BY DIRECT BENEFICIARY. A direct beneficiary may name and change the contingent beneficiaries and further payees of the direct beneficiary's share of the proceeds: - if the direct beneficiary is the Owner; or - if, at any time after the death of the Insured, no contingent beneficiary or further payee of that share is living. These direct beneficiary rights are subject to the Owner's rights during the 60 days after the date of death of the Insured. BY SPOUSE (MARITAL DEDUCTION PROVISION).
Appears in 6 contracts
Samples: Insurance Agreement (Northwestern Mutual Variable Life Account), Insurance Agreement (Northwestern Mutual Variable Life Account), Insurance Agreement (Northwestern Mutual Variable Life Account)
