Common use of PAYMENT OF DEATH BENEFIT Clause in Contracts

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. Within sixty (60) calendar days after UNUM LL&A 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. Form No.: GAC 96-101 (NY) 23 A Beneficiary who does not make an election pursuant to this section within sixty (60) days after UNUM LL&A 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 31st 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 31st 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 31st of the calendar year in which the Participant would have attained age seventy and one-half (70-70 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 LL&A at the time of a Participant's death, UNUM LL&A 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 31st 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.LL&A.

PAYMENT OF DEATH BENEFIT. Within sixty (60) calendar days after UNUM Xxxxxxx Life 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 Xxxxxxx Life 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 Lincoln Life at the time of a Participant's death, UNUM Lincoln Life 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 UNUMLincoln Life.

PAYMENT OF DEATH BENEFIT. Within sixty (60) calendar days after UNUM LL&A 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 LL&A 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 one (1) year following the calendar year of after 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 31st 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 31st of the calendar year in which the Participant would have attained age seventy and one-half (70-70 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 LL&A at the time of a Participant's death, UNUM LL&A 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 31st 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 UNUMLL&A. If any of the provisions of this Section 8.3 are not in accordance with the Plan, then the Plan requirements shall be deemed to supersede such provisions.