Common use of Named Fiduciary, Determination of Benefits, Claims Procedure and Administration Clause in Contracts

Named Fiduciary, Determination of Benefits, Claims Procedure and Administration. (a) The Corporation is hereby designated as the named fiduciary under this Agreement. The named fiduciary shall have authority to control and manage the operation and administration of this Agreement. All premiums in respect of the Policy shall be paid to the Insurer when due, pursuant to Paragraph 3 of this Agreement. (b) The Corporation shall make all determinations concerning rights to benefits under this Agreement. Any decision by the Corporation denying a claim by the Owner for benefits under this Agreement shall be stated in writing and delivered or mailed to the Owner. Such decision shall set forth the specific reasons for the denial, written, to the best of the Corporation's ability, in a manner that may be understood without legal or actuarial counsel. In addition, the Corporation shall afford a reasonable opportunity to the Owner for a full and fair review of the decision denying such claim. In no event shall the Corporation, acting as the named fiduciary, perform any such act that violates the prohibited transaction rules of the Employee Retirement Income Security Act of 1974.