Sentences with phrase «secondary beneficiary»

He also names his brother as secondary beneficiary in case he and his wife die at the same time.

He also names his brother as secondary beneficiary in case he and his wife die at the same time.

If no children are remaining, the death benefit will be paid to any named secondary beneficiary.

Or you can set up a primary beneficiary with secondary beneficiaries also named in the policy.

Or you can set up a primary beneficiary with secondary beneficiaries also named in the policy.

A contingent or secondary beneficiary receives funds at the time of the insured's death if the policy's primary beneficiary expired before the insured.

If you make your spouse your primary beneficiary, be sure to include secondary beneficiaries as well.

In case no primary beneficiary is alive at the time of the insured's death, it is wise that the owner name another line of beneficiaries, known as secondary beneficiaries.

Secondary beneficiaries receive the death benefit if the primary is no longer alive.

Tertiary (Contingent)-- Being third in line, a tertiary beneficiary will only receive policy death benefits if both the primary and secondary beneficiaries die before the insured.

If the other two individuals are contingent or secondary beneficiaries then they wouldn't receive the death proceeds unless the primary (ies) are not alive to accept them.

If both the primary and secondary beneficiaries predecease you, the tertiary beneficiary would receive the death benefit proceeds from the policy.

Contingent beneficiaries will only receive the death benefit payout if no primary or secondary beneficiaries remain alive when the death of the insured occurs.

Ms Uwais had reportedly said that, «A total of 7,812,201 Nigerians are direct beneficiaries of the SIP, which include home - grown school feeding programme, conditional cash transfer, N - Power; while secondary beneficiaries — mainly farmers and cooks — are about 1,500,000.

Tertiary beneficiary: A beneficiary designated as third in line to receive proceeds or benefits if the primary and secondary beneficiaries do not survive to receive them.

You can name each other primary beneficiaries and then list, for example, adult children or trusted family members as secondary beneficiaries in the event that you both pass away at the same time.

Some people also designate a final beneficiary in the event the primary and secondary beneficiaries die before they do.

If the wife had named her children as secondary beneficiaries, and the husband and wife died together in a car accident, the children would receive the death benefit from the life insurance policy on their father.

If the other two individuals are contingent or secondary beneficiaries then they wouldn't receive the death proceeds unless the primary (ies) are not alive to accept them.

If both the primary and secondary beneficiaries predecease you, the tertiary beneficiary would receive the death benefit proceeds from the policy.

He is still the sole primary beneficiary of a majority of the trusts that will retain assets, with his children as the secondary beneficiaries.

You can choose to name Amnesty International as the primary beneficiary, or as a secondary beneficiary in the event that your spouse or other primary recipient should pass on before you.

She noted that, so far, a total of 7,812,201 Nigerians have directly benefitted from all the programmes under the Buhari administration's National SIP, while 1,500,000, mainly farmers and cooks, are secondary beneficiaries.

The first contingent beneficiary is called the secondary beneficiary, the third is the tertiary beneficiary and so on.

If a contingent or secondary beneficiary is not named, the life insurance proceeds will be paid to the estate of the policy owner by default.

While you're only required to name a primary beneficiary, it's always a good idea to name at least a secondary beneficiary just in case your primary dies before you do.

Naming a secondary beneficiary (contingent beneficiary) means that he or she would be next in line for the payout if your primary beneficiary would be unable to receive it.

Naming a tertiary beneficiary would be the back - up if both the primary and secondary beneficiaries were unable to receive the death benefit.

An example of a tertiary beneficiary for life insurance would be if you name your wife as the primary beneficiary, your son as the secondary beneficiary, and your son's daughter, your grandchild, as the tertiary beneficiary.

Secondary Beneficiary: A person (s) designated by the policy owner to receive policy proceeds if the Primary Beneficiary is deceased at the time benefits become payable.

This is often referred to as a secondary beneficiary.

If your adult child was a secondary beneficiary, they could claim the proceeds on the condition that they assist in the care of your spouse.

Contingent beneficiaries, or secondary beneficiaries, are the people that would receive your life insurance proceeds in the case that all of your primary beneficiaries died or were for some reason unable to claim the payout.

The primary beneficiary gets the entire death benefit, but if they die, the benefit is split amongst the secondary beneficiaries.

And here is how the Per Stirpes / Per Capita issue becomes important in this case: what happens if the former spouse is the only named beneficiary on the account (no secondary beneficiary (ies)-RRB-, and the former spouse pre-deceases the account owner?

So if you choose a 20 payment term, and your primary beneficiary dies after 10 years, the secondary beneficiary will receive the payments for the remaining 10 years.

Despite the death of the primary beneficiary, payments would continue to the secondary beneficiary for as long as the chosen term lasts.

Often, you'll name a primary beneficiary (generally your spouse), and a secondary beneficiary (often your children) if the primary is incapacitated or dies at the same time as you.

That meant keeping each other as the primary beneficiary, and naming the trust as the secondary beneficiary.

If the primary beneficiary dies before the insured, a contingent or secondary beneficiary will receive the proceeds.

The secondary beneficiary who will receive policy proceeds only if the Primary Beneficiary is no longer living.

Essentially, solving the longer term energy problem — i.e. let's quit relying on buying fossil fuels from places that don't like us and extort money — also solves any CO2 emission problem (if it exists) by default, meaning that climate change is a secondary beneficiary and not a primary reason to do any of these things.

You get 2 options to choose from when deciding how you want death benefits to be paid to your primary or secondary beneficiary:

One key point to make here is that if two or more primary beneficiaries are selected, and one or more of them is dead upon the passing of the insured person, the money will be distributed to the remaining primary beneficiaries, rather than any of the funds going to the secondary beneficiaries.

If the primary beneficiary is deceased, proceeds are paid to the secondary beneficiary.

If things don't go as planned, though, and the primary beneficiary (ies) predeceases the insured, or dies at the same time as the insured, for example in the case where a husband and wife are killed together in an accident, then the contingent beneficiary (ies), also known as secondary beneficiary, receives the funds.

If the primary beneficiary dies before the insured, a contingent or secondary beneficiary will receive the proceeds.

My children are now 21 and 16 and are secondary beneficiaries.