SUCCESSION OF BENEFICIARIES Sample Clauses

SUCCESSION OF BENEFICIARIES. You may designate one or more beneficiaries to receive any Death Proceeds payable or any Annuity Income remaining payable upon an Annuitant's death. You will classify each beneficiary as primary or contingent. Upon the Annuitant's death, we will pay any proceeds or income payable as follows: Proceeds or income will be paid to the primary beneficiaries who are then alive. If no primary beneficiaries are living, proceeds or income will be paid to the surviving contingent beneficiaries. If no beneficiaries survive, any Death Proceeds payable or the present value of any Annuity Income remaining payable will be paid to you, if living, otherwise to your estate.
Sample 1Sample 2See All (5)
AutoNDA by SimpleDocs
SUCCESSION OF BENEFICIARIES. You may designate one or more beneficiaries to receive the Death Proceeds. You will classify each beneficiary as primary or contingent. Upon the Insured's death, we will pay the Death Proceeds to the beneficiaries of the Insured as follows: 1) Proceeds will be paid to the primary beneficiaries who are then alive. 2) If no primary beneficiaries are living, proceeds will be paid to the surviving contingent beneficiaries.
Sample 1Sample 2See All (5)
SUCCESSION OF BENEFICIARIES. You may designate one or more beneficiaries to receive the Death Proceeds. You will classify each beneficiary as primary or contingent. Upon the Insured's death, we will pay the Death Proceeds to the beneficiaries of the Insured as follows: 1) Proceeds will be paid to the primary beneficiaries who are then alive; 2) If no primary beneficiaries are living, proceeds will be paid to the surviving contingent beneficiaries; 3) If no beneficiary survives, proceeds will be paid to the Insured's estate. Other designations or successions of beneficiaries may be arranged with us.
Sample 1
SUCCESSION OF BENEFICIARIES. You may designate one or more beneficiaries to receive any Death Proceeds payable. (See Section 9. 1.) You will classify each beneficiary as primary or contingent. However, if this contract has multiple Owners, then each Owner will be a primary beneficiary of each of the other Owners, and no additional primary beneficiaries may be designated. Death Proceeds will be paid as follows: 1) Death Proceeds will be paid to the primary beneficiaries who are then alive. 2) If no primary beneficiaries are living, Death Proceeds will be paid to the surviving contingent beneficiaries. 3) If no beneficiaries survive, any Death Proceeds payable will be paid to you, if living, otherwise to your estate. Other designations or successions of beneficiaries may be arranged with us. Any beneficiary who dies simultaneously with the decedent whose death has caused Death Proceeds to be payable, or within 15 days after that decedent's death and before any Death Proceeds have been paid, will be deemed to have died before that decedent.
Sample 1
SUCCESSION OF BENEFICIARIES. You may designate one or more beneficiaries to receive the Death Proceeds. You will classify each beneficiary as primary or contingent. Upon the Insured’s death, we will pay the Death Proceeds to the beneficiaries of the Insured as follows: 1) Proceeds will be paid to the primary beneficiaries who are then alive. 2) If no primary beneficiaries are living, proceeds will be paid to the surviving contingent beneficiaries. 3) If no beneficiary survives, proceeds will be paid to the owner or, if the Insured is the owner, to the Insured’s estate. Any beneficiary who dies simultaneously with the Insured or within 15 days after the Insured dies and before any of that beneficiary’s portion of Death Proceeds has been paid will be deemed to have died before the Insured, unless otherwise specified by you before the death of the Insured. Other designations or successions of beneficiaries may be arranged with us.
Sample 1
SUCCESSION OF BENEFICIARIES. You may designate one or more beneficiaries to receive any Death Proceeds payable upon an Annuitant’s death. You will classify each beneficiary as primary or contingent. Upon the Annuitant’s death, we will pay any proceeds as follows: 1) Proceeds will be paid to the primary beneficiaries who are then alive. 2) If no primary beneficiaries are living, proceeds will be paid to the surviving contingent beneficiaries. 3) If no beneficiaries survive, any Death Proceeds payable will be paid to you, if living, otherwise to your estate. Other designations or successions of beneficiaries may be arranged with us. Any beneficiary who dies simultaneously with the Annuitant or within 15 days after the Annuitant dies and before any Death Proceeds have been paid will be deemed to have died before the Annuitant. If this contract has joint Annuitants who are also joint owners, then each Annuitant will be the other Annuitant’s sole primary beneficiary.
Sample 1

