Common use of Lost Beneficiary Clause in Contracts

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. (a) All Participants and beneficiaries shall have the obligation to keep the Plan Committee 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 Plan Committee Administrator exercising due diligence, then, in its sole discretion, the Plan Committee 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 his/her estate. Any such presumption of death shall be final, conclusive and binding on all parties.