Death Benefit Payment. A. Management shall, at its expense, provide a death benefit payment which will provide a payment in the amount of Forty Thousand Dollars ($40,000) to any employee within the bargaining unit, which benefit shall be payable to the beneficiary or beneficiaries of any such employee whose death does not result from an injury arising out of and in the course of his/her employment with the City. Said benefit shall be payable to the beneficiary or beneficiaries of the employee's choice as designated on the "Designation of Beneficiary" forms which shall be provided by Management and shall be kept on file in the City Personnel Office. Employees shall have the right to change the beneficiary or beneficiaries at any time during their employment with the City by executing a "Change of Beneficiary" form as provided by Management. In case an employee dies and is not survived by a designated beneficiary, or fails to execute a "Designation of Beneficiary" form, said death benefits shall be payable to the administrator or executor of the estate of the deceased employee. All rights to such death benefits shall terminate upon termination of employment by reason of discharge, retirement, resignation or layoff. Termination of employment shall be deemed to occur when an employee ceases to be employed by Management, except that any employee who is granted a leave of absence because of disability or an approved maternity leave will nevertheless be considered still employed. Termination of employment shall not be deemed to include an employee who is under suspension for disciplinary reasons or an employee who shall have been unlawfully dismissed.
B. In the event that an employee dies and the employee's death occurs as a result of personal injury arising out of and in the course of his employment with Management and the amount of benefits which would be payable under the Worker's Compensation Act would amount to less than Eighty Thousand Dollars ($80,000), Management shall make a lump sum cash payment equal to the difference between the amount of Eighty Thousand Dollars ($80,000) and the total worker's compensation benefits. Such payment shall be made to the employee's beneficiary or beneficiaries designated on the "Designation of Beneficiary" form provided by Management or to the administrator or executor of the employee's estate in the absence of execution of said form.
1. For the purpose of determining the lump sum cash payment payable under the provisions of this section, Manag...
Death Benefit Payment. The value of the Death Benefit will be determined as of the Valuation Date coincident with, or next following the date the Company receives in writing at the Home Office the following three items: (1) proper proof of the Annuitant's death; (2) an election specifying Distribution method; and (3) any applicable state required form(s).
Death Benefit Payment. If the Owner has not previously designated a Options During the death benefit payment option, a Beneficiary must Accumulation Phase request that the death benefit be paid by one of the payment options below.
Death Benefit Payment. ANNUITIZATION PROVISIONS..............................................................7 2 3 DEFINITIONS ----------- ANNUITANT - The person upon whose continuation of life any annuity payments involving life contingencies depends. ANNUITIZATION - The period during which annuity payments are received by the Annuitant. ANNUITIZATION DATE - The date the annuity payments actually commence. ANNUITY COMMENCEMENT DATE - The date on which annuity payments are scheduled to commence. ANNUITY PAYMENT OPTION - The chosen form of annuity payments. Several options are available under the Certificate Agreement. BENEFICIARY - The person designated to receive certain benefits under the Certificate Agreement upon the death of the Annuitant, if there is no surviving Joint Certificate Owner, prior to the Annuitization Date.
Death Benefit Payment. The value of the Death Benefit will be determined as of the date specified in the Certificate Agreement and will be calculated in the manner described therein.
Death Benefit Payment. Staff Employees covered by this Agreement are eligible for a death benefit payment to their beneficiary or beneficiaries as set forth in the CBS Policy Guide.
Death Benefit Payment. Interest will be paid on the death benefit from the date of death. Interest on the death benefit will accrue at the rate applicable to the policy for funds left on deposit. In determining the effective annual rate or rates, we will use the rate in effect on the date of death. Additional interest will accrue at a rate of 10% annually beginning 31 days from the latest of the following items to the date the claim is paid:
Death Benefit Payment. The value of the Death Benefit will be determined as of the date the Company receives in writing at the Home Office the following three items: (1) proper proof of the Annuitant's death; (2) an election specifying distribution method; and (3) any applicable state required form(s). Proof of death is either:
(1) a copy of a certified death certificate;
(2) a copy of a certified decree of a court of competent jurisdiction as to the finding of death;
(3) a written statement by a medical doctor who attended the deceased; or
(4) any other proof satisfactory to the Company. The Beneficiary must elect a method of distribution, which complies, with the "Distribution Provisions" of this Certificate Agreement. The Beneficiary may elect to receive such Death Benefits in the form of: (1) a lump sum distribution; (2) an annuity payout; or (3) any distribution that is permitted under state and federal regulations and is acceptable by the Company. If such election is not received by the Company within 60 days of the Annuitant's death, the Beneficiary will be deemed to have elected a cash payment as of the last day of the 60 day period. Payment of the Death Benefit will be made or will commence within 30 days after receipt of proof of death and notification of the election. The Death Benefit is equal to the Certificate Account Value but is not subject to a MVA. ANNUITIZATION PROVISIONS ------------------------ Amounts allocated to a Guaranteed Period Options that are annuitized prior to the Maturity Date are subject to application of a MVA. Annuitization is permitted beginning two years after the Certificate Effective Date. A CDSC will not be assessed on amounts applied to an Annuity Payment Option two years after the Certificate Effective Date. ANNUITY COMMENCEMENT DATE The Annuity Commencement Date is a date chosen by the Certificate Owner and is generally the first day of a calendar month. The date must be at least two years after the Certificate Effective Date. If the Certificate Owner does not choose an Annuity Commencement Date, a date will be established for the Certificate Agreement. The Certificate Owner may change the Annuity Commencement Date prior to the Annuitization Date at any time via a written request as outlined in the "Change in Annuity Commencement Date and Annuity Payment Option" section. For those Certificate Agreements issued under Qualified Plans, TSAs, or IRAs, if the Annuity Commencement Date is not chosen by the Certificate Owner, the Annuity Comm...
Death Benefit Payment. The Death Benefit is only payable if the Owner Annuitant dies before the Annuitization Date. Prior to paying the Death Benefit and subject to the discussion in the second paragraph under “Succession of Rights and the Death Benefit”, Universal Life must receive in writing at its home office in Guaynabo, Puerto Rico the following three items: (1) proper proof of the Owner’s death; (2) an election specifying the method of Surrender; and (3) Puerto Rico required forms (including any required under Puerto Rico estate tax laws and regulations). Universal Life will accept any one of the following as proper proof of the Owners death:
Death Benefit Payment. Upon the death of the Executive, --------------------- whether before, on or after the Extension Date, the Bank shall make a single sum payment to the person or persons designated by the Executive in writing or, in the absence of such designation, the executor or other personal representative of the Executive's estate of an amount equal, after payment of any applicable federal and state income taxes, to the amount by which $1,000,000 exceeds the life insurance payable upon the Executive's death under the Bank's Group Term Life Insurance Program; and the Bank may determine from time to time whether the payment shall be insured or made from the Bank's general assets. The Executive agrees to cooperate with the Bank in the event that the Bank seeks to obtain insurance on the Executive's life.
