Death Benefit Proceeds definition

Death Benefit Proceeds. The Death Benefit Proceeds (“Proceeds”) are the actual amount payable if the Survivor dies while this Policy is In Force. The Proceeds are equal to the Death Benefit, as of the date of the Survivor’s death, less any Policy Debt and less any Monthly Deductions that may be due and unpaid if death occurs during a Grace Period. We will pay the Proceeds within two months after we receive, at our Administrative Office, all of the following: • Due proof of the Insureds’ deaths, consisting of a certified copy of the death certificate for each Insured or other lawful evidence providing equivalent information • Proof of the claimant’s legal interest in the proceeds • Sufficient evidence that any legal impediments to payment of Proceeds that depend on parties other than us have been resolved. Legal impediments to payment include, but are not limited to (a) the establishment of guardianships and conservatorships; (b) the appointment and qualification of trustees, executors and administrators; (c) submission of information required to satisfy state and federal reporting requirements; and (d) conflicting claims Proceeds paid are subject to the conditions and adjustments defined in other Policy provisions, such as General Provisions, withdrawals, Standard Policy Loans, and Timing of Payments. We will pay interest on the Proceeds from the date of the Survivor’s death at a rate not less than the rate payable for funds left on deposit (see the Income Benefits section). If payment of Proceeds is delayed more than 31 calendar days after we receive the above requirements needed to pay the claim, we will pay additional interest at a rate of 10% annually beginning with the 31st calendar day referenced above. Proceeds are paid as a lump sum unless you choose another payment method, as described in the Income Benefits section.
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Death Benefit Proceeds means the proceeds payable to the beneficiary upon receipt by us of the satisfactory proof of the death of the Insured while this policy is in force. It is equal to: (1) the death benefit; plus (2) any additional life insurance proceeds provided by any riders; minus (3) any outstanding policy debt; minus (4) any overdue monthly deductions, including the deduction for the month of death.
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Death Benefit Proceeds. The "Death Benefit Proceeds" are the proceeds payable to the Beneficiary by us upon due proof of death of the Insured while the Policy is in force equal to: [1] the Death Benefit; minus [2] any outstanding Policy Debt; minus [3] any monthly deductions not yet deducted.
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Examples of Death Benefit Proceeds in a sentence

  • If not repaid, any indebtedness will reduce the amount of Death Benefit Proceeds and the amount available upon surrender of the policy.

  • The method for determining the amount payable is stated in the Death Benefit Proceeds provision.

  • If the Insured dies during the Grace Period, the Company will pay the Death Benefit Proceeds.

  • The table of illustrative net single premium factors included in the "Death Benefit Proceeds" section is consistent with the provision of the Contract.

  • The table of illustrative cash value corridor factors included in the "Death Benefit Proceeds" section is consistent with the provisions of the Contract.

  • If the Death Benefit becomes payable while a Policy loan is outstanding, the loan amount will be deducted in calculating the Death Benefit Proceeds.

  • If no beneficiaries survive to receive payment, the Death Benefit Proceeds will pass to the Owner, or the Owner’s estate if the Owner does not survive to receive payment.

  • Any Death Benefit Proceeds payable will not be reduced by the accumulated unpaid Monthly Deductions.

  • If the misstatement is discovered at death, the Death Benefit Proceeds will be adjusted based on what the cost of insurance rate as of the most recent Monthly Processing Day would have purchased at the Insured's correct age.

  • In the event of suicide within two (2) years of the effective date of any increase in Specified Amount, the Death Benefit Proceeds with respect to such an increase will be limited to a refund of the monthly charges for the cost of such additional insurance and the amount of insurance will be based on the Specified Amount prior to such increase, provided that the increase became effective at least 2 years from the Date of Issue shown in the policy Specifications.


