Common use of BENEFICIARY DESIGNATION RIGHTS Clause in Contracts

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 Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured's ’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.