Death or Permanent Disablement Sample Clauses

The 'Death or Permanent Disablement' clause outlines the rights and obligations of the parties if one party dies or becomes permanently disabled during the term of the agreement. Typically, this clause specifies what happens to ongoing obligations, such as payment or performance, and may provide for the termination of the contract or the transfer of responsibilities to a legal representative or estate. Its core function is to ensure clarity and fairness in handling unforeseen personal tragedies, protecting both parties from uncertainty or dispute in such circumstances.
Death or Permanent Disablement. We will indemnify You to cover the monthly loan installment amount due and payable under your Mortgage Loan Agreement as a consequence of Accidental Death or Permanent Disablement (occurring within twelve (12) calendar months from the date of Accident) up to a maximum of six (6) monthly installments or the remaining loan balance or the maximum indemnity limit based on the Plan selected, whichever the lowest. Any payment made under this section shall reduce the Sum Insured by that amount from the date of Accident until the expiry of the Period of Insurance. In the event of a total of one hundred per cent (100%) of the Sum Insured having been paid during the Period of Insurance, all coverage hereunder shall immediately cease to be in force. Benefits above are subject to the following: (a) Where the Building which is the subject matter of the Mortgage Loan Agreement is purchased under joint names with more than one (1) Person, each of the Persons shall be entitled to an equal proportion of the Sum Insured. In the event of Accidental Death or Permanent Disablement of one (1) of the Persons, the claim payout shall be on a proportionate basis. (Applicable for benefit (iii) only). (b) The coverage shall immediately cease to be in force once the mortgage loan is fully paid. (c) This coverage will cease to apply in the event You dispose the Building which is the subject matter of the mortgage loan agreement. (d) The coverage (iii) is not applicable for company registered owner.
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Death or Permanent Disablement. We will indemnify You to cover the monthly loan installment amount due and payable under your Mortgage Loan Agreement as a consequence of Accidental Death or Permanent Disablement (occurring within twelve (12) calendar months from the date of Accident) up to a maximum of six (6) monthly installments or the remaining loan balance or the maximum indemnity limit based on the Plan selected, whichever the lowest. Any payment made under this section shall reduce the yearly Sum Insured by that amount from the date of Accident until the expiry of the Policy Year. The yearly Sum Insured will apply in full again upon commencement of the subsequent Policy Year. In the event a total of one hundred per cent (100%) of the yearly Sum Insured is paid during a Policy Year, all coverage under this benefit shall immediately cease to be in force for the same Policy Year. Benefits above are subject to the following: (a) Where the Building which is the subject matter of the mortgage loan agreement is purchased under joint names with more than one (1) person, each of the persons shall be entitled to an equal proportion of the Sum Insured. In the event of Accidental Death or Permanent Disablement of one (1) of the person, the claim payout shall be on a proportionate basis. (Applicable for benefit (iii) only) (b) The coverage shall immediately cease to be in force once the mortgage loan is fully paid. (c) This coverage will cease to apply in the event You dispose the Building which is the subject matter of the mortgage loan agreement. (d) The coverage (iii) is not applicable for company registered owner. (Applicable for SECTION IV - HOMEFIX) We shall compensate You the cost incurred for the events below occurring during the Period of Insurance:
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Death or Permanent Disablement. We will indemnify You to cover the monthly loan installment amount due and payable under your Mortgage Loan Agreement as a consequence of Accidental Death or Total Permanent Disablement up to a maximum of six (6) monthly installments or the remaining loan balance or the maximum indemnity limit based on the Plan selected, whichever the lowest. Any payment made under this section shall reduce the Sum Insured by that amount from the date of Accident until the expiry of the Period of is acquired from Partner Website as stated in the Schedule for the following categories: • Air conditioning; • Plumbing; • Electrical wiring; • Painting; • Roofing; and • Locksmith. This benefit shall cease upon one (1) valid claim made. You agree that the chosen service provider for any of the services or repair works mentioned above is entirely at Your discretion and We shall not be responsible for any loss or damage caused by the service provider in carrying out services or repair works mentioned above.
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Death or Permanent Disablement. We will indemnity You to cover the monthly loan installment amount due and payable under your Mortgage Loan Agreement as at consequence of Accidental Death or Permanent Disablement (occurring within twelve (12) calendar months from the date of Accident) up to a maximum of six (6) monthly insallments or the remaining loan balance or the maximum indemnity limit based on the Plan selected, whichever the lowest. And payment made under this section shall reduce the Sum Insured by that amount from the date of Accident until the expiry of the Period of Insurance. In the event of a total of one hundred per cent (100%) of the Sum Insured having been paid during the Period of Insurance, all coverage hereunder shall immediately cease to be in force. Benefits above are subject to the following: (a) Where the Building which is the subject matter of the Mortgage Loan Agreement is purchased under joint names with more than one (1) Person, each of the Persons shall be entitled to an equal proportion of the Sum Insured. In the event of Accidental Death or Permanent Disablement of one (1) of the Persons, the claim payout shall be on a proportionate basis. (Applicable for benefit (iii) only.) (b) The coverage shall immediately cease to be in force once the mortgage loan is fully paid. (c) This coverage will cease to apply in the event You dispose the Building which is the subject matter of the mortgage loan agreement. (d) The coverage (iii) is not applicable for company registered owner. (Applicable for Section IV – Homefix) We shall compensate You the cost incurred for the events below occurring during the Period of Insurance: We shall indemnify You in respect of the cost incurred in repairing (including relining) or replacing the damaged or replacing the damaged or broken pipe(s), including wall hacking and/or patching and property immediately affected by the damage as a result of an unexpected burst pipe(s) at Your Building up to the limit stated in the Schedule.
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Related to Death or Permanent Disablement

