Common use of Contingent Beneficiaries Clause in Contracts

Contingent Beneficiaries. If no direct beneficiary survives and receives payment of the entire Life Insurance Benefit, then the remaining Life Insurance Benefit will be paid in equal shares to the contingent beneficiaries, if any, who survive and receive payment. If a contingent beneficiary dies before receiving all or part of the contingent beneficiary’s full share, then the unpaid portion will be paid in equal shares to the other contingent beneficiaries who survive and receive payment.