More Definitions of Death Benefit Proceeds

Death Benefit Proceeds means the amount of proceeds paid, or to be paid, at the death of the Executive by the Insurance Company under an Insurance Policy. "Executive" or "Selected Key Executive" (collectively "Executives" or "Selected Key Executives") means: (i) an actively employed executive of the Company, or one of its subsidiaries or affiliates, nominated by an Officer of the Company, and approved by the Chairman of the Board of Directors of the Company, to be eligible to participate in the Plan; or (ii) a retired Executive of the Company, or one of its subsidiaries or affiliates, who was participating in the Plan at the date of Retirement. "Imputed Income" means that amount of annual income imputed to the Executive equal to the lower of (i) the one-year term insurance premium rate prescribed by the Internal Revenue Service or (ii) the Insurance Company's alternate term insurance premium rate, with either (i) or (ii), as applicable, multiplied by the Scheduled Death Benefit Amount provided to the Executive under the Plan at the time such imputed income is determined. "Insurance Company" means the life insurance company(ies) selected by the Company to issue Insurance Policies pursuant to the Plan. "Insurance Policy" means the life insurance policy, together with additional policy benefits and riders, if any, issued by the Insurance Company pursuant to the Plan. Unless otherwise required by the Plan, Insurance Policy terms used herein shall have the same meaning as in the Insurance Policy. "Normal Premium Period" means that time period during which the Rabbi Trust will pay Annual Premiums, subject to the limits on the amount of Annual Premiums to be paid by the Rabbi Trust set forth in Section 15, to the Insurance Company for an Insurance Policy issued pursuant to the Plan. The Normal Premium Period will extend from the date the first Annual Premium is paid until the later to occur of either: (i) the date the Executive reaches age sixty-five (65); or (ii) the date the cumulative amount of Annual Premiums paid by the Rabbi Trust and, if applicable, the cumulative amount of Extra Premiums paid by the Executive or his designee pursuant to Section 15, create sufficient cash value under the Insurance Policy, after taking into account the recovery of the Corporate Capital Interest by the Rabbi Trust, so that the Scheduled Death Benefit Amount can be sustained without further payment of Annual Premiums by the Rabbi Trust, the Executive or his designee, provided that this period shall...
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Death Benefit Proceeds. We will pay any Death Benefit proceeds to the Beneficiary as described in Part 3. The proceeds may be taken in a lump sum or applied under one of our settlement options. The Death Benefit proceeds payable is the Death Benefit then in effect: o Plus any additional amounts provided by rider on the life of the Insured; o Plus any Policy loan interest that we have collected but not earned; o Minus any Policy Loan; o Minus any unpaid Monthly Deductions. We will require due proof of death and settlement election and any required governmental forms before any Death Benefit is paid. Due proof of death will be:
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Death Benefit Proceeds means the amount of proceeds paid, or to be paid, at the death of the Executive by the Insurance Company under an Insurance Policy.
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Related to Death Benefit Proceeds

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Net Death Proceeds means the total death proceeds of the Policy minus the cash surrender value.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Special Hazard Loss Coverage Amount With respect to the first Distribution Date, $5,000,000. With respect to any Distribution Date after the first Distribution Date, the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Mortgage Loans, (ii) twice the principal balance of the largest Mortgage Loan and (iii) the aggregate of the principal balances of all Mortgage Loans secured by Mortgaged Properties located in the single California postal zip code area having the highest aggregate principal balance of any such zip code area and (b) the Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of Special Hazard Losses allocated to the Certificates since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the calendar month preceding the month of such Distribution Date after giving effect to Scheduled Payments on the Mortgage Loans then due, whether or not paid.

  • Fraud Loss Coverage Amount As of the Closing Date, $2,500,000, subject to reduction from time to time, by the amount of Fraud Losses allocated to the Certificates. In addition, on each anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will be reduced as follows: (a) on the first, second, third and fourth anniversaries of the Cut-off Date, to an amount equal to the lesser of (i) 1.00% of the then current Stated Principal Balance of the Mortgage Loans in the case of the first and second anniversaries and 0.50% of the then-current Stated Principal Balance of the Mortgage Loans in the case of the third and fourth such anniversaries and (ii) the excess of the Fraud Loss Coverage Amount as of the preceding anniversary of the Cut-off Date over the cumulative amount of Fraud Losses allocated to the Certificates since such preceding anniversary; and (b) on the fifth anniversary of the Cut-off Date, to zero.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • Additional Benefits means those benefits in addition to the rights and remedies available under the Australian Consumer Law.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Retirement allowance means the retirement payments to which a member is entitled.

  • Disability Benefit means the benefit set forth in Article 8.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Insurance Amount has the meaning set forth in Section 6.11(c).

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Actuarial equivalent means a benefit of equal value when