Common use of Nominated Beneficiaries Clause in Contracts

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.