What is the Definition of Per Stirpes Beneficiary Designation?

What is the Definition of Per Stirpes Beneficiary Designation?

A type of life insurance policy beneficiary designation in which the life insurance benefits are divided among a class of beneficiaries; for example, children of the insured. The living members of the class and the descendants of any deceased members of the class share in the benefits equally. Contrast with Per capita beneficiary designation.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

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What is the Definition of Per Stirpes Beneficiary Designation?

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