DIVISION OF DEATH PROCEEDS. Upon the death of the Insured while employed by the Bank, the Bank shall cooperate with the Insured's designated beneficiary to take whatever action is necessary to collect the death benefit provided under the Policy. Subject to Sections 6 and 8 below, the division of the death proceeds of the Policy shall be as follows: the Insured's beneficiary(ies) designated in accordance with Section 2 shall be entitled to payment from the Policy proceeds directly from the Insurer of an amount equal to the lesser of:
Appears in 4 contracts
Samples: Bank Split Dollar Life Insurance Agreement (United Financial Bancorp, Inc.), Bank Split Dollar Life Insurance Agreement (United Financial Bancorp, Inc.), Bank Split Dollar Life Insurance Agreement (United Financial Bancorp Inc)
DIVISION OF DEATH PROCEEDS. Upon the death of the Insured while employed by the BankInsured, the Bank shall cooperate with the Insured's designated beneficiary to take whatever action is necessary to collect the death benefit provided under the Policy. Subject to Sections 6 and 8 9 below, the division of the death proceeds of the Policy shall be as follows: the Insured's beneficiary(ies) designated in accordance with Section 2 shall be entitled to payment from the Policy proceeds directly from the Insurer of an amount equal to the lesser of:
Appears in 4 contracts
Samples: Federal Split Dollar Life Insurance Agreement (Atlantic Coast Federal Corp), Dollar Life Insurance Agreement (Atlantic Coast Federal Corp), Federal Split Dollar Life Insurance Agreement (Atlantic Coast Federal Corp)
DIVISION OF DEATH PROCEEDS. Upon the death of the Insured while --------------------------- employed by the Bank, the Bank shall cooperate with the Insured's designated beneficiary to take whatever action is necessary to collect the death benefit provided under the Policy. Subject to Sections 6 and 8 9 below, the division of the death proceeds of the Policy shall be as follows: the Insured's beneficiary(ies) designated in accordance with Section 2 shall be entitled to payment from the Policy proceeds directly from the Insurer of an amount equal to the lesser of:: --- ------ --
Appears in 2 contracts
Samples: Dollar Life Insurance Agreement (Georgetown Bancorp, Inc.), Dollar Life Insurance Agreement (Georgetown Bancorp, Inc.)
DIVISION OF DEATH PROCEEDS. Upon the death of the Insured while employed by the BankInsured, the Bank shall cooperate with the Insured's designated beneficiary to take whatever action is necessary to collect the death benefit provided by the Insurer under the Policy. Subject to Sections 6 and 8 9 below, the division of the death proceeds of the Policy shall be as follows: the Insured's beneficiary(ies) designated in accordance with Section 2 shall be entitled to payment from the Policy proceeds directly from the Insurer of an amount equal to the lesser of:
Appears in 2 contracts
Samples: Dollar Life Insurance Agreement (Atlantic Coast Federal Corp), Dollar Life Insurance Agreement (Atlantic Coast Federal Corp)
DIVISION OF DEATH PROCEEDS. Upon the death of the Insured while employed by the BankInsured, the Bank shall cooperate with the Insured's ’s designated beneficiary to take whatever action is necessary to collect the death benefit provided under the Policy. Subject to Sections 6 and 8 9 below, the division of the death proceeds of the Policy shall be as follows: the Insured's beneficiary(ies) designated in accordance with Section 2 shall be entitled to payment from the Policy proceeds directly from the Insurer of an amount equal to the lesser of:
Appears in 1 contract
