Common use of Effect of Assignments Clause in Contracts

Effect of Assignments. Any assignment of a policy payable under this Agreement transfers the interest of any beneficiary whom the assignor has the right to change. Agreement Covering Annuity Contract: If any annuity contract is covered by this Agreement, the word "policy" means "annuity contract" and the word "Insured" means "the named individual upon whose death the annuity death benefit will be paid". Order of Payment to First Beneficiary Class and Second Beneficiary Class: Payment of the death benefit will be made in one sum exclusively to the First Beneficiaries who are living at the death of the Insured, if any; otherwise to the Second Beneficiaries who are living, if any. Payment to each of said class of beneficiary will be in equal shares per capita. If payment is made in unequal shares with no living beneficiary of a share, that share will be apportioned in equal shares per capita to the then living beneficiaries of the same class. If this Agreement covers more than one policy or only a portion of a policy, pro rata portions of the death benefit of each policy covered by the Agreement shall be paid to each beneficiary entitled to payment.