DEATH PAYMENT Sample Clauses
The Death Payment clause establishes the obligation for a party, typically an employer or insurer, to provide a specified payment to the beneficiaries or estate of an individual in the event of that individual's death. This payment may be a lump sum or calculated based on factors such as salary, years of service, or policy terms, and is often triggered by the death of an employee, insured person, or contract participant. The core function of this clause is to ensure financial support for dependents or designated recipients after a covered individual's death, thereby offering security and addressing the risk of loss of income or support.
DEATH PAYMENT. In the event of death, the beneficiary shall receive all sick and vacation pay accrued at the time of death.
DEATH PAYMENT. Upon our receipt of due proof of your death, a death payment will be due to the person named to receive such payment in keeping with Contract. Such death payment will be equal to the greater of:
DEATH PAYMENT. In the event that benefits become payable due to the Executives death, the benefit will be payable as of the first day of the month coincident with or next following the Executive’s death, and based on the presumption that the day before his death, the Executive began to receive a Fifty Percent (50%) Joint and Survivor Annuity, and died on the following day.
DEATH PAYMENT. Within ten business days of the death of the Employee during the Employment Term, the Employer shall pay to the estate of the Employee a lump-sum amount equal to the lesser of (a) the total amount of Base Salary the Employee would have received in the following six months, or (b) the total amount of Base Salary the Employee would have received until the Agreement End Date.
DEATH PAYMENT. Any unpaid salary shall be paid to an employee’s estate upon death.