Death Claims. 5.1 When the Employee dies, the Bank shall be entitled to receive from the insurance company a portion of the death benefits payable under the insurance policy equal to the Bank’s Policy Interest the receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement. 5.2 When the Employee dies, the Beneficiary shall be entitled to receive from the insurance company the amount of the death benefits equal to the Employee Death Benefit.
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Samples: Split Dollar Insurance Agreement (Susquehanna Bancshares Inc), Split Dollar Insurance Agreement (Abington Community Bancorp, Inc.), Split Dollar Insurance Agreement (Abington Bancorp, Inc./Pa)
Death Claims. 5.1 When the Employee dies, the Bank shall be entitled to receive from the insurance company Trustee a portion of the death benefits payable under the insurance policy Insurance Policy equal to the Bank’s 's Policy Interest the Interest. The receipt of this amount by the Bank shall constitute satisfaction of the Bank’s 's rights under Section 3 of this Agreement.
5.2 When the Employee dies, the Beneficiary shall be entitled to receive from the insurance company the amount of the death benefits equal to the Employee Death Benefit.
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