ALLOCATION OF DEATH BENEFIT Sample Clauses

ALLOCATION OF DEATH BENEFIT. Upon the death of the Participant (or death of the survivor of the Participant and the Participant's spouse, if the Policy is a Survivorship Policy), the death benefit under the Participant's Policy shall be divided as follows: a. The beneficiary(ies) of the Participant (or Assignee) shall be entitled to receive the Participant's Coverage Amount. b. The Employer shall be entitled to receive the Employer's Death Benefit, which shall consist of the excess, if any, of the Policy's death benefit over the Participant's Coverage Amount. Employer agrees to execute an endorsement to the Policy issued to it by the Insurer providing for the division of the death benefit in accordance with the provisions of this Section.
Sample 1
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ALLOCATION OF DEATH BENEFIT. In the event of a termination due to the death of the Participant, the death benefit under the Participant’s Policy shall be divided as follows: a. The beneficiary or beneficiaries of the Participant (or Assignee) shall be entitled to receive an amount equal to the Basic Coverage Amount and, if elected, Optional Coverage Amount. b. Mattel shall be entitled to receive the excess of the death benefit. Mattel agrees to execute an endorsement to the Policy issued to it by the Insurer providing for the division of the death benefit in accordance with the provisions of this Section. Notwithstanding the provisions of this Section, if the Policy death benefit becomes payable while there is an Alternative Death Benefit Election in effect for the Participant pursuant to Section 8, then the entire Policy death benefit shall be paid to Mattel.
Sample 1
ALLOCATION OF DEATH BENEFIT. In the event of a termination due to the death of the Participant (or the death of the survivor of the Participant and the Participant's spouse, if the Policy is a Survivorship Policy), the death benefit under the Policy shall be divided as follows: a. Company shall be entitled to receive an amount equal to the Company Death Benefit. If the Policy provides for a death benefit equal to the sum of the face amount of the Policy and any account or accumulation value, any Company Death Benefit should first be paid from the account or accumulation value portion of the death benefit. b. The beneficiary(ies) of the Participant (or Assignee) shall be entitled to receive the Participant's Coverage Amount, which shall consist of the excess, if any, of the Policy's death benefit over the Company Death Benefit. Company agrees to execute an endorsement to the Policy issued to it by the Insurer providing for the division of the Policy's death benefit in accordance with the provisions of this Section. Notwithstanding the provisions of this Section, if the Policy's death benefit becomes payable while there is an Alternative Death Benefit Election in effect for the Participant (or Assignee) pursuant to Section 8, then the entire Policy's death benefit shall be paid to Company.
Sample 1
ALLOCATION OF DEATH BENEFIT. In the event of a termination under Section 8.01d of this Agreement, the death benefit under the Executive's Policy shall be divided as follows: a. The Company shall be entitled to receive an amount equal to the cumulative Company Premium. b. The beneficiary or beneficiaries of the Policy Owner shall be entitled to receive the balance of insurance death proceeds.
Sample 1
ALLOCATION OF DEATH BENEFIT. In the event of a termination due to the death of the Participant (or the death of the last survivor of the Participant and the Participant's Co-insured, if the Policy is a Survivorship Policy), the death benefit under the Participant's Policy shall be divided as follows: a. The beneficiary or beneficiaries of the Participant (or Assignee) shall be entitled to receive an amount equal to the Coverage Amount. b. TRW shall be entitled to receive the excess of the death benefit. XXX agrees to execute an endorsement to the Policy issued to it by the Insurer providing for the division of the death benefit in accordance with the provisions of this Section. Notwithstanding the provisions of this Section, if the Policy death benefit becomes payable while there is an Alternative Death Benefit Election in effect for the Participant pursuant to Section 8, then the entire Policy death benefit shall be paid to TRW.
Sample 1
ALLOCATION OF DEATH BENEFIT. In the event of the death of the Participant (or the death of the survivor of the Participant and the Participant's spouse, if the Policy is a Survivorship Policy), the death benefit paid under the Participant's Policy shall be divided as follows: a. The beneficiary or beneficiaries of the Participant (or Assignee) shall be entitled to receive an amount equal to the Coverage Amount. b. Lear shall be entitled to receive the excess of the death benefit over the Coverage Amount. In no event shall the amount payable hereunder exceed the Policy proceeds payable at the death of the Participant. Lear agrees to execute an endorsement to the Policy issued to it by the Insurer providing for the division of the death benefit in accordance with the provisions of this Section. Notwithstanding the provisions of this Section, if the Policy death benefit becomes payable while there is an Alternative Death Benefit Election in effect for the Participant pursuant to Section 8, then the entire Policy death benefit shall be paid to Lear.
Sample 1

Related to ALLOCATION OF DEATH BENEFIT

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Distribution of Benefits Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Amount of Benefit The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

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