Common use of Lost Beneficiary Clause in Contracts

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. (a) All Participants and beneficiaries 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 Beneficiary cannot be located by the Administrator exercising due diligence, then, in its sole discretion, the Administrator may presume that the Participant or beneficiary Beneficiary is deceased for purposes of the Plan Participation Agreement and all unpaid amounts (net of due diligence expenses) owed to the Participant or beneficiary Beneficiary shall be paid accordingly accordingly, or, if a beneficiary Beneficiary cannot be so located, then such amounts may be forfeited. Any such presumption of death shall be final, conclusive conclusive, and binding on all parties.