Death Benefit Proceeds definition

Death Benefit Proceeds. The Death Benefit Proceeds (“Proceeds”) are the actual amount payable if the Survivor dies while this Policy is In Force. The Proceeds are equal to the Death Benefit, as of the date of the Survivor’s death, less any Policy Debt and less any Monthly Deductions that may be due and unpaid if death occurs during a Grace Period. We will pay the Proceeds within two months after we receive, at our Administrative Office, all of the following: • Due proof of the Insureds’ deaths, consisting of a certified copy of the death certificate for each Insured or other lawful evidence providing equivalent information • Proof of the claimant’s legal interest in the proceeds • Sufficient evidence that any legal impediments to payment of Proceeds that depend on parties other than us have been resolved. Legal impediments to payment include, but are not limited to (a) the establishment of guardianships and conservatorships; (b) the appointment and qualification of trustees, executors and administrators; (c) submission of information required to satisfy state and federal reporting requirements; and (d) conflicting claims Proceeds paid are subject to the conditions and adjustments defined in other Policy provisions, such as General Provisions, withdrawals, Standard Policy Loans, and Timing of Payments. We will pay interest on the Proceeds from the date of the Survivor’s death at a rate not less than the rate payable for funds left on deposit (see the Income Benefits section). If payment of Proceeds is delayed more than 31 calendar days after we receive the above requirements needed to pay the claim, we will pay additional interest at a rate of 10% annually beginning with the 31st calendar day referenced above. Proceeds are paid as a lump sum unless you choose another payment method, as described in the Income Benefits section.

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Death Benefit Proceeds means the proceeds payable to the beneficiary upon receipt by us of the satisfactory proof of the death of the Insured while this policy is in force. It is equal to: (1) the death benefit; plus (2) any additional life insurance proceeds provided by any riders; minus (3) any outstanding policy debt; minus (4) any overdue monthly deductions, including the deduction for the month of death.

Death Benefit Proceeds. The "Death Benefit Proceeds" are the proceeds payable to the Beneficiary by us upon due proof of death of the Insured while the Policy is in force equal to: [1] the Death Benefit; minus [2] any outstanding Policy Debt; minus [3] any monthly deductions not yet deducted.

Examples of Death Benefit Proceeds in a sentence

If no beneficiaries survive to receive payment, the Death Benefit Proceeds will pass to the Owner, or the Owner’s estate if the Owner does not survive to receive payment.
If this policy has been reinstated and the Insured dies by suicide, while sane or insane, within two years of the latest reinstatement date, the Death Benefit Proceeds will be limited to an amount equal to the sum of the premiums paid less the sum of any policy loans and withdrawals taken since such date.
The death benefit will be distributed in accordance with the Distribution of Death Benefit Proceeds provision below.
We will pay interest on Death Benefit Proceeds from the date of death to the date payment is made at a rate of interest not less than the guaranteed interest rate used for the Fixed Account under this policy.
If the owner is not the Annuitant, and the owner dies (including the first of joint owners) before the Maturity Date, We will recalculate the value of the death benefit proceeds under the provisions of Death Benefit Proceeds Prior To The Maturity Date below, by replacing all references to "Annuitant" with "owner." The value of the death benefit, as recalculated, will be paid in a single lump sum or by other election to the party taking proceeds under the current tax laws.
Suicide Exclusion — If the Insured dies by suicide, while sane or insane, within two years of the Policy Date, the Death Benefit Proceeds will be limited to an amount equal to the sum of the premiums paid, less the sum of any policy loans and withdrawals.
Proceeds Prior to Annuity Start Date If the Annuitant dies prior to the Annuity Start Date and is married at the date of death, the Death Benefit Proceeds will be paid to the surviving spouse, unless the Annuitant names another beneficiary and the spouse consents in writing to such designation.
The Death Benefit Proceeds payable equal the greater of the Contract Value or the Minimum Guaranteed Surrender Value on the Owner’s date of death.
The value as described in the Death Benefit Proceeds section of the Death Benefit Provisions.
If the Insured dies by suicide, while sane or insane, within two years of the Policy Date, the Death Benefit Proceeds will be limited to an amount equal to the sum of the premiums paid, less the sum of any policy loans and withdrawals.

More Definitions of Death Benefit Proceeds

Death Benefit Proceeds means the amount of proceeds paid, or to be paid, at the death of the Executive by the Insurance Company under an Insurance Policy.

Death Benefit Proceeds means the amount of proceeds paid, or to be paid, at the death of the Executive by the Insurance Company under an Insurance Policy. "Executive" or "Selected Key Executive" (collectively "Executives" or "Selected Key Executives") means: (i) an actively employed executive of the Company, or one of its subsidiaries or affiliates, nominated by an Officer of the Company, and approved by the Chairman of the Board of Directors of the Company, to be eligible to participate in the Plan; or (ii) a retired Executive of the Company, or one of its subsidiaries or affiliates, who was participating in the Plan at the date of Retirement. "Imputed Income" means that amount of annual income imputed to the Executive equal to the lower of (i) the one-year term insurance premium rate prescribed by the Internal Revenue Service or (ii) the Insurance Company's alternate term insurance premium rate, with either (i) or (ii), as applicable, multiplied by the Scheduled Death Benefit Amount provided to the Executive under the Plan at the time such imputed income is determined. "Insurance Company" means the life insurance company(ies) selected by the Company to issue Insurance Policies pursuant to the Plan. "Insurance Policy" means the life insurance policy, together with additional policy benefits and riders, if any, issued by the Insurance Company pursuant to the Plan. Unless otherwise required by the Plan, Insurance Policy terms used herein shall have the same meaning as in the Insurance Policy. "Normal Premium Period" means that time period during which the Rabbi Trust will pay Annual Premiums, subject to the limits on the amount of Annual Premiums to be paid by the Rabbi Trust set forth in Section 15, to the Insurance Company for an Insurance Policy issued pursuant to the Plan. The Normal Premium Period will extend from the date the first Annual Premium is paid until the later to occur of either: (i) the date the Executive reaches age sixty-five (65); or (ii) the date the cumulative amount of Annual Premiums paid by the Rabbi Trust and, if applicable, the cumulative amount of Extra Premiums paid by the Executive or his designee pursuant to Section 15, create sufficient cash value under the Insurance Policy, after taking into account the recovery of the Corporate Capital Interest by the Rabbi Trust, so that the Scheduled Death Benefit Amount can be sustained without further payment of Annual Premiums by the Rabbi Trust, the Executive or his designee, provided that this period shall...

Death Benefit Proceeds. We will pay any Death Benefit proceeds to the Beneficiary as described in Part 3. The proceeds may be taken in a lump sum or applied under one of our settlement options. The Death Benefit proceeds payable is the Death Benefit then in effect: o Plus any additional amounts provided by rider on the life of the Insured; o Plus any Policy loan interest that we have collected but not earned; o Minus any Policy Loan; o Minus any unpaid Monthly Deductions. We will require due proof of death and settlement election and any required governmental forms before any Death Benefit is paid. Due proof of death will be:

Death Benefit Proceeds means the proceeds paid by the Insurer pursuant to the Policies upon the Participant’s death.