Common use of Death of Payee Clause in Contracts

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. 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 payeePayex. OtherwiseXxherwise, amounts to be paid after the death of a Payee under a Payment Option will be paid as due to the successor XxxxxPayex. If Xx there is no successor XxxxxPayex, amounts xxounts 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 COMMUTATION RATE The interest rate used to compute the commuted value of any unpaid payments certain: . - Under the First Option will be 3 1/23% 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. 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 payeeXxxxx. 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.