Death of the Employee. In the event of the Employee's death while this Agreement is in force, the Bank and the Beneficiary shall take steps to collect the proceeds of the Policy by submitting the proper claim forms to the Insurer. That portion of the proceeds of the Policy equal to the Endorsement Amount shall be paid directly to the Beneficiary. That portion of the proceeds of the Policy in excess of the Endorsement Amount shall be paid to the beneficiary designated by the Bank.
Appears in 11 contracts
Samples: Endorsement Split Dollar Insurance Agreement (First United Corp/Md/), Endorsement Split Dollar Insurance Agreement (Florida Business Bancgroup Inc), Endorsement Split Dollar Insurance Agreement (First United Corp/Md/)
Death of the Employee. In the event of the Employee's death while this Agreement is in force, the Bank Corporation and the Beneficiary shall take steps to collect the proceeds of the Policy by submitting the proper claim forms to the Insurer. That portion of the proceeds of the Policy equal to the Endorsement Amount shall be paid directly to the Beneficiary. That portion of the proceeds of the Policy in excess of the Endorsement Amount shall be paid to the beneficiary designated by the BankCorporation.
Appears in 1 contract
Samples: Endorsement Split Dollar Insurance Agreement (Amcore Financial Inc)
Death of the Employee. In the event of the Employee's ’s death while this Agreement is in force, the Bank and the Beneficiary shall take steps to collect the proceeds of the Policy by submitting the proper claim forms to the Insurer. That portion of the proceeds of the Policy equal to the Endorsement Amount shall be paid directly to the Beneficiary. That portion of the proceeds of the Policy in excess of the Endorsement Amount shall be paid to the beneficiary designated by the Bank.
Appears in 1 contract
Samples: Endorsement Split Dollar Insurance Agreement (Alliance Bancorp Inc of Pennsylvania)
