Lost Beneficiary Clause Samples
The lost-beneficiary clause outlines the procedures to follow when a beneficiary under a contract or policy cannot be located. Typically, this clause specifies the steps the responsible party must take to try to find the missing beneficiary, such as sending notices to last known addresses or publishing public notices, and may set a waiting period before alternative actions can be taken. Its core function is to provide a clear process for handling benefits or assets when a beneficiary is unresponsive or untraceable, thereby reducing uncertainty and ensuring the contract can be administered efficiently.
POPULAR SAMPLE Copied 1 times
Lost Beneficiary. The Trustee shall not have any duty to determine the proper address of the Beneficiary if its address is unavailable, its address, as shown on the records of the Trustee, is an address at which mail to the Beneficiary is undeliverable, or it has, for any other reason, failed to exercise dominion or control over or assert a right of ownership with respect to its Interests or any dividends, distributions or interest payable with respect to those Interests. The Trustee shall use its reasonable efforts to determine the proper address of the Beneficiary, which, in the reasonable judgment of the Trustee, are consistent with industry standards. Any Trust Assets that the Trustee is unable to distribute to the Beneficiary shall be paid to the United States Treasury Department of the United States government.
Lost Beneficiary. All Participants and beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid. If a Participant or beneficiary cannot be located by the Administrator exercising due diligence, then, in its sole discretion, the Administrator may presume that the Participant or beneficiary is deceased for purposes of the Plan and all unpaid amounts (net of due diligence expenses) owed to the Participant or beneficiary shall be paid accordingly or, if a beneficiary cannot be so located, then such amounts may be forfeited. Any such presumption of death shall be final, conclusive and binding on all parties.
Lost Beneficiary. (i) The Participant and his or her Beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid.
(ii) If a Participant or Beneficiary cannot be located by the Administrator exercising diligence, then, in its sole discretion, the Administrator may presume that the Participant or Beneficiary is deceased for purposes of the Participation Agreement and all unpaid amounts (net of due diligence expenses) owed to the Participant or Beneficiary shall be paid accordingly, or, if a Beneficiary cannot be so located, then such amounts may be forfeited. Any such presumption of death shall be final, conclusive, and binding on all parties.
Lost Beneficiary. (a) All Participants and beneficiaries shall have the obligation to keep the Plan Committee informed of their current address until such time as all benefits due have been paid.
(b) If a Participant or beneficiary cannot be located by the Plan Committee exercising due diligence, then, in its sole discretion, the Plan Committee may presume that the Participant or beneficiary is deceased for purposes of the Plan and all unpaid amounts (net of due diligence expenses) owed to the Participant or beneficiary shall be paid to his/her estate. Any such presumption of death shall be final, conclusive and binding on all parties.
Lost Beneficiary. 12 8.3 Individuals Designated in Connection with Education Accounts.........................................12 8.4
Lost Beneficiary. The Participant and beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid. If the Participant or beneficiary cannot be located by the Administrator exercising due diligence, then, in its sole discretion, the Administrator may presume that the Participant or beneficiary is deceased for purposes of the Plan and all unpaid amounts (net of due diligence expenses) owed to the Participant or beneficiary shall be paid to the co-beneficiary or secondary beneficiary designated by the Participant, or in the absence of a co-beneficiary or secondary beneficiary, to the Participant’s estate.
Lost Beneficiary. (a) All Participants and Beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid.
(b) If a Participant or Beneficiary cannot be located by the Administrator exercising due diligence, then, in its sole discretion, the Administrator may presume that the Participant or Beneficiary is deceased for purposes of the Plan and all unpaid amounts (net of due diligence expenses) owed to the Participant or Beneficiary shall be paid accordingly or, if a Beneficiary cannot be so located, then such amounts may be forfeited and shall be subject to section 5.3 herein. Any such presumption of death shall be final, conclusive and binding on all parties.
Lost Beneficiary. The Participant and his or her Beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid.