Common use of Designation or Change of Beneficiary Clause in Contracts

Designation or Change of Beneficiary. Subject to any statutory restrictions, an eligible Insured Person may designate a beneficiary to receive death Benefits payable under this Policy or may change any beneficiary already appointed, by filing written notice. No designation or change of beneficiary under the Policy shall be binding upon the Insurer until the original or a duplicate thereof is received by the designated custodian of beneficiary records. No assignment of interest shall be binding upon the Insurer until the original or a copy thereof is received by the Insurer. The Insurer assumes no responsibility for the validity or legal sufficiency of such designation or change of beneficiary assignment. Conformity with Provincial Statutes: Any provision of this Policy which, on its Effective Date, is in conflict with the statutes of the province in which this Policy was delivered or issued for delivery is hereby amended to conform to the minimum requirements of such province.

Designation or Change of Beneficiary. Subject to any statutory restrictions, an eligible Insured Person may designate a beneficiary to receive death Benefits payable under this Policy policy or may change any beneficiary already appointed, by filing written notice. No designation or change of beneficiary under the Policy policy shall be binding upon the Insurer until the original or a duplicate thereof is received by the designated custodian of beneficiary records. No assignment of interest shall be binding upon the Insurer until the original or a copy thereof is received by the Insurer. The Insurer assumes no responsibility for the validity or legal sufficiency of such designation or change of beneficiary assignment. Conformity with Provincial Statutes: Any provision of this Policy policy which, on its Effective Date, is in conflict with the statutes of the province in which this Policy policy was delivered or issued for delivery is hereby amended to conform to the minimum requirements of such province.