Term Life Insurance Definitions helps the buying public to become more knowledgeable of term life insurance and  permanent life insurance.

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Beneficiary Designations
  
 
BENEFICIARY TYPE   SAMPLE WORDING

One beneficiary		  
Jane Smith, Spouse

Two beneficiaries		  
John Doe, brother and Mary Doe, sister, equally or to the survivor

Three or more beneficiaries		  
John Doe, father, Mary Doe, mother and Jane Doe, sister, equally or to the survivors or survivor

Per capita1		  
To all children of this marriage and to the survivors of a deceased child, per capita

Per stirpes2		  
To all children of this marriage and to the survivors of a deceased child, per stirpes

Unnamed children bom of the Insured		  
Lawful children of the insured, equally or to the survivors or survivor

Unnamed children born of a particular marriage		   Children bom of the marriage of the insured and Mary Doe, wife, equally or to the survivors or survivor

Unnamed children, including legally adopted children		  
Children born of the marriage of, or legally adopted by the insured and Mary Doe, wife, equally or to the survivors or survivor

Joint tenants with rights of survivorship3		  
John Doe and Jane Smith as joint tenants with right of survivorship

Irrevocable beneficiary4		   John Doe, Irrevocable Beneficiary

Accidental death benefit to someone other than named beneficiary		  
Proceeds of the Accidental Death Benefit, if any, shall be paid to John Doe, son, if living; otherwise Mary Smith and Nancy White, sisters of the insured, equally or to the survivor. Any balance of the proceeds of the policy shall be paid to John Jones, partner of the insured

AKAs (also known as)		  
Veterans of Foreign Wars, a.k.a. VFW

Bank loans		  
First Savings Bank, as its interests may appear under loan #9999999, dated 01/01/00, with balance, if any, to Jane Doe

Buy-Sell agreement		  
Trustee of the Buy-Sell Agreement between John Jones and Jane Smith under the agreement dated 01/01/00

Common disaster clause6		  
Jane Doe, wife, if she survives the insured for a period of __days; otherwise, children born of the marriage of the insured and said wife, or the survivors equally, or the survivor

Individual creditor		  

John Doe, creditor, under a line of credit (or revolving loan), balance, if any, to Jane Smith

Estate of the insured		  
Estate of the insured

Split dollar beneficiary7		  

The greater of the sum of the premiums paid or the cash accumulation account to ABC Corporation; balance to Jane Doe, wife of the insured

Uniform Gifts/Transfers to Minors (UGMA/UTMA)8		  

John Doe as Custodian for Jane Doe, minor, under the (state) Uniform Gift to Minors Act -or- John Doe as Custodian for Jane Doe, minor under the (state) Uniform Transfers to Minors Act

Trusts'  


Trustee of the John Doe Trust Agreement dated 01/01 /OO   -or- Trustee of the John Doe Irrevocable Trust under Trust Agreement dated 01/01/00  -or- John Doe for the benefit of Jane Doe and John Doe (informal trust arrangement)    -or-Trustee of the John Doe Living Trust under Trust Agreement dated 01/01/00

1 if one of the children dies but has children of his own, that person's share would be divided among his children

2 if one of the children dies but has children of his own, that person's share would be divided among his children

3 on the death of one joint tenant, the tenant's share of the property goes automatically to the survivors or survivor

4 the beneficiary's interest in the policy cannot be changed or reduced without his or her consent

5 at death, the bank will receive payment for the outstanding balance, with the rest going to the named beneficiary

6 applies when two people die under conditions where it is Impossible to determine which one died first. This clause can be for any number of days under six months. Most companies will try to discourage longer periods

7 always according to the actual split

8 under either of these options there may be restrictions as to who can be named owner or beneficiary

9 the trust should be signed prior to the date on the application and the policy issue date in order to avoid inclusion of the proceeds in the estate of the insured. Consult the issuing company for specific handling directions

 

   
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TermLifeAmerica.com- Lewis Fink is licensed as an insurance agent offering Life Insurance in the following states: Alabama - AL, Arkansas - AR, California - CA, Colorado - CO, Connecticut - CT, Delaware - DE, District of Columbia - DC, Florida - FL, Georgia - GA, Idaho - ID, Illinois - IL, Indiana - IN, Iowa - IA, Kansas - KS, Kentucky - KY, Louisiana - LA, Maine - ME, Maryland - MD, Massachusetts - MA, Michigan - MI, Mississippi - MS, Missouri - MO, Montana - MT, Nebraska - NE, New Mexico - NM, New Jersey - NJ, New York - NY, North Carolina - NC, North Dakota - ND, Ohio - OH, Oklahoma - OK, Pennsylvania - PA, Rhode Island - RI, South Carolina - SC, South Dakota - SD, Tennessee - TN, Texas - TX, Utah - UT, Vermont - VT, Virginia - VA, and Wisconsin - WI.  


Not all insurance products from all insurance companies are available in all states.
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