Death Before Benefit Period Sample Clauses
The 'Death Before Benefit Period' clause defines what happens if the insured individual passes away before the commencement of the policy's benefit period. Typically, this clause outlines whether any benefits, such as a lump sum payment or a return of premiums, are payable to the beneficiary if death occurs before the policy's scheduled payout phase begins. Its core function is to clarify the insurer's obligations in this scenario, ensuring both parties understand what is owed and preventing disputes over coverage in the event of early death.
Death Before Benefit Period. If the Director has become entitled to benefits under this Agreement, but the Director dies before the commencement of such benefit payments, the Bank shall pay such benefits to the Director's Beneficiary at the same times and in the same amounts they would have been paid to the Director had the Director survived. This benefit shall be payable on the first day of each month commencing with the month following the Director's death. If the Director's Beneficiary dies prior to receiving all such payments, then any remaining payments shall be paid to the Beneficiary's estate.
Death Before Benefit Period. If the Employee has become entitled to benefits under this Agreement, but the Employee dies before the commencement of such benefit payments, the Bank shall pay such benefits to the Employee's Beneficiary at the same times and in the same amounts they would have been paid to the Employee had the Employee survived. This benefit shall be payable on the first day of each month commencing with the month following the Employee's death. If the Employee's Beneficiary dies prior to receiving all such payments, then any remaining payments shall be paid to the Beneficiary's estate.