PAYMENT OF DEATH BENEFIT. The Company will require due proof of death before any death benefit is paid. Due proof of death will be:
PAYMENT OF DEATH BENEFIT. 9 BENEFICIARY.............................................................................................10
PAYMENT OF DEATH BENEFIT. In the event of the death of the Employee while the Policy and this Agreement are in force, the net proceeds of the Policy shall be divided into two parts and paid as follows:
PAYMENT OF DEATH BENEFIT. The death benefit will be determined at the time the Company has received the first Due Proof of the relevant death and a claim form in Good Order from a Beneficiary. The Company will pay the death benefit to the Beneficiary upon receipt of a request for payment with Due Proof of the relevant death in Good Order at the Company's Customer Care Center. If the Company has received Due Proof of death, the Company will calculate the share of the death benefit due to a Beneficiary using Contract values established at the end of the Business Day on the date the Company receives a claim form with a payment option elected from that Beneficiary. If the Company has not received Due Proof of death or any other required documentation, the Company will calculate the share of the death benefit due to a Beneficiary using Contract values established at the end of the Business Day on the date the Company receives any remaining required documentation. Index Adjustments may cause the calculation of a Beneficiary's death benefit share to differ from the calculation of another Beneficiary's death benefit share. Each Beneficiary entitled to the death benefit bears the investment risk associated with amounts allocated to any Index Account Option until the Company receives that Beneficiary's claim form in Good Order at the Company's Customer Care Center and calculates their share of the death benefit. If any death benefit is due to an Owner's estate, the Company will pay the benefit in a single lump-sum payment. Payment to a Beneficiary in a single lump-sum will include interest on the death benefit at a rate required by applicable state law, from the date the Company receives the Due Proof of death and a claim form in Good Order until the date the death benefit is paid. The Company will pay the death benefit, including any interest, in accordance with applicable laws and regulations governing death benefit payments and in accordance with the Company's administrative procedures.
PAYMENT OF DEATH BENEFIT. Upon Due Proof of Death of an Owner and while this Contract is in force, the death benefit will become payable in accordance with these provisions and subject to Section 72(s) of the Code following the Company’s receipt of a Request. When an Owner dies before the Annuity Commencement Date and a death benefit is payable to a Beneficiary, the death benefit proceeds will remain invested in accordance with the allocation instructions given by the Owner until new allocation instructions are Requested by the Beneficiary or until the death benefit is actually paid to the Beneficiary. The death benefit will be determined as of the date payments commence. However, on the date a payout option is processed, amounts in the Sub-Account will be Transferred to the Money Market Sub-Account unless the Beneficiary otherwise elects by Request. Distribution of the death benefit may be Requested to be made as follows (subject to the distribution rules set forth below):
1. payment in a single sum; or
PAYMENT OF DEATH BENEFIT. Within sixty (60) calendar days after UNUM receives satisfactory notification of the Participant's death, the Beneficiary must make an election to have the Death Benefit applied in one of the following ways:
(a) As a lump sum payment to the Beneficiary; or
(b) Towards an annuity to be distributed in substantially equal installments over the life expectancy of the Beneficiary or a period certain not exceeding the life expectancy of the Beneficiary; or
(c) A combination of the above. A Beneficiary who does not make an election pursuant to this section within sixty (60) days after UNUM receives notification of the Participant's death will receive a lump sum payment calculated in accordance with Section 8.1(b) above. If the Beneficiary is someone other than the spouse of the deceased Participant, the Code provides that the Beneficiary may not elect an annuity which would commence later than December 31 of the calendar year following the calendar year of the Participant's death. If a non-spousal Beneficiary elects to receive payment in a single lump sum, such payment must be received no later than December 31 of the fourth (4th) calendar year following the calendar year of the Participant's death. If the Beneficiary is the surviving spouse of the deceased Participant, under the Code, distributions are not required to begin earlier than December 31 of the calendar year in which the Participant would have attained age seventy and one-half (70-1/2). If the surviving spouse dies before the date on which annuity distributions commence, then, for purposes of the Death Benefit, the surviving spouse shall be deemed to be the Participant. If there is no living named Beneficiary on file with UNUM at the time of a Participant's death, UNUM will pay the Death Benefit to the Participant's estate in a single lump sum upon receipt of satisfactory proof of the Participant's death, but not later than December 31 of the fourth (4th) calendar year following the calendar year of the Participant's death. Valuation of the Death Benefit shall occur as of the end of the Valuation Period during which due proof of the Participant's death is received by UNUM.
PAYMENT OF DEATH BENEFIT. The Company will pay the death benefit to the Beneficiary upon receipt of a request for payment with Due Proof of the relevant death in Good Order at the Company's Service Center. If the Company has received Due Proof of death, the Company will calculate the share of the death benefit due to a Beneficiary using Contract values established at the end of the Business Day on the date the Company receives a claim form with a payment option elected from that Beneficiary. If the Company has not received Due Proof of death or any other required documentation, the Company will calculate the share of the death benefit due to a Beneficiary using Contract values established at the end of the Business Day on the date the Company receives any remaining required documentation. The Index Adjustments may cause the calculation of a Beneficiary's death benefit share to differ from the calculation of another Beneficiary's death benefit share. The Company will pay interest on a Beneficiary's death benefit share as required by law. Each Beneficiary entitled to the death benefit bears the investment risk associated with amounts allocated to any Index Account Option until the Company calculates their share of the death benefit. If any death benefit is due to an Owner's estate, the Company will pay the benefit in a single lump-sum payment. If a single lump-sum payment is elected, the Contract will remain in force and will accrue interest, at current rate(s) based on the Contract's current Crediting Method/Index combinations, until the Company first receives Due Proof of death in Good Order. After that time, the rate of interest will equal the rate of interest applicable to death benefit left on deposit with the Company on the date of Your death. The Company will pay the death benefit in accordance with applicable laws and regulations governing death benefit payments and in accordance with the Company's administrative procedures.
PAYMENT OF DEATH BENEFIT. On the death of the Annuitant, payment shall be made in accordance with the Annuity option provisions described in the Contract or as provided for by the Plan. However, selection of an annuity option that does not satisfy the conditions of this Section 6 shall not be permitted.
PAYMENT OF DEATH BENEFIT. If the Beneficiary elects a single sum payment of the Death Benefit, we will make payment within seven (7) days after the Death Benefit Valuation Date. If an annuity payout is requested, it may be any annuity payout that could have been selected under Section 8 and which is permitted by IRC Sections 401(a)(9), 403(b)(10) and the regulations thereunder.
PAYMENT OF DEATH BENEFIT. If the Death Benefit is to be paid in cash, the Company will make the payment within seven days of the Death Benefit Date, except as the Company may be permitted to defer any such payment in accordance with the Investment Company Act of 1940. If settlement under one or more of the Annuity Options is elected, the Annuity Commencement Date will be the first day of the second calendar month following the effective date of the election and the Participant's Account will be maintained in effect until the Annuity Commencement Date.
