What type of designation allows the death benefit to be paid equally among surviving named beneficiaries?

The correct answer is the designation known as "Per Capita." This designation is used in life insurance policies and estate planning to ensure that the death benefit is distributed equally among surviving named beneficiaries. In a per capita designation, if one of the named beneficiaries predeceases the insured, that beneficiary's share of the death benefit is divided among the remaining living beneficiaries rather than being passed down to the deceased beneficiary's heirs.

This is particularly important because it simplifies the distribution process and ensures that each surviving named beneficiary receives an equal portion of the benefits directly. It emphasizes the intention of the insured to provide for each specified individual equally, which can help minimize potential disputes among family members or other beneficiaries after the insured's death.

In contrast, the other options serve different purposes. "Per Stirpes" refers to a system of inheritance that allows the descendants of a deceased beneficiary to inherit that beneficiary's share, which differs significantly from a per capita structure. "Contingent" beneficiaries are those who will receive benefits only if the primary beneficiaries are not available, and not the primary method of benefit distribution. "Revocable" pertains to the ability to change a designation after it has been made, rather than how the benefits are divided among beneficiaries upon death.