Common use of PAYMENT OF DEATH BENEFIT Clause in Contracts

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.

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 Company will maintain the Participant's Account will be maintained in effect until the Annuity Commencement Date.

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 ParticipantCompany will maintain the Covered Person's Account will be maintained in effect until the Annuity Commencement Date.