Common use of Disbursal of Funds to Beneficiary(s)/POD Payee(s) Clause in Contracts

Disbursal of Funds to Beneficiary(s)/POD Payee(s). If you own a one owner account and have designated a beneficiary(s)/pod payee(s) in Part 1 of this contract, in the event of your death the beneficiary(s)/pod payee(s) will be entitled to the funds in the account (subject to the terms of this agreement) upon proof of your death and the beneficiary’s/pod payee’s identification. If you designate more than one beneficiary/pod payee on the account, in the event of your death each beneficiary/pod payee will be entitled to his or her (or its) proportionate share of the funds in the account (which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/pod payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod payee predeceases you, it is your responsibility to notify us and change the account accordingly. If you own a multiple owner account and have designated a beneficiary(s)/pod payee(s) in Part 1 of this contract, in the event of your death your interest in the account and the funds in the account are owned by any surviving owner or owners of the account (subject to the terms of this agreement), and upon the death of the final account owner the beneficiary(s)/pod payee(s) will be entitled to the funds in the account (subject to the terms of this agreement) upon proof of death and the beneficiary’s/pod payee’s identification. If you designate more than one beneficiary/pod payee on the account, in the event of the death of the final owner on the account each beneficiary/pod payee will be entitled to his or her (or its) proportionate share of the funds in the account (which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/pod payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod payee predeceases you, it is your responsibility to notify us and make any changes to the account.