Death of Insured. Upon the death of the Insured, the Company shall be entitled to payment by the Insurer from the death benefit payable under the Policy an amount which shall be equal to the lesser of the cash surrender value of the Policy immediately prior to the Insured's death or the Company Advances ("Company Death
Death of Insured s spouse, children, parent or parent in-law’s.
Death of Insured. If the death of the Insured under this policy occurs while this agreement is in force, the term insurance on each Additional Insured covered by this agreement will continue for a period of 90 days beginning on the date of death of the Insured. This term insurance may be converted during the 90 day period. At the end of the 90 day period all term insurance under this agreement will terminate. AIR-06(S)
Death of Insured a. Upon the death of the Insured, Corporation and Owner shall promptly take all action necessary to obtain the death benefit provided under the Policy; when such benefit has been collected and paid as provided therein, this Agreement shall thereupon terminate.
b. Corporation shall have the unqualified right to receive a portion of such death benefit received with respect to the Policy equal to its Policy Interest. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by Owner, in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to Corporation hereunder exceed the proceeds of the Policy payable at the death of the Insured. No amount shall be paid from such death benefit to the beneficiary or beneficiaries designated by Owner until the full amount due Corporation hereunder has been paid. The parties hereto agree that the beneficiary designation provisions of the Policy shall not be inconsistent with the provisions hereof as modified by the collateral assignment.
c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the Employee and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation and the Owner shall have the unqualified right to share such premiums based on their respective cumulative contributions thereto.
Death of Insured. If the company owns insurance on the life of a member at the time of his or her death and the price for the purchase of the member’s ownership shares is determined by appraisal, the insurance must be valued for purposes of the appraisal at its cash surrender value on the day preceding the member’s death. Whether the purchase price is determined by agreement or appraisal and whether the purchase is made by the company or the other members, the purchase price for all of a deceased member’s ownership shares may not be less than the amount of the death benefits received by the company, and a down payment must be made when the purchase of the decedent’s shares is closed equal to the amount of such death benefits. The amount of this down payment will reduce the amount of the promissory note or notes representing the obligation to purchase the decedent’s shares.
Death of Insured. If the death of the Insured under this policy occurs while this agreement is in force, the term insurance on each Insured Child covered by this agreement will continue in force until the anniversary of this policy nearest the Insured Child's 23rd birthday. The Cost of Insurance for such term insurance will be waived. Monthly Deduction--While this agreement is in force, the Monthly Deduction under this policy will include the Monthly Deduction for this agreement. The Monthly Deduction for this agreement is the Cost of Insurance for the term insurance benefit under this agreement. Cost of Insurance--The Cost of Insurance for each policy month for this agreement is calculated as (a) multiplied by (b), where
Death of Insured. Upon death of the Insured, coverage will continue as paid-up level term life insurance on any living Insured Child until the rider anniversary following the child's 25th birthday. This paid-up term life insurance may be converted as provided in this rider. The paid-up term life insurance provided under this benefit will have cash value. If this insurance is surrendered, we will pay the cash value. The cash value is equal to the Net Single Premium for the paid-up insurance. Calculations are based on the Commissioner's 1980 Standard Ordinary Mortality Table with interest at 4-1/2% per year. The cash value of the paid-up term insurance, on the rider anniversary and 30 days thereafter, will not be less than the present value (on the anniversary) of the future benefits provided by the rider. ----------------------------------------------------------------------------- TERM OF INSURANCE ----------------------------------------------------------------------------- The insurance on an Insured Child will end on the rider anniversary following the child's 25th birthday. ----------------------------------------------------------------------------- PREMIUM PROVISIONS ----------------------------------------------------------------------------- COST FOR RIDER The cost for this rider is in addition to the cost for the policy. The cost for this rider will be deducted from the cash value of the policy on the same dates as the monthly deduction for the policy. The cost for the rider will be deducted until the Expiration Date of the rider unless the death of the Insured occurs prior to that time. In such event, no further cost for this rider is due.
Death of Insured. If the Insured dies, we will return any unearned premium for the rider.
Death of Insured. A. Upon the death of the Insured, APC and the personal representative of the Insured shall promptly take any and all actions necessary to obtain the death benefit proceeds provided under the Policy.
B. In the event of the death of the Insured before this Agreement has otherwise terminated, the death benefit proceeds shall be divided and paid in the following manner and order of priority:
(1) APC shall have the unqualified right to receive a portion of such death benefit equal to the following:
(a) Four Million Dollars ($4,000,000); PLUS
(b) Ninety Nine Thousand Five Hundred Fifteen Dollars and 06/100's ($99,515.06), reflecting the cash surrender value of the Policy as of November 12, 1998; PLUS
(c) the total amount of the unreimbursed premiums paid by APC during the term of this Agreement; LESS
(d) the Economic Benefit. Notwithstanding the above, in no event shall the amount payable to APC exceed the Policy proceeds payable at the death of the Insured.
(2) After payment of the death benefit to APC as provided under paragraph B(1) of this Section 5, the remaining death benefit provided under the Policy shall be paid to such beneficiary or beneficiaries as the Insured may designate, in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy.
Death of Insured. If a lawyer who is an Insured dies during the Policy Period, the following provisions apply:
1. The personal representative of the estate of a deceased lawyer or the person who has temporary custody of the deceased lawyer’s business affairs is not an Insured and does not have any rights under the Policy except as specifically stated in this DEATH OF INSURED provision.
2. We will accept actions of the personal representative of the estate of a deceased lawyer or a person who has temporary custody of the deceased lawyer’s business affairs to the extent necessary to fulfill the duties or obligations of the Insured under the Policy.
3. The personal representative of the estate of a deceased lawyer or a person who has temporary custody of the deceased lawyer’s business affairs may exercise the right of an Insured, subject to the terms and limitations of the Policy, to obtain an Extended Claims Reporting Period endorsement.
4. If the Named Insured identified in the Declarations is an individual or a legal business entity having only one director, officer, shareholder or owner, We will not renew the Policy after the death of such individual, sole shareholder, officer, director or sole owner.
