Common use of Benefit Paid by Insurance Carrier Clause in Contracts

Benefit Paid by Insurance Carrier. The benefit payable to Employee’s Beneficiary shall be paid solely by the Insurers from the proceeds of the Insurance Policies on the life of the Insured. In no event shall the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank cancel the Insurance Policies for any reason, neither Employee nor any Beneficiary shall be entitled to a death benefit.

Benefit Paid by Insurance Carrier. The benefit payable to Employee’s Beneficiary Beneficiaries shall be paid solely by the Insurers Insurer from the proceeds of the Insurance Policies Policy(ies) on the life of the Insured. In no event shall the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank cancel the Insurance Policies Policy(ies) for any reason, neither Employee nor any Beneficiary shall be entitled to a death benefit.

Benefit Paid by Insurance Carrier. The benefit payable to Employee’s Beneficiary Beneficiaries shall be paid solely by the Insurers Insurer from the proceeds of the Insurance Policies Policy(ies) on the life of the Insuredinsured. In no event shall the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured insured under the express terms of this Agreement, or should the Bank cancel the Insurance Policies Policy(ies) for any reason, neither Employee nor any Beneficiary shall be entitled to a death benefit.

Benefit Paid by Insurance Carrier. The benefit payable to Employee’s Beneficiary Beneficiaries shall be paid solely by the Insurers from the proceeds of the Insurance Policies on the life of the Insured. In no event shall the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank cancel the Insurance Policies for any reason, neither Employee nor any Beneficiary shall be entitled to a death benefit.

Benefit Paid by Insurance Carrier. The benefit payable to EmployeeExecutive’s Beneficiary Beneficiaries shall be paid solely by the Insurers Insurer from the proceeds of the Insurance Policies Policy(ies) on the life of the Insured. In no event shall the Bank Employer be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank Employer cancel the Insurance Policies Policy(ies) for any reasonreason in accordance with the terms of this Agreement, neither Employee Executive nor any Beneficiary shall be entitled to a death benefit.