Related to SUCCESSION OF BENEFICIARIES

  • Designation of Beneficiaries The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • CHANGE OF BENEFICIARY 18.1 The policyholder has the authority to appoint another beneficiary during the life of the insured person.. However, if the beneficiary has declared, with the written consent of the policyholder, that he accepts the benefit of the contract, the policyholder can exercise his rights under the contract only with the cooperation of the beneficiary, who has so accepted. The change will take effect from the moment that the insurer has noted this on the policy.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Coordination of Benefits i. Delta Dental coordinates the dental Benefits under this dental plan with your benefits under any other group or pre-paid plan or insurance plan designed to fully integrate with other plans. If this plan is the “primary” plan, Delta Dental will not reduce Benefits. If this plan is the “secondary” plan, Delta Dental may reduce Benefits so that the total benefits paid or provided by all plans do not exceed 100% of total allowable expense. ii. How does Delta Dental determine which Plan is the “primary” plan? 1) The plan covering the Enrollee as an employee is primary over a plan covering the Enrollee as a dependent. 2) The plan covering the Enrollee as an employee is primary over a plan covering the insured person as a dependent; except that if the insured person is also a Medicare beneficiary, and as a result of the rule established by Title XVIII of the Social Security Act and implementing regulations, Medicare is: a) secondary to the plan covering the insured person as a dependent; and b) primary to the plan covering the insured person as other than a dependent (e.g. a retired employee), then the benefits of the plan covering the insured person as a dependent are determined before those of the plan covering that insured person as other than a dependent. 3) Except as stated in paragraph 4), when this plan and another plan cover the same child as a dependent of different persons, called parents: a) the benefits of the plan of the parent whose birthday falls earlier in a year are determined before those of the plan of the parent whose birthday falls later in that year; but b) if both parents have the same birthday, the benefits of the plan covering one parent longer are determined before those of the plan covering the other parent for a shorter period of time. c) However, if the other plan does not have the birthday rule described above, but instead has a rule based on the gender of the parent, and if, as a result, the plans do not agree on the order of benefits, the rule in the other plan determines the order of benefits. 4) In the case of a dependent child of legally separated or divorced parents, the plan covering the Enrollee as a dependent of the parent with legal custody or as a dependent of the custodial parent’s spouse (i.e. step-parent) will be primary over the plan covering the Enrollee as a dependent of the parent without legal custody. If there is a court decree establishing financial responsibility for the health care expenses with respect to the child, the benefits of a plan covering the child as a dependent of the parent with such financial responsibility will be determined before the benefits of any other policy covering the child as a dependent child. 5) If the specific terms of a court decree state that the parents will share joint custody without stating that one of the parents is responsible for the health care expenses of the child, the plans covering the child will follow the order of benefit determination rules outlined in paragraph 3). 6) The benefits of a plan covering an insured person as an employee who is neither laid-off nor retired are determined before those of a plan covering that insured person as a laid-off or retired employee. The same would hold true if an insured person is a dependent of a person covered as a retiree or an employee. If the other plan does not have this rule, and if, as a result, the plans do not agree on the order of benefits, this rule 6) is ignored. 7) If an insured person whose coverage is provided under a right of continuation pursuant to federal or state law also is covered under another plan, the following will be the order of benefit determination. a) First, the benefits of a plan covering the insured person as an employee (or as that insured person’s dependent). b) Second, the benefits under the continuation coverage. c) If the other plan does not have the rule described above, and if, as a result, the plans do not agree on the order of benefits, this rule 7) is ignored. 8) If none of the above rules determines the order of benefits, the benefits of the plan covering an employee longer are determined before those of the plan covering that insured person for the shorter term. 9) When determination cannot be made in accordance with the above for Pediatric Benefits, the benefits of a plan that is a medical plan covering dental as a benefit will be primary to a dental only plan.

  • Non-Alienation of Benefits No benefit hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to do so shall be void.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Assignment of Benefits Neither the Participant nor any other beneficiary under the Plan shall have any right to assign the right to receive any benefits hereunder, and in the event of any attempted assignment or transfer, the Company shall have no further liability hereunder.

  • Benefits of Indenture; Third-Party Beneficiaries This Indenture and the Notes are for the benefit of and will be binding on the parties and their permitted successors and assigns. The Secured Parties, each Person with rights to payments or distributions under this Indenture and the holder of the Residual Interest will be third-party beneficiaries of this Indenture and may enforce this Indenture according to its terms. No other Person will have any right or obligation under this Indenture or the Notes.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!