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.
Appears in 10 contracts
Samples: Split Dollar Life Insurance Agreement (Atlantic Coast Federal Corp), Split Dollar Life Insurance Agreement (United Financial Bancorp, Inc.), Split Dollar Life Insurance Agreement (Atlantic Coast Federal Corp)
BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured's ’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 ’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 ’s designated beneficiary.
Appears in 2 contracts
Samples: Supplemental Life Insurance Agreement (PCSB Financial Corp), Split Dollar Life Insurance Agreement (Atlantic Coast Federal Corp)
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.
Appears in 2 contracts
Samples: Endorsement Split Dollar Life Insurance Agreement (Georgetown Bancorp, Inc.), Endorsement Split Dollar Life Insurance Agreement (Georgetown Bancorp, Inc.)
