Common use of Elected By Direct or Contingent Beneficiary Clause in Contracts

Elected By Direct or Contingent Beneficiary. If no income plan has been elected by the Owner upon the death of the Insured, the direct or contingent beneficiary may elect an income plan for his or her share of the Life Insurance Benefit. When electing the income plan, the direct or contingent beneficiary may name and change income plan beneficiaries.