Common use of INTEREST ON DEATH PROCEEDS Clause in Contracts

INTEREST ON DEATH PROCEEDS. We will pay interest on the death Proceeds after we receive due proof of the Insured’s death. We will pay interest on death Proceeds from the date of the Insured’s death to the date of payment of death Proceeds. The annual interest rate will be at least 1.0%. We will pay additional interest at a rate of 10% annually, beginning with the date that is 31 calendar days from the latest of items 1, 2, and 3 below to the date payment is made: 1) the date we receive due proof of the Insured’s death; 2) the date we receive sufficient information to determine our liability, the extent of our liability, and the appropriate payee legally entitled to the death benefit; and 3) the date that legal impediments to payment of the death benefit that depend on the action of parties other than us are resolved and sufficient evidence is provided to us. Legal impediments include, but are not limited to: a) the establishment of guardianships and conservatorships; b) the appointment and qualification of trustees, executors, and administrators; and c) the submission of information required to satisfy state and federal reporting requirements.

INTEREST ON DEATH PROCEEDS. We will pay interest on the death Proceeds after we receive due proof of the Insured’s death. We will pay interest on death Proceeds from the date of the Insured’s death to the date of payment of death Proceeds. The annual interest rate will be at least 1.0%. We will pay additional interest at a rate of 10% annually, beginning with the date that is 31 calendar days from the latest of items 1, 2, and 3 below to the date payment is made: : 1) the date we receive due proof of the Insured’s death; ; 2) the date we receive sufficient information to determine our liability, the extent of our liability, and the appropriate payee legally entitled to the death benefit; and and 3) the date that legal impediments to payment of the death benefit that depend on the action of parties other than us are resolved and sufficient evidence is provided to us. Legal impediments include, but are not limited to: a) the establishment of guardianships and conservatorships; b) the appointment and qualification of trustees, executors, and administrators; and c) the submission of information required to satisfy state and federal reporting requirements.