Death of Payee. At the death of the payee, any payments remaining will be paid according to the terms of the option chosen for payment of proceeds, unless the contingent payee elects in writing to receive the present value of any remaining guaranteed payments in a single sum. If a contingent payee has not been named or does not survive the payee, the following amounts will be paid in one sum to the estate of the payee:
(1) any amount left on deposit under option 1; and
(2) the present value of any remaining guaranteed payments under options 2 through 5. If you have not named a contingent payee, or if every contingent payee named by you dies before the payee, you may, by written notice, name a new contingent payee. The new contingent payee will receive any amount that would otherwise have been payable to the payee's estate.
Death of Payee. If a Payee under a Life Income Option dies within 30 days after the Option Date, the amount applied to the Option, less any payments made, will be paid in one sum, unless a Payment Option is chosen by the successor payee. Otherwise, amounts to be paid after the death of a Payee under a Payment Option will be paid as due to the successor Xxxxx. If there is no successor Xxxxx, amounts to be paid in one sum, or the commuted value of any unpaid payments certain, will be paid in one sum to the estate of the last Payee to die. Commutation Rate The interest rate used to compute the commuted value of any unpaid payments certain: . Under the First Option will be 3 1/2% per year; and . Under the Life Income Options will be the rate used by the Company in computing the amount of the monthly payments.
Death of Payee. Section 15
Death of Payee. If a Payee under an option dies and if no other distribution is shown, we will pay any residue under that option in one sum to the Payee's estate. ENDORSEMENTS (Only we can endorse this contract.) AUTOMATIC MODE OF SETTLEMENT Applicability.--These provisions apply to proceeds arising from the Insured's death and payable in one sum to a Payee who is a beneficiary. They do not apply to any periodic payment. Interest on Proceeds.--We will hold the proceeds at interest under Option 3 of the Settlement Options provision. The Payee may withdraw the residue. We will pay it promptly on request. We will pay interest annually unless we agree to pay it more often. We have the right to pay the residue in one sum after one year if (1) the Payee is not a natural person who will be paid in his or her own right: (2) the Payee will be paid as assignee; or (3) the original amount we hold under Option 3 for the Payee is less than $1,000. Settlement at Payee's Death.--If the Payee dies and leaves an Option 3 residue, we will honor any contingent payee provision then in effect. If there is none, here is what we will do. We will look to the beneficiary designation of the contract; we will see what other beneficiary(ies), if any, would have been entitled to the portion of the proceeds that produced the Option 3 residue if the insured had not died until immediately after the Payee died. Then we will pay the residue in one sum to such other beneficiary(ies). in accord with that designation. But if, as stated in that designation, payment would be due the estate of someone else, we will instead pay the estate of the Payee.
Death of Payee. 15.1 WHAT IF THE PAYEE If the payee dies on or after the payout date, DIES DURING THE any remaining proceeds will be distributed at PAYOUT PERIOD? least as rapidly as provided by the income payout option in effect.
Death of Payee. Amounts to be paid after the death of a Payee under a Payment Option will be paid as due to the surviving or next succeeding Payee. If no Payee survives, amounts to be paid in one sum, or the commuted value of any unpaid payments certain, will be paid in one sum to the estate of the last Payee to die. If a Payee under a Life Income Option dies within 30 days after the Option Date, the amount applied to the Option, less any payments made, will be paid in one sum, unless a Payment Option is elected.
Death of Payee. If a Payee under an option dies and if no other distribution is shown, we will pay any residue under that option in one sum to the Payee's estate. (Only we can endorse this contract.)
Death of Payee. SAMPLE When the Payee dies, the value of any remaining Annuity Payments will be paid in a lump sum to the Payee's estate. For the Interest Only and Fixed Amount options, that value equals the unpaid proceeds plus any accrued interest. For the Fixed Period and Life Income options, that value equals the discounted value of any unpaid fixed period payments still due. This value will be based on the interest rate that was used to determine the payments.
Death of Payee. If a payee dies, any remaining payments will be paid to a contingent payee. If no payee survives, we will pay the commuted value of any remaining payments to the estate of the last payee to die.
Death of Payee. If the payee, or the last surviving payee, dies before all the guaranteed payments have been made, we will make a lump sum payment to the estate of the last surviving payee. The lump sum payment will equal:
