Beneficiary Clause

Beneficiary Clause

A clause in a document creating a trust, annuity or insurance policy stating who the beneficiary is. The person or company creating the trust, annuity or insurance policy may or may not be able to change who the beneficiary is, depending on the nature of the clause. See also: Revocable beneficiary, Irrevocable beneficiary.
References in periodicals archive ?
At the time of negotiating your next construction contract, consider adding your own third-party beneficiary clause that sets out all parties expectations that the ultimate beneficiary of the work being performed shall have direct rights of action against downstream subcontractor or sub-consultant parties in order to directly hold each party accountable for deficiencies in that partys work.
Insurance policies also include a beneficiary clause, specifying the person or organisation named as beneficiaries of your policy in the event of your death or another insured event.
For example, a common provision in a grandchildren trust instrument providing separate shares or subtrusts for each grandchild involves an afterborn beneficiary clause that proportionately reduces each subtrust or trust share in order to add additional subtrusts or trust shares for afterborn grandchildren.
Through the imposition of Indian Act regulations, Department of Indian Affairs policies, entitlement clauses in self-government agreements or beneficiary clauses in land claims negotiations, the federal and provincial governments continue to deviously manipulate the issue of membership to their own advantage.