Glossary

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Beneficiary View Format

The beneficiary designation for your coverage is displayed in a format determined by the storage system used when it was created, or the complexity of your designation. You may see your beneficiary shown in a list format that shows the names and relationships of the named beneficiaries. Or, you may see your beneficiary in a textual format explaining how proceeds will be paid, ending in the estate of the owner.

Example of list format:
  Primary Beneficiary
       John Doe – spouse
  First Contingent Beneficiary
       Children, per stirpes

Example of textual format:
Proceeds will be paid to John Doe, spouse, if surviving; otherwise to all children of the insured, equally to the survivor(s); otherwise to the estate of the owner.

Contingent Beneficiary

The individual(s) designated to receive the proceeds of the insurance contract following the insured's death, if all primary beneficiaries predecease the insured. First, second and third contingent beneficiaries are optional. If two or more persons are named as first contingent beneficiaries, the death proceeds will be paid equally to the survivors or survivor, unless otherwise directed. The same shall be true for second and third contingent beneficiaries.

Insured

A person whose life, health, property, or income is insured by an insurance contract.

Irrevocable Beneficiary

When a beneficiary designation is irrevocable, all irrevocable beneficiaries must sign a change. The irrevocable beneficiary has an interest in the contract. No changes can be made to the contract without the irrevocable beneficiary's signature.

Owner

The person or entity (trust, corporation) that has ownership rights or control of a contract. The owner's signature is required to make any changes to a contract. For a juvenile contract, the applicant controls the contract on behalf of the juvenile.

Per Stirpes

When the term "per stirpes" is used, Thrivent Financial will pay the death benefit proceeds to those designated beneficiaries who survive the insured by 15 days; except that if any named beneficiary predeceases the insured or dies within 15 days after the insured, leaving issue surviving the insured, the share of such deceased beneficiary shall be paid to that beneficiary's issue in equal shares. If a designated beneficiary dies without leaving children (e.g., issue), that beneficiary's share of the death benefit proceeds will be distributed among the remaining designated beneficiaries in equal shares. Thrivent Financial accepts the term "per stirpes" for the following relationships: child(ren), daughter(s), son(s), brother(s), sister(s), niece(s), and nephew(s). Niece(s) and nephew(s) are not valid group designations and always must be listed by their full names.

Primary Beneficiary

The individual(s) designated to receive the proceeds of the insurance contract following the insured's death. If two or more persons are named as primary beneficiaries, the death proceeds are paid equally to the survivor(s) unless otherwise directed.

Uniform Transfers to Minors Act (UTMA)

UTMA/UGMA permits the owner of a contract to name a custodian to received death benefits on behalf of a minor beneficiary.