BENEFICIARY DESIGNATION RIGHTS Sample Clauses

BENEFICIARY DESIGNATION RIGHTS. (a) The Insured shall have the right and power to designate a beneficiary or beneficiaries on the attached Beneficiary Designation From to receive the Insured’s share of the Policy proceeds payable upon the death of the Insured while the Insured is employed by the Bank, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. Said Beneficiary Designation Form shall be submitted with an executed original of this Agreement to the General Counsel of the Bank. (b) The Insured may change any beneficiary designation at any time by delivering a new Beneficiary Designation Form to General Counsel at the Bank or the Insurer. Any change in beneficiary designation shall automatically supersede the existing beneficiary designation on file. No designation or change of beneficiary shall be effective until the beneficiary designation form is received, accepted and acknowledged in writing by the Bank/Insurer. (c) If the Insured dies without a valid beneficiary designation, or if all of the Insured designated beneficiaries predecease the Insured, then the Insured’s surviving spouse, if any, shall be the Insured designated beneficiary. If the Insured has no surviving legal spouse, then the death benefit shall be paid to the personal representative of the Insured’s estate, on behalf of the estate. (d) The beneficiary designation shall be deemed automatically revoked if the Insured has designated the Insured’s spouse as the primary beneficiary and the marriage to such spouse is legally dissolved after the date of the beneficiary designation. (e) The Bank shall not terminate, alter or amend the Insured’s beneficiary designations without the written consent of the Insured. (f) The Bank shall be the beneficiary of any proceeds remaining under the Policy after the payment required under this Agreement has been made to the Insured’s designated beneficiary(ies) and after the Insurer is no longer employed by the Bank.

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured's share of the Policy proceeds payable upon the death of the Insured, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. The Bank shall not terminate, alter or amend the Insured's beneficiary designations without the written consent of the Insured. The Bank shall be the beneficiary of any proceeds remaining under the Policy after the payment required under this Agreement has been made to the Insured's designated beneficiary.

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a “Beneficiary” or “Beneficiaries” to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. A divorce will automatically revoke the portion of a Beneficiary Designation Form designating the former spouse as a Beneficiary. The former spouse will be a Beneficiary under this Agreement only if a new Beneficiary Designation Form naming the former spouse as a Beneficiary is filed after the date the dissolution decree is entered.

BENEFICIARY DESIGNATION RIGHTS. Owner may designate a beneficiary or beneficiaries to receive any proceeds payable under the Policy on death of Insured which are in excess of Employer's share of such proceeds, as determined by this Agreement.

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured's share of the proceeds of the policy payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest of the Bank or the Trust may have in such proceeds, as provided in this Agreement. Any such designation by the Insured shall be made in writing in the form attached hereto as Exhibit A and incorporated herein by reference. Any such designation or change therein shall be effective three (3) business days from delivery of said written notice by Insured to the Bank.

BENEFICIARY DESIGNATION RIGHTS. The Company shall endorse to the Executive the right and power to designate a beneficiary or beneficiaries to receive an aggregate sum payable upon the death of the Executive equal to the Current Life Insurance Protection Amount. This endorsement shall be effected using a form provided by the Insurer or Insurer. A Policy’s endorsement shall not be terminated, altered, or amended without the express written consent of the Executive. To change a beneficiary, the Executive must execute a new endorsement and comply with the requirements of the particular Policy. Failure to comply with the terms of the individual Policy will result in the change not becoming effective. The parties shall take all actions necessary to cause such an endorsement to conform to the provisions of this Agreement.

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a “Beneficiary” or “Beneficiaries” to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. A divorce will automatically revoke the portion of a Beneficiary Designation Form designating the former spouse as a Beneficiary. Subject to any state law, community property laws or any legal adjudication, the former spouse will be a Beneficiary under this Agreement only if a new such Beneficiary Designation Form naming the former spouse as a Beneficiary is filed after the date the dissolution decree is entered.

BENEFICIARY DESIGNATION RIGHTS. Insured Participant (or his/her assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive his/her share of the proceeds payable on Insured Participant’s death, but subject to any right or interest the Corporation may have in such proceeds as provided in the Plan. If at the time of Insured Participant’s death no valid beneficiary designation form is on file for Insured Participant, then Insured Participant’s beneficiary will be his/her surviving spouse if married (or the representative of his/her estate if not married). KCP-4253800-2

BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a “Beneficiary” or “Beneficiaries” to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such Beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. If no designated primary or secondary Beneficiary shall survive Insured, then all amounts due under this Agreement shall be paid to Insured’s estate. A divorce will automatically revoke the portion of a Beneficiary Designation Form designating the former spouse as a Beneficiary. The former spouse will be a Beneficiary under this Agreement only if a new such Beneficiary Designation Form naming the former spouse as a Beneficiary is filed after the date the dissolution decree is entered.