Common use of TRUST NAMED AS BENEFICIARY Clause in Contracts

TRUST NAMED AS BENEFICIARY. If a trust is named as a Beneficiary and no qualified trustee claims the Life Insurance Benefit within one year after the claim is determined to be payable, payment of the Life Insurance Benefit will be paid as though the trust had not been named as a Beneficiary. The Company will be fully discharged of liability for any action taken by the trustee and for all amounts paid to the trustee and will have no obligation as to the use of those amounts. In all dealings with the trustee, the Company will be fully protected against the claims of every other person. The Company will not be charged with notice of a change of trustee unless written evidence of the change is received at the Home Office.