Alternate Payee Sample Clauses
An Alternate Payee clause designates a person, other than the primary beneficiary, who is entitled to receive all or a portion of benefits from a retirement plan, insurance policy, or similar financial arrangement. Typically, this clause is used in the context of divorce or child support, where a court order may require that a portion of an individual's benefits be paid directly to a former spouse or dependent. The core function of this clause is to ensure that legal obligations to third parties are met by redirecting payments as required, thereby facilitating compliance with court orders and protecting the interests of those entitled to receive such benefits.
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Alternate Payee. A. Pursuant to the provisions of the Assumption of Liability Endorsement, the Reinsurer has agreed that, in lieu of payment to the Company or its receiver, rehabilitator, liquidator, conservator, or other statutory successor, it shall pay valid claims under the Policy directly to the Insured, at the Insured's request, if a Cut Through Triggering Event (as that term is defined in the Assumption of Liability Endorsement) occurs.
B. In such an event, the following shall apply:
1. Upon notice from the Insured, the Reinsurer will make payment directly to the Insured in lieu of payment to the Company, or its liquidator, receiver or statutory successor; and
2. The Reinsurer shall be credited with an amount equal to such payment and shall be relieved of its corresponding responsibility and liability to the Company, or its liquidator, receiver or statutory successor under the Insolvency Article of this Contract for the amount of such payment for any sum or sums owed or owing under this Contract.
C. In the event the foregoing provisions apply, all the other provisions of this Contract (except for any which would require a payment from or credit from the Insured on obligations of, or incurred by, the Company) shall apply to the Insured in the same manner as if the Insured were substituted for the Company as the reinsured party hereunder (however in no event shall the Insured be obligated to make any payments to the Reinsurer or to provide any credits or set-offs to the Reinsurer on obligations of, or incurred by, the Company).
D. In no event shall the Reinsurer be subject to duplicate liability to the Company, its liquidator, receiver, or statutory successor. For the avoidance of doubt, in respect of the payment made by the Reinsurer to the Insured, the Reinsurer shall be fully and finally released and discharged from any corresponding liability to the Company for such payment to the Insured, including without limitation to the Company's receiver, rehabilitator, liquidator, conservator, or other statutory successor or any other entity or person claiming by or through or under this Contract including without limitation the Insured.
E. This Article shall control in the event of any conflict with any other provision of this Contract, notwithstanding anything to the contrary in this Contract.
Alternate Payee. 13.01 As respects subject business assumed as reinsurance under this Agreement, it is agreed that if the Company has a conservator, liquidator or receiver appointed for it, or becomes the subject of any conservation, liquidation or insolvency proceeding, and the General Agent exercises its option to require the Company to permit all its liabilities under the Policies reinsured hereunder to be assumed by another licensed insurer as is permitted pursuant to the General Agency Agreement, such assuming insurer shall be substituted for the Company as payee of any reinsurance recoverable hereunder in respect of losses under Policies subject hereto, and the Reinsurer, shall make payment thereof directly to the substituted insurer. In the event of assumption, the Company shall, however, be entitled to any fronting fees and other sums owing hereunder with respect to Policies originally issued on its behalf.
13.02 In the event that an assuming insurer is submitted for the Company under Section 13.01, all the other provisions of this Agreement shall apply to the substituted insurer in the same manner as if said insurer were substituted for the Company as the reinsured party hereunder, and to the extent this Agreement reinsures such substituted insurer, coverage hereunder shall be excluded as respects the Company.
Alternate Payee. If the Grantee designates a party as an Alternate Payee, Alternate Payee is authorized to submit payment requests directly to SANDAG to receive reimbursement for allowable Project costs. This does not alleviate Grantee from all obligations under this Grant Agreement.
Alternate Payee. A spouse, a former spouse, child or other dependent of a Participant who is assigned under a qualified domestic relations order (as defined by Section 414(p) of the Code) a right to receive all or a portion of the benefits payable with respect to a Participant.
Alternate Payee. An Alternate Payee must be a spouse, former spouse, child, or other dependent of a Participant.
Alternate Payee. A. If the Company becomes insolvent, specific insureds (which shall be explicitly named in an amendment to the Contract) shall be permitted to make direct claim to the Reinsurer subject to all terms and conditions, including but not limited to all retentions and limits, of the Policy and the Contract. The Reinsurer shall have no duty to defend any actions against the named insureds and shall have no liability for amounts due from other Subscribing Reinsurers. In no event shall the provisions of this Article subject the Reinsurer to any additional liability to or on behalf of the Company or its liquidator, receiver, conservator or statutory successor. The Reinsurer reserves the right to set off any outstanding premium against payment in accordance with this Article, before such payment is made.
B. The Company has the option to allow insured, in addition to those specifically listed in an amendment to this Contract, to make direct claim to the Reinsurer in the manner set forth in that paragraph, and the Reinsurer agrees to provide to any such insureds the coverage described in that paragraph, subject to all the conditions set forth in that paragraph.
Alternate Payee. A person designated to receive all or a portion of the Participant’s benefit pursuant to a QDRO. See Section 11.5.
Alternate Payee. An individual who is designated as an alternate payee in a Qualified Domestic Relations Order (as defined in Code section 414(p) and ERISA section 206(d)) relating to a Participant’s benefits under this Plan shall be treated as a Beneficiary hereunder, to the extent provided by such order.
Alternate Payee. “Alternate Payee” means any spouse, former spouse, child or other dependent of a Participant who is recognized as such under the definition in Code Section 414(p)(8).
Alternate Payee. An Alternate Payee as determined by the Certificate Owner(s).