Collection of Death Proceeds Sample Clauses
The Collection of Death Proceeds clause outlines the process by which beneficiaries or designated parties can claim and receive the proceeds from a life insurance policy or similar benefit upon the insured individual's death. Typically, this clause specifies the documentation required, such as a death certificate, and the steps the insurer or responsible party must follow to verify the claim and disburse funds. Its core practical function is to ensure a clear, orderly, and timely transfer of death benefits, minimizing disputes and delays for beneficiaries during a difficult time.
Collection of Death Proceeds. 8.1 Upon the death of the Executive, the Company shall cooperate with the beneficiary or beneficiaries designated by the Executive to take whatever action is necessary to collect the death benefit provided under the Policy; when such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
8.2 Upon the death of the Executive, the Company shall have the unqualified right to receive a portion of such death benefit equal to the greater of (i) one-third thereof or (ii) the greater of the total amount of premiums paid by it hereunder or the then cash surrender value of the policy, such amount reduced by the amount, if any, of indebtedness against the Policy existing at the date of the death of the Executive (including any interest due on such indebtedness). The balance of the death benefit provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Company at the direction of the Executive, in the manner and in the amount or amounts provided in the beneficiary designation provisions of the Policy. In no event shall the amount payable to the Company hereunder exceed the Policy proceeds payable at the death of the Executive. No amount shall be paid from such death benefit to the beneficiary or beneficiaries designated by the Company at the direction of the Executive until the full amount due the Company hereunder has been paid. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof.
8.3 Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the Executive and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Company and the Executive’s beneficiary or beneficiaries shall have the unqualified right to share such premiums based on their respective cumulative contributions thereto.
Collection of Death Proceeds a. Upon the death of the last surviving Insured, the Corporation and the Trust shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
b. Upon the death of the last surviving Insured, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net premiums paid by it. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Policy beneficiary in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable as a result of the maturity of the Policy as a death claim. No amount shall be paid from such death benefit to the Policy beneficiary until the full amount due the Corporation hereunder has been paid.
c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the last surviving Insured and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation shall have the unqualified right to such premiums in an amount not to exceed the net premiums paid by it.
Collection of Death Proceeds. (a) Upon the death of the second to die of the Employee and Clai▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇e Corporation and the Owner shall cooperate to take whatever action is necessary to collect the death benefit, if any, provided under the Policy, and when such death benefit, if any, has been collected and paid as provided herein, this Agreement shall thereupon terminate.
Collection of Death Proceeds. (a) Following the deaths of both Insureds, the Corporation and the Owner promptly shall take all action necessary to obtain the death benefit provided under the Policy.
(b) The Corporation shall have the unqualified right to receive a portion of such death benefit equal to its Collateral Interest in the Policy. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Owner, pursuant to the beneficiary designation for the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable at the death of the Insureds. No amount shall be paid from such death benefit by the Owner until the full amount due the Corporation hereunder has been paid. The parties hereto agree that the beneficiary designation provisions of the Policy shall conform to the provisions hereof.
Collection of Death Proceeds a. Upon the death of the Employee, the Corporation and the Policy beneficiary shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
b. Upon the death of the Employee, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net premiums paid by it. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Policy beneficiary in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable as a result of the maturity of the Policy as a death claim. No amount shall be paid from such death benefit to the Policy beneficiary until the full amount due the Corporation hereunder has been paid.
c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the Employee and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation shall have the unqualified right to such premiums in an amount not to exceed the net premiums paid by it.
Collection of Death Proceeds. Upon the death of the Employee, the Corporation shall cooperate with the beneficiary or beneficiaries designated by the Corporation at the direction of the Employee to take whatever action is necessary to collect the death benefit provided under the Policy; when such benefit has been collected and paid as provided herein, this Agreement shall terminate.
Collection of Death Proceeds. (a) Upon the death of the Employee, the beneficiary or beneficiaries designated by the Owner shall collect the death benefits provided under the Policies.
(b) Upon the death of the Employee, the Company shall have no right whatsoever to receive any portion of the death benefit payable under any Policy. The entire death benefit provided under each Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner, in the manner and in the amount or amounts provided in the beneficiary designation provision of each Policy.
Collection of Death Proceeds. A. Upon the death of the Employee, the Employer and the beneficiary shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policies; when such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
B. Upon the death of the Employee, the Employer shall have the unqualified right to receive a portion of such death benefit equal to the total amount of the premiums paid by it hereunder, without interest. The balance of the death benefit provided under the Policies, if any, shall be paid directly to the Employee's beneficiary, in the manner and in the amount or amounts provided in the beneficiary designation for the Policies. In no event shall the amount payable to the Employer hereunder exceed the Policies' proceeds payable at the death of the Employee. No amount shall be paid from such death benefit to the beneficiary until the full amount due the Employer pursuant to the collateral assignment has been paid. The parties hereto agree that the beneficiary designation provision of the Policies shall conform to the provisions hereof.
Collection of Death Proceeds. Upon the death of the Employee prior to the termination of this Agreement during the Employee's lifetime, the Company and the Partnership shall cooperate with the beneficiary or beneficiaries designated by the Partnership to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
Collection of Death Proceeds. 2 7. Termination of the Agreement During the Employee's Lifetime .