Death Proceeds. If the Insured dies, we will pay the death Proceeds to the Beneficiary. We will require proof that the Insured’s death occurred while this contract was in force. We will pay the Proceeds to the Beneficiary in a lump sum unless you or the Beneficiary elect one of the payment options listed in Section 13, Payment of Proceeds. The amount of death Proceeds payable upon the Insured’s death is determined according to the coverage option you have elected. The coverage option is shown in Section 1, Contract Data.
Death Proceeds a) Upon the death of the Executive, the Executive’s designated beneficiary shall receive the Split Dollar Insurance Benefit per Schedule A.
b) If the Executive is terminated for cause, then the Executive and his/her beneficiary will not be entitled to any payments hereunder. Termination for cause shall mean the Employee’s deliberate dishonesty with respect to the Bank or any subsidiary or affiliate thereof; failure to adhere to all Bank policies and procedures; conviction of a crime involving moral turpitude; or gross and willful failure to perform [other than on account of a medically determinable disability which renders the Employee incapable of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of the Bank.
Death Proceeds. 10, 11 Definitions .......................................... 2
Death Proceeds. If the Annuitant dies before the maturity date, the beneficiary will receive a death benefit. The death benefit will be calculated depending upon which guaranteed death benefit option is in effect on the contract at the date of death. There is a Base Guaranteed Minimum Death Benefit, or at issue two enhanced options may be chosen at an additional charge. The two Guaranteed Minimum Death Benefit Options are: · The Annual Ratchet Guaranteed Minimum Death Benefit Option; and · The Enhanced Combination Guaranteed Minimum Death Benefit Option. The issue requirements and Guaranteed Minimum Death Benefit Monthly Expense Charge vary for each Guaranteed Minimum Death Benefit Option. The monthly expense charge for each option is shown in Section 1, Contract Data. Under the Base Guaranteed Minimum Death Benefit, we guarantee that the death benefit will be the greater of:
(1) premium paid, proportionately adjusted for partial surrenders, less any loan balance; or
(2) the contract value less any loan balance on the date we receive proof of the Annuitant's death. This option is available at issue and at any time thereafter. Under the Annual Ratchet Guaranteed Minimum Death Benefit Option, we guarantee that the death benefit for the Annuitant's attained age 80 and below will be the greater of:
(1) the death benefit calculated under the Base Guaranteed Minimum Death Benefit; or
(2) the highest contract value as of a contract anniversary during any point the contract has been in effect on or before the Annuitant’s death. Any loan balance will be deducted from such contract value and the contract value will also be proportionately adjusted for partial surrenders. For the Annuitant's attained age 80 and above we guarantee that the death benefit will equal the greater of:
(a) the contract value at the time of death; or
(b) the value of the Guaranteed Minimum Death Benefit on the contract anniversary following the Annuitant’s 80th birthday, calculated as described above, proportionately adjusted for partial surrenders, less any loan balance. This option is only available at issue of the contract and is only available to Annuitants with issue ages of 75 or below. Under the Enhanced Combination Guaranteed Minimum Death Benefit Option, we guarantee that the death benefit for the Annuitant's attained age 80 and below will be the greater of:
(1) the death benefit calculated under the Base Guaranteed Minimum Death Benefit; or
(2) premium paid, accumulated annually at 5% interest unt...
Death Proceeds a) Upon the death of the Director, the Director’s designated beneficiary shall receive the Split Dollar Insurance Benefit per Schedule A.
Death Proceeds. The Death Proceeds payable upon the death of the Insured while this contract is in force is the sum, on the date of death, of:
1) The Death Benefit (see Section 5.2); and 2) Any insurance on the Insured's life provided by Additional Benefits in this contract; Less the sum of:
Death Proceeds. If the Insured dies before Attained Age 100, the amount payable will be the sum, on the date of death, of:
1) The Death Benefit (see Section 5.1); and 2) Any insurance on the Insured's life provided by Additional Benefits in this contract; Less the sum of: 3) Any Debt; and 4) The amount, if any, needed to cover Monthly Deductions through the month of death. If the Insured dies at or after Attained Age 100, the amount payable will be the Cash Surrender Value on the date of death.
Death Proceeds. 2 Deferment ............................................................ 2
Death Proceeds a) Upon the death of the Executive while actively employed, the Executive’s designated beneficiary shall receive the Split Dollar Insurance Benefit per Schedule A.
b) If the Executive retires or his/her employment with the Bank is otherwise terminated, other than for cause, and if the Executive has been employed by the Bank for at least Ten (10) Years, then the Split Dollar Insurance Benefit is payable at death in an amount per Schedule A.
c) If the Executive terminates employment without having been employed by the Bank for at least the Ten (10) Years, then the Executive will not be entitled to any payments hereunder.
d) If the Executive is terminated for cause, then the Executive and his/her beneficiary will not be entitled to any payments hereunder. Termination for Cause shall mean the Employee’s deliberate dishonesty with respect to the Bank or any subsidiary or affiliate thereof; conviction of a crime involving moral turpitude; or gross and willful failure to perform [other than on account of a medically determinable disability which renders the Employee incapable of performing such services] a substantial portion of the Employee’s duties and responsibilities as an officer of the Bank, which failure continues for more than thirty days after written notice given to the Employee pursuant to a two-thirds vote of all of the members of the Board then in office, such vote to set forth in reasonable detail the nature of such failure or for good reason (good reason shall mean (1) a reduction in the Employee’s annual base salary as in effect on the date hereof; or (2) a significant diminution in the nature or scope of the Employee’s responsibilities, authorities, powers, functions or duties; or (3) a material breach by the Bank of any of the provisions of this Agreement which failure or breach shall have continued for thirty (30) days after written notice from the Employee to the Bank specifying the nature of such failure or breach).
Death Proceeds. The amount payable on the Insured's death before the Maturity Date will be the sum, on the date of death, of:
1) The Death Benefit (see Section 5.1); and
2) Any insurance on the Insured's life provided by Additional Benefits in this contract; Less the sum of:
3) Any Debt; and
4) The amount, if any, needed to cover Monthly Deductions through the month of death.