  • Death or Permanent Disability If Grantee shall die or become permanently disabled while employed by the Company or one of its affiliates, this Option shall expire one (1) year after the date of such death or permanent disability. During such period after death, Grantee's legal representative or representatives, or the person or persons entitled to do so under Grantee's last will and testament or under applicable interstate laws, shall have the right to exercise this Option as to only the number of shares to which Grantee was entitled to purchase on the date of his/her death.

  • Death or Total Disability In the event of the death of the Executive during the Term, this Agreement shall terminate as of the date of the Executive's death. In the event of the Total Disability (as that term is defined below) of the Executive for sixty (60) days in the aggregate during any consecutive nine (9) month period during the Term, the Company shall have the right to terminate this Agreement by giving the Executive thirty (30) days' prior written notice thereof, and upon the expiration of such thirty (30) day period, the Executive's employment under this Agreement shall terminate. If the Executive shall resume his duties within thirty (30) days after receipt of such a notice of termination and continue to perform such duties for four (4) consecutive weeks thereafter, this Agreement shall continue in full force and effect, without any reduction in Base Salary and other benefits, and the notice of termination shall be considered null and void and of no effect. Upon termination of this Agreement under this Paragraph 7(a), the Company shall have no further obligations or liabilities under this Agreement, except to pay to the Executive's estate or the Executive, as the case may be, (i) the portion, if any, that remains unpaid of the Base Salary for the Year in which termination occurred, but in no event less than six (6) months' Base Salary; and (ii) the amount of any expenses reimbursable in accordance with Paragraph 4 above, and any automobile allowance due under Paragraph 5 above; and (iii) any amounts due under any Company benefit, welfare or pension plan. Except as otherwise provided by their terms, any stock options not vested at the time of the termination of this Agreement under this Paragraph 7(a) shall immediately become fully vested.

  • Termination Upon Death or Permanent Disability This Agreement shall be automatically terminated on the death of Executive or on the permanent disability of Executive if Executive is no longer able to perform in all material respects the usual and customary duties of Executive’s employment hereunder. For purposes hereof, any condition which in reasonable likelihood is expected to impair Executive’s ability to materially perform Executive’s duties hereunder for a period of three months or more shall be considered to be permanent.

  • Permanent Disability Permanent Disability" shall mean Employee's physical or mental incapacity to perform his or her usual duties with such condition likely to remain continuously and permanently as determined by Employer.

  • Death or Disability The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.