PAYMENT PLAN ELECTIONS Sample Clauses
The Payment Plan Elections clause allows a party to choose from available payment schedule options for fulfilling their financial obligations under the agreement. Typically, this clause outlines the different payment plans offered, such as lump-sum, monthly, or quarterly installments, and specifies the process for making an election, including any deadlines or required notifications. Its core practical function is to provide flexibility and clarity in how payments are made, ensuring both parties understand the timing and structure of payments, and reducing the risk of disputes over payment terms.
PAYMENT PLAN ELECTIONS. FOR DEATH BENEFITS BY OWNER. The Owner may elect payment plans for death benefits: - while the Annuitant is living; or - during the first 60 days after the date of death of the Annuitant, if the Annuitant was not the Owner immediately prior to the Annuitant's death. An election made during the 60 days cannot be changed. FOR DEATH BENEFITS BY DIRECT OR CONTINGENT BENEFICIARY. A direct or contingent beneficiary may elect payment plans for death benefits payable to the direct or contingent beneficiary if no payment plan that has been elected is in effect. This right is subject to the Owner's rights during the above 60 days. FOR MATURITY BENEFITS OR WITHDRAWAL AMOUNTS. The Owner may elect payment plans for maturity benefits or withdrawal amounts. TRANSFER BETWEEN PAYMENT PLANS. A beneficiary who is receiving payment under a payment plan which includes the right to withdraw may transfer the amount withdrawable to any other payment plan that is available.
PAYMENT PLAN ELECTIONS. For Death Proceeds By Owner. The Owner may elect payment plans for death proceeds: o while the Insured is living. o during the first 60 days after the date of death of the Insured, if the Insured was not the Owner immediately prior to the Insured's death. An election made during this 60 days may not be changed.
PAYMENT PLAN ELECTIONS. FOR DEATH PROCEEDS BY OWNER. The Owner may elect payment plans for death proceeds: - while the Insured is living. - during the first 60 days after the date of death of the Insured, if the Insured just before his death was not the Owner. No one may change this election made during those 60 days. FOR DEATH PROCEEDS BY DIRECT OR CONTINGENT BENEFICIARY. A direct or contingent beneficiary may elect payment plans for death proceeds payable to him if no payment plan that has been elected is in effect. This right is subject to the Owner's rights during the above 60 days. FOR SURRENDER PROCEEDS. The Owner may elect payment plans for surrender proceeds. The Owner will be the direct beneficiary.
PAYMENT PLAN ELECTIONS. FOR DEATH BENEFITS BY OWNER. The Owner may elect payment plans for death benefits while the Annuitant is living. FOR MATURITY BENEFITS OR WITHDRAWAL AMOUNTS. The Owner may elect payment plans for maturity benefits or withdrawal amounts. TRANSFER BETWEEN PAYMENT PLANS. A beneficiary who is receiving payment under a payment plan which includes the right to withdraw may transfer the amount withdrawable to any other payment plan that is available.
PAYMENT PLAN ELECTIONS. For Death Proceeds By Owner. The Owner may elect payment plans for death proceeds:
PAYMENT PLAN ELECTIONS. For Death Benefits by Owner. The Owner may elect payment plans for death benefits while the Annuitant is living.
PAYMENT PLAN ELECTIONS