Examples of Beneficiary designation in a sentence
Unless the Owner has otherwise specified in the Beneficiary designation, the Beneficiary will become fixed as of the Owner’s death so that, if a Beneficiary survives the Owner but dies before the receipt of all amounts due such Beneficiary, the remaining amounts will be payable to the representative of the Beneficiary’s estate or to one or more Beneficiaries designated by such Beneficiary.
If no Beneficiary designation is in force at the time of the Owner’s death, the Beneficiary shall be the spouse of the Owner.
If no primary Beneficiary survives the Owner, the Account will be paid in equal shares (unless otherwise specified in the Beneficiary designation) to the contingent Beneficiary or Beneficiaries who survive the Owner, following the rule in paragraph (1) above.