Holders of Death Sample Clauses

Holders of Death. Maturity and Terminated Database Policies for which the Company paid a death benefit within the seven years preceding the Eligibility Date, or for which the Company paid a maturity, endowment or cash surrender benefit on or after January 1, 1989, shall automatically be Eligible Holders, subject to the following terms and conditions: 1. The Company shall conduct research (using the National Change of Address database and ChoicePoint) to update the address of the payee of the Policy's contractual benefits listed in the Company's records or in a Claim Form submitted for the Policy. 2. For those Policies for which the payee's address is updated or confirmed through the research in Section X.C.1 above, starting at the commencement of the Implementation Period, the Company shall mail any benefit payments due under this Agreement to the payee (or, if there are multiple payees, to each payee in proportion to the relative amounts of benefits to which each is entitled under the Policy); provided however, that if the Company's records indicate that the payee of the Policy is an Excluded Entity, then the provisions of Section X.D below shall apply. 3. For those Policies for which the payee's address cannot be updated or confirmed through the research in Section X.C.1 above, 30 days after the Claim-In Date, the Company shall mail the Confirmatory Letter, substantially in the form attached hereto as Exhibit K, to the payee of the Policy's contractual benefits at the payee's last-known address on the Company's records. a. If the Company receives an updated address or confirmation of the address from the payee, either in a writing postmarked within 30 days of the mailing of such Confirmatory Letter, or by telephone or e-mail within such period, then starting at the commencement of the Implementation Period, the Company shall mail any benefit payments due under this Agreement to the payee at the updated or confirmed address. b. If the Company does not receive an updated address or confirmation of the address from the payee in the manner and within the times specified in Section X.C.3.a above, then the settlement benefits otherwise payable to the payee shall increase the benefits that otherwise would be provided to Eligible Holders, on a proportionate basis based on the cost of each Policy's benefits (calculated in accordance with Exhibit M hereto). 4. If the Company's records indicate that the payee of the Policy is an Excluded Entity, then this Section X.C shall not apply...