Common use of Death Benefit Proceeds Clause in Contracts

Death Benefit Proceeds. The Death Benefit Proceeds (“Proceeds”) are the actual amount payable if the Insured dies while this Policy is In Force. The Proceeds are equal to the Death Benefit, as of the date of death, less any Policy Debt and, if death occurs during a Grace Period, by any Monthly Deductions that may be due and unpaid. Unless otherwise elected by the Owner, Death Benefit Proceeds will be paid in a single lump sum check. We may make other options available in addition to the single check option. We will pay the Proceeds after the latest date of receiving all of the following at our Administrative Office: · Proof of the Insured’s death such as a certified copy of the death certificate for the Insured or other lawful evidence providing equivalent information and proof of the claimant’s legal interest in the proceeds; · Sufficient information to determine our liability, the extent of our liability, and the appropriate payee legally entitled to the Proceeds; and · Sufficient evidence that any legal impediments to payment of Proceeds that depend on parties other than us have been resolved. Legal impediments to payment include, but are not limited to: (a) the establishment of guardianships and conservatorships; (b) the appointment and qualification of trustees, executors and administrators; (c) submission of information required to satisfy state and federal reporting requirements; and (d) conflicting claims. Interest on Proceeds will accrue daily from the date of death to the date the claim is paid at the minimum annual interest rate for funds left on deposit that is in effect on the date of death. If payment of any lump sum Proceeds is delayed 31 calendar days after the latest date of receiving the last of the above requirements, we will pay required additional interest on the Death Benefit Proceeds at an annual interest rate that is not less than the rate required by applicable law. Such additional interest will be applied to the Proceeds beginning on the 31st calendar day referenced above to the date the claim is paid. Proceeds paid are subject to the conditions and adjustments defined in other Policy provisions, such as General Provisions, withdrawals, Policy Loans, and Timing of Payments.

Death Benefit Proceeds. The Death Benefit Proceeds (“Proceeds”) are the actual amount amount(s) payable if the Insured dies while this Policy is In Force. The Proceeds are equal to the Death Benefit, as of the date of death, less reduced by any Policy Debt and, if death occurs during a Grace Period, by any Monthly Deductions that may be due and unpaid. Unless otherwise elected by the Owner, Death Benefit Proceeds will may be paid in a single lump sum checkor, if elected, may be distributed over a period of time. We One or a combination of the plans available on the date of election may make other options be selected. Distributions will be subject to any minimum amount requirements in effect at the time of election. If the payee is not a natural person, the choice of a payment option will be subject to Our approval. Prior to any payment, You may contact Us to obtain information on our currently available in addition to the single check optionplans. We will pay the Proceeds after the latest date of receiving all of the following at our the Administrative Office: · Proof of the Insured’s death death, such as a certified copy of the death certificate for the Insured or other lawful evidence providing equivalent information and proof of the claimant’s legal interest in the proceeds; · Sufficient information to determine our Our liability, the extent of our Our liability, and the appropriate payee legally entitled to the Proceeds; and · Sufficient evidence that any legal impediments to payment of Proceeds that depend on parties other than us have been Us are resolved. Legal impediments to payment include, but are not limited to: (a) the establishment of guardianships and conservatorships; (b) the appointment and qualification of trustees, executors and administrators; and, (c) submission of information required to satisfy state and federal reporting requirements; and (d) conflicting claims. Interest on Proceeds will accrue daily from the date of death to the date the claim is paid at either the minimum annual interest rate Minimum Annual Interest Rate for funds left Funds Left on deposit Deposit that is in effect on the date of death or, if the company has not established a Minimum Annual Interest Rate for Funds Left on Deposit, at the Two Year Treasury Constant Maturity Rate as published by the Federal Reserve, that is in effect on the date of death. If payment of any lump sum Proceeds is delayed 31 calendar days after the latest date of receiving the last of the above requirements, we We will pay required additional interest on the Death Benefit Proceeds Proceeds, at an the annual interest rate that is not less than the rate required by applicable lawDeath Benefit Additional Interest Rate of 10%. Such additional interest Death Benefit Proceeds Additional Interest Rate will be applied to the Proceeds beginning on the 31st calendar day referenced above to the date the claim is paid. Proceeds paid are subject to the conditions and adjustments defined in other Policy provisions, such as General Provisions, withdrawals, Policy Loansloans, and Timing of Payments.