Common use of Purchase of Life Insurance Policy Clause in Contracts

Purchase of Life Insurance Policy. The Company may, but is not required to, purchase a life insurance policy to fund the life insurance benefits payable to the Executive hereunder. If such an insurance policy is purchased by the Company, such policy shall name the Company as owner and beneficiary and, when purchased, shall remain a general unsecured, unrestricted asset of the Company, and neither the Executive nor any beneficiary of the Executive shall have any rights with respect to, or claim against, such policy. Such policy, if and when purchased by the Company, shall not be deemed to be held under any trust for the benefit of the Executive or any beneficiary of the Executive, nor shall such policy be deemed to be held in trust as collateral security for fulfilling the obligations of the Company hereunder. The benefits provided to the Executive and any beneficiary of the Executive under this Schedule are based upon the general credit of the Company and are otherwise unsecured. In the event the Company shall purchase a life insurance policy as set forth in this Subsection (d), and if a medical examination or examinations of the Executive and/or the furnishing of a health statement signed by the Executive (which statement may include an authorization by the Executive to any licensed physician or any organization, institution, or person that has knowledge of the Executive or his dependents to give such information to the insurer), is requested by the insurer, then the Executive agrees to submit to such examination or examinations or to provide such health statement in whatever form required by the insurer. If the Executive refuses to submit to such examination or examinations or to provide such health statement, then neither the Executive nor any beneficiary of the Executive shall have any right to the life insurance benefits provided under this Schedule and the Company shall have no further obligation hereunder.