon receipt, it is effective as of the date you signed the form, subject to any action we have taken before we received it. If you name one or more irrevocable beneficiaries, no change in the beneficiaries and no changes which affect policy values may be made without their consent. No beneficiary has any rights in this policy until the insured dies.