Death of the Beneficiary Sample Clauses

Death of the Beneficiary. If a beneficiary elects an Annuity Payment plan as provided under the Payment Options provision and dies after payments begin, payments continue to beneficiaries named by the deceased beneficiary as provided under the Change of Beneficiary provision for the remainder of any guaranteed period. In any event, amounts remaining payable must be paid at least as rapidly as payments were being made at the time of such death.
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Death of the Beneficiary. When CalABLE is notified of a Beneficiary’s death, CalABLE will request satisfactory proof of death and documentation from the executor or administrator of the Beneficiary’s estate. Upon receipt of such proof of death, CalABLE will suspend all Account activity, except that the executor or administrator of the Beneficiary’s estate will be permitted to take withdrawals from the Account. Please note that the balance of an Account after a Beneficiary’s death may be subject to claims by states under their Medicaid recapture guidelines. An executor or administrator of a Beneficiary’s estate should consult with qualified tax and legal advisors regarding the tax treatment of such withdrawals and the potential for Medicaid/Medi-Cal recapture. Address Verification. Whenever a mailing address is changed, a confirmation of the change will be mailed to both the old and new addresses. MAKING CONTRIBUTIONS Who May Contribute? Any person (including your friends and family), corporation, trust, or other legal entity may make a contribution to your Account. Contributions made by anyone other than the Beneficiary (i.e., third-party contributions) are completed gifts to the Beneficiary and become the property of the Beneficiary. Minimum Contribution Amounts. An initial contribution of $25 is required to open your Account. The minimum amount for subsequent contributions is $25. Annual Contribution Limit. Contributions from all sources to an Account, made in one calendar year, may not exceed the Annual Contribution Limit. The Annual Contribution Limit is currently $15,000. For example, if you contribute $14,000 to an Account in a calendar year and a third-party contributes $1,000 to the same Account in the same calendar year, the Annual Contribution Limit will have been reached and no additional contributions will be accepted into the Account until the following year. The Annual Contribution Limit is subject to change periodically as the annual gift tax amount under federal income tax law is adjusted. You will be notified of any increase. If applicable, an Eligible Individual may be able to contribute additional amounts under the Expanded Annual Contribution Limit. Expanded Annual Contribution Limit. Certain eligible Account Owners (i.e., Beneficiaries) are permitted to make contributions to their Accounts in excess of the Annual Contribution Limit up to an amount equal to the Expanded Annual Contribution Limit. In order to be eligible under Section 529A to make additional cont...
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Death of the Beneficiary. In the event of death of the Beneficiary, caused by road accident involving the Insured Vehicle, OONA Insurance, upon the request of the beneficiary’s authorized representative, will arrange for the repatriation of the mortal remains to the usual place of residence for burial. The maximum payable amount per event is Two Thousand Pesos (Php. 2,000.00) for the account of OONA Insurance. This service does not include burial related expenses. Availment of this would constitute one event.
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Death of the Beneficiary. If cancellation of the Agreement has not been initiated pursuant to Paragraph 3.03 or Paragraph 3.04 below, then within 30 days of the Trustee's receipt from the Provider of a copy of the Beneficiary's certified death certificate and an Affidavit executed by the Beneficiary's surviving spouse, if any, or otherwise any adult descendant of the Beneficiary, or if none, any adult relative of the Beneficiary, stating that the Provider performed services and delivered merchandise in accordance with the Pre-need Contract and otherwise fulfilled the terms of the Pre-need Contract, the Trustee shall liquidate the Trust Funds and distribute the liquidation proceeds, net of any accrued but unpaid Trustee compensation and expenses and taxes as follows:
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Death of the Beneficiary. The trust principal shall remain invested in trust until such time as this Agreement is fulfilled, cancelled or defaulted. If this Agreement is in effect at Maturity, Firm shall file with the trustee or its agent documentation required by the Commonwealth of Pennsylvania evidencing the death of the Beneficiary. Upon receipt of same, trustee shall deliver all assets in trust related to this Agreement to the appropriate party.
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Death of the Beneficiary. The Medicare Set Aside Share shall be continued after the death of the Beneficiary for a reasonable period of time in the discretion of the Trustee for payment by the Trustee of medical expenses and prescription drug expenses otherwise payable by Medicare. Trustee shall have no liability to make any payment from the Medicare Set Aside Share as to any bill or account that has not been submitted in writing to the Trustee within one (1) year of death of the Beneficiary. To the extent that there is remaining principal, and accrued income if any, in the Medicare Set Aside Share after payment of all such medical bills and prescription drug expenses any assets that remain in the Beneficiary’s Trust sub-account at the Beneficiary’s death shall be retained by the Trust pursuant to the requirements of 42 U.S.C.§1396p and shall be administered by the Trustee.
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Death of the Beneficiary. If the Beneficiary dies, you may select a new Beneficiary, withdraw all, or a portion of the Account balance, or authorize all or a portion of the Account balance to be withdrawn and paid to the estate of the Beneficiary. Withdrawals that are paid to the estate of the Beneficiary will not be subject to the Federal Penalty, but earnings will be subject to any applicable federal income tax at the recipient’s (the person receiving the withdrawal) tax rate. If you select a new Beneficiary who is a Member of the Family of the former Beneficiary (see Substituting Beneficiaries), you will not owe federal or New York State income tax. No withdrawals due to the death of a Beneficiary are includable in computing the New York taxable income of either the Account Owner or the Beneficiary.
Sample 1
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Related to Death of the Beneficiary

  • Death of the Participant The Advisory Committee will direct the Trustee, in accordance with this Section 6.01(C), to distribute to the Participant's Beneficiary the Participant's Nonforfeitable Accrued Benefit remaining in the Trust at the time of the Participant's death. Subject to the requirements of Section 6.04, the Advisory Committee will determine the death benefit by reducing the Participant's Nonforfeitable Accrued Benefit by any security interest the Plan has against that Nonforfeitable Accrued Benefit by reason of an outstanding Participant loan.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • Death of the Employee The TERM automatically terminates upon the death of the EMPLOYEE. In the event of such death, the EMPLOYEE's estate shall be entitled to receive the compensation due the EMPLOYEE through the last day of the calendar month in which the death occurred, except as otherwise specified herein.

  • Death of the Executive In the event of the Executive’s death before all payments or benefits the Executive is entitled to receive under this Agreement have been provided, the unpaid amounts will be provided to the Executive’s designated beneficiary, if living, or otherwise to the Executive’s personal representative in a single lump sum as soon as possible following the Executive’s death.

  • Death of Optionee If the Optionee shall die while in the employ of the Company, Optionee's personal representative or the person entitled to Optionee's rights hereunder may at any time within six (6) months after the date of Optionee's death, or during the remaining term of this Option, whichever is the lesser, exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of the date of Optionee's death; provided, in any case, that this Option may be so exercised only to the extent that this Option has not previously been exercised by Optionee.

  • Death or Insolvency The dissolution of Borrower (regardless of whether election to continue is made), any member withdraws from Borrower, or any other termination of Borrower’s existence as a going business or the death of any member, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. Defective Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. BUSINESS LOAN AGREEMENT (ASSET BASED)

  • Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.

  • DEATH OF ANNUITANT If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.

  • Death of Owner If the Owner dies before the sole surviving Annuitant and before the Annuity Date, the death benefit proceeds will be equal to the Death Benefit Amount as of the Notice Date. If the Owner dies before the sole surviving Annuitant and before the Annuity Date, we will pay the death benefit proceeds to the first among the following who is (1) living; or (2) an entity entitled to receive the death benefit proceeds:

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