Death Benefit Payment. A. Management shall, at its expense, provide a death benefit payment which will provide a payment in the amount of Forty Thousand Dollars ($40,000) to any employee within the bargaining unit, which benefit shall be payable to the beneficiary or beneficiaries of any such employee whose death does not result from an injury arising out of and in the course of his/her employment with the City. Said benefit shall be payable to the beneficiary or beneficiaries of the employee's choice as designated on the "Designation of Beneficiary" forms which shall be provided by Management and shall be kept on file in the City Personnel Office. Employees shall have the right to change the beneficiary or beneficiaries at any time during their employment with the City by executing a "Change of Beneficiary" form as provided by Management. In case an employee dies and is not survived by a designated beneficiary, or fails to execute a "Designation of Beneficiary" form, said death benefits shall be payable to the administrator or executor of the estate of the deceased employee. All rights to such death benefits shall terminate upon termination of employment by reason of discharge, retirement, resignation or layoff. Termination of employment shall be deemed to occur when an employee ceases to be employed by Management, except that any employee who is granted a leave of absence because of disability or an approved maternity leave will nevertheless be considered still employed. Termination of employment shall not be deemed to include an employee who is under suspension for disciplinary reasons or an employee who shall have been unlawfully dismissed.
Death Benefit Payment. The value of the Death Benefit will be determined as of the Valuation Date coincident with, or next following the date the Company receives in writing at the Home Office the following three items: (1) proper proof of the Annuitant's death; (2) an election specifying Distribution method; and (3) any applicable state required form(s).
Death Benefit Payment. If the Owner has not previously designated a Options During the death benefit payment option, a Beneficiary must Accumulation Phase request that the death benefit be paid by one of the payment options below.
Death Benefit Payment. Upon the death of the Executive, --------------------- whether before, on or after the Extension Date, the Bank shall make a single sum payment to the person or persons designated by the Executive in writing or, in the absence of such designation, the executor or other personal representative of the Executive's estate of an amount equal, after payment of any applicable federal and state income taxes, to the amount by which $1,000,000 exceeds the life insurance payable upon the Executive's death under the Bank's Group Term Life Insurance Program; and the Bank may determine from time to time whether the payment shall be insured or made from the Bank's general assets. The Executive agrees to cooperate with the Bank in the event that the Bank seeks to obtain insurance on the Executive's life.
Death Benefit Payment. ANNUITIZATION PROVISIONS..............................................................7 2 3 DEFINITIONS ----------- ANNUITANT - The person upon whose continuation of life any annuity payments involving life contingencies depends. ANNUITIZATION - The period during which annuity payments are received by the Annuitant. ANNUITIZATION DATE - The date the annuity payments actually commence. ANNUITY COMMENCEMENT DATE - The date on which annuity payments are scheduled to commence. ANNUITY PAYMENT OPTION - The chosen form of annuity payments. Several options are available under the Certificate Agreement. BENEFICIARY - The person designated to receive certain benefits under the Certificate Agreement upon the death of the Annuitant, if there is no surviving Joint Certificate Owner, prior to the Annuitization Date.
Death Benefit Payment. The value of the Death Benefit will be determined as of the date specified in the Certificate Agreement and will be calculated in the manner described therein. ANNUITIZATION PROVISIONS ------------------------ All annuitization provisions, including the selection and change of Annuity Payment Options, the Annuity Commencement Date, calculation and frequency of payments, and the available Annuity Payment Options are prescribed in the Certificate Agreement. A Supplementary Agreement will be issued to the Annuitant within 30 days following the Annuitization Date. The Supplementary Agreement will set forth the terms of the Annuity Payment Option selected.
Death Benefit Payment. Staff Employees covered by this Agreement are eligible for a death benefit payment to their beneficiary or beneficiaries as set forth in the CBS Policy Guide.
Death Benefit Payment. Interest will be paid on the death benefit from the date of death. Interest on the death benefit will accrue at the rate applicable to the policy for funds left on deposit. In determining the effective annual rate or rates, we will use the rate in effect on the date of death. Additional interest will accrue at a rate of 10% annually beginning 31 days from the latest of the following items to the date the claim is paid:
Death Benefit Payment. The Death Benefit is only payable if the Owner Annuitant dies before the Annuitization Date. Prior to paying the Death Benefit and subject to the discussion in the second paragraph under “Succession of Rights and the Death Benefit”, Universal Life must receive in writing at its home office in Guaynabo, Puerto Rico the following three items: (1) proper proof of the Owner’s death; (2) an election specifying the method of Surrender; and (3) Puerto Rico required forms (including any required under Puerto Rico estate tax laws and regulations). Universal Life will accept any one of the following as proper proof of the Owners death:
