Common use of Payment Upon Death Clause in Contracts

Payment Upon Death. Subject to the Qualified Pre-Retirement Survivor Annuity Rules of Section 8.2, all death benefits payable under any policy held on behalf of a deceased Participant shall be paid to his Beneficiary. Such benefits may, as the Committee shall determine, be paid either to the Trust Fund, in which case the cash proceeds thereof shall be included as part of vested account balance of such Participant and distributed accordingly, or directly by the insurance company to the Beneficiary pursuant to the settlement option in effect at the time of the Participant's death. In the absence of such election, the benefits may be paid in a lump sum or under any other settlement option contained in such policy, as determined by the Committee.