Common use of Policy Proceeds Clause in Contracts

Policy Proceeds. Subject to Section 8, upon the death of Insured, the death proceeds of the Policy shall be divided in the following manner: a. The Insured’s beneficiary(ies) designated in accordance with Section 3 shall be entitled to an amount equal to the Death Benefit as defined in Exhibit A attached to and made a part hereof. b. The Bank shall be entitled to any death proceeds payable under the Policy remaining after payment to the Insured’s beneficiary(ies) under Section 6(a) above. c. The Bank and Insured shall share in any interest due on the death proceeds of the Policy on a pro rata basis based upon the amount of proceeds due each party divided by the total amount of proceeds, excluding any such interest. d. The Bank shall be entitled to a certified copy of the Insured’s death certificate prior to providing the Insurer the amount to be paid to the Insured’s beneficiary(ies) as set forth in this Section 6.

Policy Proceeds. Subject to Section 8, upon the death of Insured, the death proceeds of the Policy shall be divided in the following manner: a. (a) The Insured’s beneficiary(ies) designated in accordance with Section 3 shall be entitled to an amount equal to the Death Benefit as defined in Exhibit A attached to and made a part hereof. b. (b) The Bank shall be entitled to any death proceeds payable under the Policy remaining after payment to the Insured’s beneficiary(ies) under Section 6(a) above. c. (c) The Bank and Insured shall share in any interest due on the death proceeds of the Policy on a pro rata basis based upon the amount of proceeds due each party divided by the total amount of proceeds, excluding any such interest. d. (d) The Bank shall be entitled to a certified copy of the Insured’s death certificate prior to providing the Insurer the amount to be paid to the Insured’s beneficiary(ies) as set forth in this Section 6.