Common use of Designated Beneficiary Clause in Contracts

Designated Beneficiary. 11.01 A Member may, by written notice communicated to the Company during such Member's lifetime, designate a person to receive the benefits payable under the Plan on their death and may also by written notice communicated to the Company during such Member's lifetime alter or revoke such designation from time to time, subject always to the provisions of any annuity, insurance or other contract or law governing designation of beneficiary from time to time in force which may apply to such member. Such written notice shall be in such form and shall be executed in such manner as the Company in its discretion may from time to time determine. 11.02 In the instance where their beneficiary of a deceased member is their spouse the Member may elect or, in default of such election, after death the spouse may elect that settlement of the death benefits under Sections 10.01 and 10.02 of the Plan hereof be made in any one of the following ways; (a) in the form of a Life Annuity, with or without a guaranteed period providing that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from date of death of the Member to the day before the date on which the spouse's 86th birthday would occur; (b) in the form of a deferred Life Annuity starting before the spouse attains age 65, with or without a guaranteed period provided that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from the date of death of the member to the day before the date on which the spouse's 86th birthday would occur; (c) in a lump sum. If however, the beneficiary is other than the Member's spouse, the death benefit shall be paid to the person so designated in the form of a lump sum. 11.03 If, on the death of a Member, there should be no Designated Beneficiary, or if the person designated by the Member as his beneficiary shall not be living, such sums as may be payable on or after his death shall be payable to the estate of such Member.

Designated Beneficiary. 11.01 A Member may, by written notice communicated to the Company Com- pany during such Member's ’s lifetime, designate a person to receive the benefits payable under the Plan on their death and may also by written notice communicated to the Company during such Member's ’s lifetime alter or revoke such designation from time to time, subject always to the provisions of any annuity, insurance or other contract or law governing designation of beneficiary from time to time in force which may apply to such memberMember. Such written notice shall be in such form and shall be executed in such manner as the Company in its discretion may from time to time determine. 11.02 In the instance where their the beneficiary of a deceased member Member is their the spouse the Member may elect or, in default of such election, after their death the spouse may elect that settlement of the death benefits under Sections 10.01 and 10.02 of the Plan hereof be made in any one of the following ways;: – (a) in the form of a Life Annuity, with or without a guaranteed xxxxxx- xxxx period providing that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from date of death of the Member to the day before the date on which the spouse's ’s 86th birthday would occur; (b) in the form of a deferred Life Annuity starting before the spouse attains age 65, with or without a guaranteed period provided that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from the date of death of the member Member to the day before the date on which the spouse's ’s 86th birthday would occur; (c) in a lump sum. If however, the beneficiary is other than the Member's ’s spouse, the death benefit shall be paid to the person so designated in the form of a lump sum. 11.03 If, on the death of a Member, there should be no Designated Beneficiary, or if the person designated by the Member as his beneficiary bene- ficiary shall not be living, such sums as may be payable on or after his death shall be payable to the estate of such Member.

Designated Beneficiary. 11.01 A Member may, by written notice communicated to the Company Com- pany during such Member's ’s lifetime, designate a person to receive the benefits payable under the Plan on their death and may also by written notice communicated to the Company during such Member's ’s lifetime alter or revoke such designation from time to time, subject always to the provisions of any annuity, insurance or other contract or law governing designation of beneficiary from time to time in force which may apply to such memberMember. Such written notice shall be in such form and shall be executed in such manner as the Company in its discretion may from time to time determine. 11.02 In the instance where their the beneficiary of a deceased member Member is their the spouse the Member may elect or, in default of such election, after their death the spouse may elect that settlement of the death benefits under Sections 10.01 and 10.02 of the Plan hereof be made in any one of the following ways;ways:˜– (a) in the form of a Life Annuity, with or without a guaranteed xxxxxx- xxxx period providing that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from date of death of the Member to the day before the date on which the spouse's ’s 86th birthday would occur; (b) in the form of a deferred Life Annuity starting before the spouse attains age 65, with or without a guaranteed period provided that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from the date of death of the member Member to the day before the date on which the spouse's ’s 86th birthday would occur; (c) in a lump sum. If however, the beneficiary is other than the Member's ’s spouse, the death benefit shall be paid to the person so designated in the form of a lump sum. 11.03 If, on the death of a Member, there should be no Designated Beneficiary, or if the person designated by the Member as his beneficiary bene- ficiary shall not be living, such sums as may be payable on or after his death shall be payable to the estate of such Member.

Designated Beneficiary. 11.01 11.1 A Member may, by written notice communicated to the Company during such Member's lifetime’s Lifetime, designate a person to receive the benefits payable under the Plan on their death and may also by written notice communicated to the Company during such Member's lifetime ’s Lifetime alter or revoke such designation from time to time, subject always to the provisions provision of any annuity, insurance or other contract or law governing designation of beneficiary from time to time in force which may apply to such member. , Such written notice shall be in such form and shall be executed in such manner as the Company in its discretion may from time to time determine. 11.02 11.2 In the instance where their the beneficiary of a deceased member is their the spouse the Member may elect or, in default of such election, after their death the spouse may elect that settlement of the death benefits under Sections 10.01 Section 10.1 and 10.02 10.2 of the Plan hereof be made in any one of the following ways;: (a) in the form of a Life Annuity, with or without a guaranteed period providing that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from date of death of the Member member to the day before the date on which the spouse's ’s 86th birthday would occur;. (b) in the form of a deferred Life Annuity starting before the spouse attains age 65, with or without a guaranteed period provided that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from the date of death of the member to the day before the date on which the spouse's ’s 86th birthday would occur; (c) in a lump sum. sum If however, the beneficiary is other than the Member's ’s spouse, the death benefit shall be paid to the person so designated in the form of a lump sum. 11.03 11.3 If, on the death of a Member, there should be no Designated Beneficiary, or if the person designated by the Member as his beneficiary shall not be living, living such sums as may be payable on or after his death shall be payable to the estate of such Member.

Designated Beneficiary. 11.01 A Member may, by written notice communicated to the Company during such Member's lifetime, designate a person to receive the benefits payable under the Plan on their death and may also by written notice communicated to the Company during such Member's lifetime alter or revoke such designation from time to time, subject always to the provisions of any annuity, insurance or other contract or law governing designation of beneficiary from time to time in force which may apply to such member. Such written notice shall be in such form and shall be executed in such manner as the Company in its discretion may from time to time determine. 11.02 In the instance where their the beneficiary of a deceased member is their spouse the Member may elect or, in default of such election, after the members death the spouse may elect that settlement of the death benefits under Sections 10.01 and 10.02 of the Plan hereof be made in any one of the following ways; (a) in the form of a Life Annuity, with or without a guaranteed period providing that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from date of death of the Member to the day before the date on which the spouse's 86th birthday would occur; (b) in the form of a deferred Life Annuity starting before the spouse attains age 65, with or without a guaranteed period provided that such guaranteed period shall not exceed the lesser of fifteen (15) years and the period from the date of death of the member to the day before the date on which the spouse's 86th birthday would occur; (c) in a lump sum. If however, the beneficiary is other than the Member's spouse, the death benefit shall be paid to the person so designated in the form of a lump sum. 11.03 If, on the death of a Member, there should be no Designated Beneficiary, or if the person designated by the Member as his beneficiary shall not be living, such sums as may be payable on or after his death shall be payable to the estate of such Member.