Benefit due definition

Benefit due means the amount equal to the deceased persons share-holding multiplied by the sum insured of the vessel under this policy. A proportion of this amount shall be paid to each surviving person named on the schedule in the ratio that their share-holding bears to the sum of the share-holdings of all surviving persons named in the schedule. However the most we will pay for any one death is $250,000 or $300,000 for any one policy. Share-holding means the percentage share in the ownership of the vessel:
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Benefit due means the amount equal to the deceased persons share-holding multiplied by the sum insured of the vessel under this Share-holding means the percentage share in the ownership of the vessel:
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Examples of Benefit due in a sentence

  • If the beneficiary becomes entitled to the Death Benefit due to the death of the Primary Annuitant prior to the Primary Annuitant's 75th birthday, the Death Benefit will not be less than: o total Net Purchase Payments paid under the contract; less o any amounts withdrawn under Section 4.5. As of the effective date, the Accumulation Value of the contract will be set at an amount equal to the Death Benefit.

  • If the Company shall find that such an attempt has been made with respect to any Benefit due or to become due to an employee the Company in its sole discretion may terminate his interest in such Benefit and apply the amount of such Benefit to or for the benefit of him, his spouse, parents, children or other relatives or dependents, as the Company may determine, and any such application shall be a complete discharge of all liability with respect to such Benefit.

  • The difference between (1) its prior estimated taxes or payments of Tax Benefit and (2) the amount of taxes due or payments of Tax Benefit due to that Member, shall be appropriately settled on the day such Member leaves the Group or on an alternative date mutually agreeable in writing to the Group and the departing Member.

  • Any Executive Benefit due hereunder shall be paid in twelve (12) substantially equal monthly installments, with payments commencing on the first (1st) day of the first (1st) month following Executive’s Separation From Service and continuing until the death of the Executive.

  • Other than amounts due as a result of Disability, then following a Change in Control, this Paragraph 5.4 shall determine the Executive Benefit due in the event of a Separation From Service at any time following such Change in Control.

  • Notwithstanding any other provision of this Agreement, the Executive Benefit due pursuant to the provisions of Paragraphs 5.1, 5.2, 5.3, 5.4A(2), and 5.5 shall be forfeited and no Executive Benefit shall be due Executive hereunder if Executive enters into any Competitive Activity on behalf of a Conflicting Organization in Employer's Market Area during Executive’s employment or within the two (2) year period following the date of Executive’s Separation From Service.

  • If the beneficiary becomes entitled to the Death Benefit due to the death of the Primary Annuitant prior to the Primary Annuitant's 75th birthday, the Death Benefit will not be less than: .

  • The Death Benefit due shall be paid in like manner as the Company’s payroll.

  • Any Severance Benefit due under this Section 2 shall be due and payable within five business days after the occurrence of the event giving rise to the Company's obligation to pay the Severance Benefit.

  • Notwithstanding any other provision of this Agreement, the Executive Benefit due the Executive pursuant hereto (if any) shall be forfeited and no Executive Benefit shall be due the Executive hereunder if the Executive enters into competitive activity in the Employer's market area within the three (3) year period beginning on the date of the Executive's termination of Employment.