Common use of Additional Death Benefit - Burial Expense Clause in Contracts

Additional Death Benefit - Burial Expense. Upon the Participant's death, the Participant's Beneficiary shall also be entitled to receive a one-time lump sum death benefit in the amount of Fifteen Thousand Dollars ($15,000.00). This benefit shall be paid directly from the Bank to the Beneficiary and shall be provided specifically for the purpose of providing payment for burial and/or funeral expenses of the Participant. Such death benefit shall be payable within thirty (30) days from the date the Administrator receives notice of the Participant's death. The Participant's Beneficiary shall not be entitled to such benefit if the Participant is terminated for Cause prior to death.

Additional Death Benefit - Burial Expense. Upon the Participant's death, the Participant's Beneficiary shall also be entitled to receive a one-time lump sum death benefit in the amount of Fifteen Thousand Dollars ($15,000.00). This benefit shall be paid directly from the Bank to the Beneficiary and shall be provided specifically for the purpose of providing payment for burial and/or funeral expenses of 18 the Participant. Such death benefit shall be payable within thirty (30) days from the date the Administrator receives notice of the Participant's death. The Participant's Beneficiary shall not be entitled to such benefit if the Participant is terminated for Cause prior to death.