Death Proceeds Sample Clauses
The 'Death Proceeds' clause defines how benefits or payments are distributed upon the death of an insured individual or party. Typically, this clause outlines the process for determining beneficiaries, the method of payment, and any conditions or documentation required to claim the proceeds, such as providing a death certificate. Its core function is to ensure that the financial benefits are allocated efficiently and according to the policyholder's wishes, thereby providing clarity and reducing disputes among potential claimants.
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. 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 Proceeds payable upon the Insured’s death is determined according to the Coverage Option you have elected. The initial Coverage Option is shown in Section 1, Contract Data. Coverage Option A The death benefit will be the greater of:
1) the Specified Amount on the date of death; or
2) the Contract Value on the date of death multiplied by the corridor percentage as shown in the Table of Corridor Percentages in Section 1, Contract Data, for the Insured’s Age on the date of death. Coverage Option B The death benefit will be the greater of:
1) the Specified Amount plus the Contract Value, both on the date of death; or
2) the Contract Value on the date of death multiplied by the corridor percentage as shown in the Table of Corridor Percentages in Section 1, Contract Data, for the Insured’s Age on the date of death. Coverage Option C The death benefit will be the greater of:
1) the Specified Amount on the date of death, plus the total premiums paid, minus the total amount of partial surrenders; or
2) the Contract Value on the date of death multiplied by the corridor percentage as shown in the Table of Corridor Percentages in Section 1, Contract Data, for the Insured’s Age on the date of death. We will increase death benefits under any coverage option by any additional benefits provided by riders in force at the Insured’s death and any premiums received after the date of death. We will also refund any Cost of Insurance charge deducted before death for a period beyond the date of death. We will reduce death benefits by the loan balance at the time of death.
Death Proceeds. 10 Definitions.................................................... 2
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. 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.
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 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 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: