Common use of DEATH PAYMENTS Clause in Contracts

DEATH PAYMENTS. If a Participant dies before his Participant's Accounts have been cancelled, the dollar value will be paid to the Contract-Holder. The payment will be made in one sum unless the Contract-Holder directs Prudential to purchase an annuity for the Participant's beneficiary pursuant to the Plan. However, the Contract-Holder will retain all rights with respect to the annuity. Proof of the Participant's death must be received by Prudential before any payment will be made. GVA-1010-87 (24) Serial 300 3.1-3.2 The annuity form may be any of those described in section 4.4. No contributions may be made to any of the Participant's Accounts after the Participant's death. If a one sum payment is made on the Plan beneficiary's behalf within one year of the Participant's death, it will be at least equal to the contributions made for him under this contract less any withdrawals and transfers. As of the first day no amounts remain in the any of the Participant's Accounts hereunder or in an Account with respect to the Participant under a companion contract, the Participant's Accounts are cancelled. Section 3.1 does not apply.

DEATH PAYMENTS. If a Participant dies before his Participant's Accounts have been cancelled, the dollar value will be paid to the Contract-Holder. The payment will be made in one sum unless the Contract-Holder directs Prudential to purchase an annuity for the Participant's beneficiary pursuant to the Plan. However, the Contract-Holder will retain all rights with respect to the annuity. Proof of the Participant's death must be received by Prudential before any payment will be made. GVA-1010-87 (24) GVA-1010 Serial 300 3.1-3.2 5/87 The annuity form may be any of those described in section 4.4. No contributions may be made to any of the Participant's Accounts Account after the Participant's death. If a one sum payment is made on the Plan beneficiary's behalf within one year of the Participant's death, it will be at least equal to the contributions made for him under this contract less any withdrawals and transfers. As of the first day no amounts remain in the any of the Participant's Accounts hereunder Account or in an Account with respect to the Participant under a companion contract, the Participant's Accounts are Account is cancelled. Section 3.1 does not apply.