Common use of Nominate beneficiaries Clause in Contracts

Nominate beneficiaries. You may nominate beneficiaries to receive the policy benefits on your death. Beneficiary for Ownership: If you are not the life assured, or if there is more than one life assured, you may nominate a Beneficiary for Ownership. This person will become the owner of the policy after your death if there is a life assured remaining. This is only possible if the policyholder is a natural person. Each policyholder may only nominate one Beneficiary for Ownership. Beneficiary for Proceeds: If the policyholder is a natural person and the only life assured, you may nominate a Beneficiary for Proceeds. This person will receive payment of the proceeds from the policy after your death. Proceeds will be shared equally between those persons nominated unless you specify otherwise. It is important to keep your nominations up-to-date. To change your nomination you must complete and sign a Beneficiary Nomination Form. This form should be received by us while you are still alive, as the Insurer is not obliged to accept a Beneficiary Nomination Form after your death. If you ceded the policy as security, the rights of the person to whom the policy has been ceded takes preference over the rights of beneficiaries, but only if the security cession was recorded in the Insurer’s records.

Nominate beneficiaries. You may nominate beneficiaries to receive the policy benefits on your death. Beneficiary for Ownership: If you are not the life assured, or if there is more than one life assured, you may nominate a Beneficiary for Ownership. This person will become the owner of the policy after your death if there is a life assured remaining. This is only possible if the policyholder is a natural person. Each policyholder may only nominate one Beneficiary for Ownership. Beneficiary for Proceeds: If the policyholder is a natural person and the only life assured, you may nominate a Beneficiary for Proceeds. This person will receive payment of the proceeds from the policy after your death. Proceeds will be shared equally between those persons nominated unless you specify otherwise. It is important to keep your nominations up-to-date. To change your nomination you must complete and sign (electronically or otherwise if required) a Beneficiary Nomination Form. This form should be received by us while you are still alive, as the Insurer is not obliged to accept a Beneficiary Nomination Form after your death. If you ceded the policy as security, the rights of the person to whom the policy has been ceded takes preference over the rights of beneficiaries, but only if the security cession was recorded in the Insurer’s records.