Nominated Beneficiaries Clause Samples

The Nominated Beneficiaries clause designates specific individuals or entities to receive benefits, assets, or rights under a contract or policy. In practice, this clause identifies who will receive payments or entitlements, such as insurance proceeds or trust distributions, upon the occurrence of a triggering event like death or maturity. By clearly specifying the intended recipients, the clause ensures that benefits are distributed according to the policyholder’s or contract holder’s wishes, thereby preventing disputes and confusion among potential claimants.
Nominated Beneficiaries. Nominated Beneficiaries shall be deemed to be Creditors for the purposes of this Deed, provided that the Crown’s liability to a Nominated Beneficiary shall be limited to the amount (if any) specified in or determined in accordance with the relevant Nomination.
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Nominated Beneficiaries. 5.1 The Policyholder may nominate Beneficiaries for the Policy Benefits. The Beneficiary will receive the Policy Benefit on the death of the Policyholder. 5.2 You may nominate one or more parties as primary beneficiaries to receive a benefit at your death. You may also nominate a secondary beneficiary. The proceeds will only be paid to the secondary beneficiary, if there are no surviving primary beneficiaries. 5.3 The Administrator should be notified as soon as possible of the death of the Policyholder and should be provided with a certified copy of the death certificate. 5.4 If more than one Beneficiary is nominated, each will benefit equally unless the Policyholder otherwise stipulates in writing. Every written Beneficiary nomination received before the death of the Policyholder shall revoke any prior nominations. 5.5 The Beneficiary nomination form should be received by the Insurer while the Policyholder is alive, as the Insurer is not obliged to accept a Beneficiary nomination form after the Policyholder’s death. 5.6 Should one of the primary beneficiaries predecease the annuitant and that beneficiary had not been replaced prior to the annuitant’s death, the predeceased beneficiary’s share will be divided proportionately between the surviving primary beneficiary/ies.
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Related to Nominated Beneficiaries

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Intended Beneficiaries Nothing in this Agreement shall be construed to give any person or entity other than the parties hereto any legal or equitable claim, right or remedy. Rather, this Agreement is intended to be for the sole and exclusive benefit of the parties hereto.

  • Spouse The spouse of an eligible employee (if legally married under Minnesota law). For the purposes of health insurance coverage, if that spouse works full-time for an organization employing more than one hundred (100) people and elects to receive either credits or cash (1) in place of health insurance or health coverage or (2) in addition to a health plan with a seven hundred and fifty dollar ($750) or greater deductible through his/her employing organization, he/she is not eligible to be a covered dependent for the purposes of this Article. If both spouses work for the State or another organization participating in the State's Group Insurance Program, neither spouse may be covered as a dependent by the other, unless one spouse is not eligible for a full Employer Contribution as defined in Section 3A. Effective January 1, 2015 if both spouses work for the State or another organization participating in the State’s Group Insurance Program, a spouse may be covered as a dependent by the other.