Benefit Paid by Insurer. The benefit payable to the Insured’s beneficiary shall be paid solely by the Insurer from the proceeds of the 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 Policies for any reason, neither the Insured nor any beneficiary shall be entitled to a death benefit.
Appears in 10 contracts
Samples: Split Dollar Life Insurance Agreement (Prime Meridian Holding Co), Split Dollar Life Insurance Agreement (Prime Meridian Holding Co), Split Dollar Life Insurance Agreement (Prime Meridian Holding Co)
Benefit Paid by Insurer. The benefit payable to the Insured’s beneficiary shall be paid solely by the Insurer from the proceeds of the Policies Policy on the life of the Insured. In no event shall the Bank be obligated to pay a death benefit 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 Policies Policy for any reason, neither the Insured nor any beneficiary shall be entitled to a death benefitDeath Benefit.
Appears in 4 contracts
Samples: Split Dollar Life Insurance Agreement (Century Bancorp Inc), Split Dollar Life Insurance Agreement (Century Bancorp Inc), Split Dollar Life Insurance Agreement (Century Bancorp Inc)
