BENEFICIARY - SETTLEMENT OPTIONS Clause Samples
The 'Beneficiary - Settlement Options' clause defines the various ways in which a beneficiary may receive proceeds or benefits under a contract, such as a life insurance policy or trust. Typically, this clause outlines options like lump-sum payments, installment payments over a set period, or annuity arrangements, allowing the beneficiary to select the most suitable method for their needs. By specifying these options, the clause provides flexibility and clarity, ensuring that beneficiaries understand their choices and that the distribution of funds aligns with their preferences or financial planning goals.
BENEFICIARY - SETTLEMENT OPTIONS. If this Contract provides for payment of any amount or amounts after the death of an Annuitant to a person other than a survivor Annuitant, payment shall be made to a Beneficiary designated by such Annuitant. An Annuitant may change a Beneficiary previously designated. Any designation or change shall be made by filing a request with Nationwide on a form satisfactory to Nationwide, and shall become effective when received and accepted by Nationwide. After any such designation or change is entered, it shall relate back and take effect as of the date of the request, but without prejudice to Nationwide on account of any payments made by it before receipt of such request. The interest of any Beneficiary shall cease upon death, unless the Annuitant has directed otherwise. If there is no designated Beneficiary to receive any amount which becomes payable to a Beneficiary, the amount shall be payable to the estate of the last survivor of the Annuitant and the Beneficiary. Nationwide, in determining the existence, ages, or any other facts relating to any persons designated as Beneficiaries, either as a class or otherwise, may rely solely on any affidavit or other evidence deemed satisfactory by Nationwide, and each and every payment made by Nationwide in reliance thereon will, to the extent of such payment, be a valid discharge of its obligation under this Contract. If any payments other than a lump sum become payable to one or more Beneficiaries, and if the monthly amount of the payments payable to any Beneficiary is less than $20, or other amount as permitted by law, or if the Beneficiary is other than a natural person receiving payments in its own right, Nationwide may, instead of making the payments, pay the commuted value thereof in full settlement of its liability for such payments. If at any time the amount that would be payable in a lump sum to the Beneficiary, if such Annuitant were to die at that time, exceeds $5,000, or other amount as permitted by law, the Annuitant and Nationwide may arrange, by mutual agreement, a mode of settlement other than payment in a lump sum. If no mode of settlement has been arranged before the death of an Annuitant, the Beneficiary and Nationwide may then mutually agree upon a mode of settlement for the benefit of the Beneficiary other than payment in a lump sum.
BENEFICIARY - SETTLEMENT OPTIONS. 20 [9.7 Experience Rate Credits ............................................................. 21] 9.8 Assignment .......................................................................... 21 9.9
BENEFICIARY - SETTLEMENT OPTIONS. If this Contract provides for payment of any amount or amounts after the death of an Annuitant to a person other than a survivor Annuitant, payment shall be made to a Beneficiary designated by such Annuitant. An Annuitant may change a Beneficiary previously designated. Any designation or change shall be made by filing a request with the Company on a form satisfactory to it, and shall become effective when entered upon the records of the Company. After any such designation or change is entered, it shall relate back and take effect as of the date of the request, but without prejudice to the Company on account of any payments made by it before receipt of such request. The interest of any Beneficiary shall cease upon death, unless the Annuitant has directed otherwise. If there is no designated Beneficiary to receive any amount which becomes payable to a Beneficiary, the amount shall be payable to the estate of the last to die of the Annuitant and the Beneficiary. The Company, in determining the existence, ages, or any other facts relating to any persons designated as Beneficiaries, either as a class or otherwise, may rely solely on any affidavit or other evidence deemed satisfactory by it, and each and every payment made by it in reliance thereon will, to the extent of such payment, be a valid discharge of its obligation under this Contract.
BENEFICIARY - SETTLEMENT OPTIONS. (CONTINUED) If any payments other than a single sum become payable to one or more Beneficiaries, and if the monthly amount of the payments payable to any Beneficiary is less than [$20], or if the Beneficiary is other than a natural person receiving payments in its own right, the Company may, instead of making the payments, pay the commuted value thereof in full settlement of its liability such the payments. If at any time the amount that would be payable in a single sum to the Beneficiary, if such Annuitant were to die at that time, exceeds [$3,500], the Annuitant and the Company may arrange, by mutual agreement, a mode of settlement other than payment in a single sum. If no mode of settlement has been arranged before the death of an Annuitant, the Beneficiary and the Company may then mutually agree upon a mode of settlement for the benefit of the Beneficiary other than payment in a single sum.