Common use of Compensation for Death Clause in Contracts

Compensation for Death. If an accident causes death of an insured party within 3 years from the date of the accident, the right holder is paid compensation for death, less the amount of disbursed compensation for permanent medical disability resulting from the same accident. Compensation for death from 1 May 2015 will be: 1. Compensation to the surviving partner shall be ISK 7,554,232. Partner means an individual in marriage, in a registered partnership or civil partnership with the deceased. 2. For each minor child that was in the custody of the deceased for which the deceased paid child support pursuant to the Act in respect of children no. 76/2003, compensation shall be the amount equal to the total amount of child maintenance support up to the age of 18, pursuant to legislation on public insurance in each instance, that the child would have had the right to because of the death. This is a lump sum compensation. When calculating compensation, the child maintenance rate on the day of death shall be used. Compensation to each child shall go never be less than ISK 3,017,693 Compensation to children shall be paid out to the party who has custody after the death of the insured person. Young people in the age range 18 to 22, who had the same legal abode as the deceased, and who were verifiably dependent on the deceased shall have compensation of ISK 754,423. If the deceased was the only person supporting a child or young person, the compensation increases by 100%. 3. If the deceased person had verifiably supported a parent or parents, 67 years or older, the surviving parent or parents will jointly receive compensation to the amount of ISK 754,423. 4. If the deceased did not have a partner pursuant to Item 1, compensation for death of ISK 754,423 will be paid to the estate of the deceased.

Compensation for Death. If an accident causes death of an insured party within 3 three years from the date of the accident, the right holder is paid compensation for death, less the amount of disbursed compensation for permanent medical disability resulting from the same accident. Compensation for death from 1 May 2015 November 2022 will be: 1. Compensation to the surviving partner shall be ISK 7,554,2329,830,148. Partner means an individual in marriage, in a registered partnership or civil partnership with the deceased. 2. For each minor child that was in the custody of the deceased for which the deceased paid child support pursuant to the Act in respect of children no. 76/2003, compensation shall be the amount equal to the total amount of child maintenance support up to the age of 18, pursuant to legislation on public insurance in each instance, that the child would have had the right to because of the death. This is a lump sum compensation. When calculating compensation, the child maintenance rate on the day of death shall be used. Compensation to each child shall go never be less than ISK 3,017,693 3,932,059 Compensation to children shall be paid out to the party who has custody after the death of the insured person. Young people in the age range 18 to 22, who had the same legal abode as the deceased, and who were verifiably dependent on the deceased shall have compensation of ISK 754,423. If 983,015.If the deceased was the only person supporting a child or young person, the compensation increases by 100%. 3. If the deceased person had verifiably supported a parent or parents, 67 years or older, the surviving parent or parents will jointly receive compensation to the amount of ISK 754,423983,015. 4. If the deceased did not have a partner pursuant to Item item 1, compensation for death of ISK 754,423 983,015 will be paid to the estate of the deceased.

Compensation for Death. If an accident causes death of an insured party within 3 years from the date of the accident, the right holder is paid compensation for death, less the amount of disbursed compensation for permanent medical disability resulting from the same accident. Compensation for death from 1 May 2015 01 April 2019 will be: 1. Compensation to the surviving partner shall be ISK 7,554,2328,190,021. Partner means an individual in marriage, in a registered partnership or civil partnership with the deceased. 2. For each minor child that was in the custody of the deceased for which the deceased paid child support pursuant to the Act in respect of children no. 76/2003, compensation shall be the amount equal to the total amount of child maintenance support up to the age of 18, pursuant to legislation on public insurance in each instance, that the child would have had the right to because of the death. This is a lump sum compensation. When calculating compensation, the child maintenance rate on the day of death shall be used. Compensation to each child shall go never be less than ISK 3,017,693 3,276,008 Compensation to children shall be paid out to the party who has custody after the death of the insured person. Young people in the age range 18 to 22, who had the same legal abode as the deceased, and who were verifiably dependent on the deceased shall have compensation of ISK 754,423819,002. If the deceased was the only person supporting a child or young person, the compensation increases by 100%. 3. If the deceased person had verifiably supported a parent or parents, 67 years or older, the surviving parent or parents will jointly receive compensation to the amount of ISK 754,423819,002. 4. If the deceased did not have a partner pursuant to Item 1, compensation for death of ISK 754,423 819,002 will be paid to the estate of the deceased.