Page 25 - Life Assurance

mary beneficiary dies before receiving the
guaranteed number of payments under an
installment settlement option, the remaining
payments are paid to the contingent beneficiary.

2- Revocable and irrevocable Beneficiary
most beneficiary designations are revocable
beneficiary means that the policy owner
reserves the right to change the beneficiary
designation without the beneficiary’s consent.
The revocable beneficiary has only the
expectation of benefits, and the policy owner
can change the beneficiary whenever desired.
All policy rights under the contract can be
exercised without the consent of the revocable
beneficiary.

3- Specific and Class Beneficiary A specific
beneficiary means the beneficiary is specifically
named and identified. In contrast, under a class
beneficiary, a specific person is not named but
is a member of a group designated as
beneficiary, such as "children of the insured." A
class designation is appropriate whenever the
insured wishes to divide the policy proceeds
equally among members of a particular group.

Third: The major provision:

1- Change of –plane provision:

Life insurance policies may contain a change-
of-plane provision that allows policy owner to
exchange their present policies for different

89 Life41/life/life 08