Common use of NAMING AND CHANGE OF BENEFICIARIES Clause in Contracts

NAMING AND CHANGE OF BENEFICIARIES. By Owner. The Owner may name and change the beneficiaries of death proceeds: o while the Insured is living. o during the first 60 days after the date of death of the Insured, if the Insured was not the Owner immediately prior to the Insured's death. A change made during this 60 days may not be revoked. By Direct Beneficiary. A direct beneficiary may name and change the contingent beneficiaries and further payees of the direct beneficiary's share of the proceeds: o if the direct beneficiary is the Owner; o if, at any time after the death of the Insured, no contingent beneficiary or further payee of that share is living; or o if, after the death of the Insured, the direct beneficiary elects a payment plan. The interest of any other beneficiary in the share of that direct beneficiary will end. These direct beneficiary rights are subject to the Owner's rights during the 60 days after the date of death of the Insured. By Spouse (Marital Deduction Provision).