Net Death Proceeds definition

Net Death Proceeds means the total death proceeds of the Policy minus the cash surrender value.

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Net Death Proceeds means the death proceeds of the Policy, in the aggregate amount as provided in the attached endorsements.

Net Death Proceeds means the total death proceeds of the Participant’s Policy or Policies minus the greater of (i) cash surrender value or (ii) the aggregate premiums paid.

Examples of Net Death Proceeds in a sentence

The Bank shall be the beneficiary of an amount equal to the cash surrender value of the Policy and any portion of the Net Death Proceeds of the Policy remaining after the Executive’s Interest is determined according to Section 3.2.
The Executive shall have the right to designate the Beneficiary of an amount of Net Death Proceeds as specified in Section 3.2.1 or 3.
If the Executive’s rights under the Agreement are partially terminated, the Bank, in addition to an amount equal to the cash surrender value of the Policy, shall become the beneficiary of such portion of the Net Death Proceeds as to which the Executive’s rights have been terminated.
If after termination of employment the Executive has a Vested Insurance Benefit pursuant to Article 4 at the date of the Executive’s death, the Executive’s Beneficiary shall be entitled to a benefit equal to one and one half (1.5) times the Executive’s Base Salary for the Executive’s Final Year of Employment, provided the total benefit shall not exceed the Net Death Proceeds.
If the Executive dies while employed by the Bank, the Executive’s Beneficiary shall be entitled to a benefit equal to $2,100,000, which amount shall be increased annually on the anniversary date of this Agreement by an inflation adjustment factor of five percent, provided the total benefit shall be prorated from the first day of the year in which death occurs through the date of the Executive’s death and shall not exceed the Net Death Proceeds.

More Definitions of Net Death Proceeds

Net Death Proceeds means the total death proceeds of the Policy minus the cash surrender value. 1.6 “Policy” means the specific life insurance policy or policies issued by the Insurer. 1.7 “Salary Continuation Agreement” means the Salary Continuation Agreement between the Bank and the Executive, as the same may hereafter be amended. 1.8 “Split Dollar Policy Endorsement” means the form required by the Administrator or the Insurer to indicate the Executive’s interest, if any, in a Policy on the Executive’s life.

Net Death Proceeds means the total death proceeds of a Participant’s Policies minus the greater of (i) the Policies’ cash surrender value or (ii) the aggregate premiums paid by the Bank on the Policies.

Net Death Proceeds means the total death proceeds of the Policy minus the greater of (i) the Policy's cash surrender value or (ii) the aggregate premiums paid on the Policy by the Employer.

Net Death Proceeds means the amount of total death proceeds that exceeds cash surrender value for any bank-owned life insurance policy on the Executive's life for which the Company is owner and beneficiary. Any such policy shall be a general asset of the Company, and neither the Executive nor his/her beneficiaries shall have any preferred or secured claim to such policy.

Net Death Proceeds means an amount equal to the Death Proceeds minus the cash surrender value of the Policy on the date of the Insured's death.

Net Death Proceeds means the total death proceeds of the Policy minus the cash surrender value, after giving effect to the Executive’s death proceeds received under the Bank’s Executive Supplemental Insurance Plan effective March 24, 2004.

Net Death Proceeds means, with respect to a Participant, the total death proceeds payable pursuant to the Participant’s Policy minus the greater of (i) the cash surrender value of such Policy or (ii) the aggregate premiums paid by the Bank on such Policy.