DEATH BENEFIT PROGRAM Clause Samples
The Death Benefit Program clause establishes the terms under which beneficiaries receive financial compensation upon the death of a covered individual, typically an employee or plan participant. This clause outlines eligibility requirements, the process for claiming benefits, and the calculation or amount of the death benefit provided. Its core function is to provide financial security to the designated beneficiaries, addressing the need for support in the event of the covered individual's death.
DEATH BENEFIT PROGRAM. The Board agrees to continue the Death Benefit Program. The Board may pay to the estate of the deceased eligible Employee or to a specified Beneficiary, a sum equal to twenty (20) days’ pay at the per diem rate of the regular gross annual salary for the fiscal year during which death occurs.