ERROR IN AGE OR GENDER Clause Samples

The "Error in Age or Gender" clause addresses situations where a mistake is made in recording or reporting an individual's age or gender in a contract or policy. Typically, this clause outlines the steps to be taken if such an error is discovered, such as adjusting benefits, premiums, or other terms to reflect the correct information. Its core function is to ensure that the contract remains fair and accurate, preventing disputes or unintended advantages due to clerical or reporting mistakes.
ERROR IN AGE OR GENDER. When a benefit of this Contract is contingent upon any person's age or gender, we may require proof of such. We may suspend payments until proof is provided. When we receive satisfactory proof, we will make the payments that were due during the period of suspension. Where the use of unisex mortality rates is required, we will not determine or adjust benefits based upon gender. If after proof of age and gender (where applicable) is provided, it is determined that the information you furnished was not correct, we will adjust any benefit under this Contract to that which would be payable based upon the correct information. If we have underpaid a benefit because of the error, we will make up the underpayment in a lump sum. If the error resulted in an overpayment, we will deduct the amount of the overpayment from any current or future payment due under the Contract. Underpayments and overpayments will bear interest at an annual effective interest rate of 3%.
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ERROR IN AGE OR GENDER. If the age or gender (if not unisex classified) of the Insured has been misstated, the Death Benefit and Cash Value will be adjusted. The adjusted Death Benefit will be (1) multiplied by (2) and then the result added to (3) where:
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ERROR IN AGE OR GENDER. When a Contract benefit, or any charge or fee is contingent upon any person’s age or gender, we may require proof of such. We may suspend any payment due until that proof is provided. When we receive satisfactory proof, we will make all the payments that became due during the period of suspension. If after proof of age and gender is provided, it is determined that the previous information you furnished was not correct, we will adjust the benefits, charges, or fees to those that would result based upon the correct information. If we have underpaid a benefit because of the error, we will make up the underpayment in a lump sum. If the error resulted in an overpayment, we will deduct the amount of the overpayment from the Contract Value or from any current or future payment due under the Contract. Underpayments and overpayments will bear interest at an annual effective interest rate of 3%. Where the use of unisex mortality rates is required, we will not make any determination or adjustment based upon gender. Settlement — We pay all the benefits due under this Contract from our administrative office. You may apply the benefit amount to any option we offer for such payments at that time. Unless you instruct us otherwise before we make any payment, we will use the instructions contained in our records at that time. In either case, we are no longer liable for any payment after we make it.
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Related to ERROR IN AGE OR GENDER

  • Authorised Person For the purposes of this Agreement, the Selected Bidder is represented by [Insert Name of the authorized representative of the Selected Bidder/ Lead Member, in case of Consortium], pursuant to an authorization granted to

  • Lender in Individual Capacity Any Lender and its respective Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, provide Bank Products to, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with any Loan Party and its Subsidiaries and Affiliates and any other Person party to any Loan Documents as though such Lender were not a Lender hereunder without notice to or consent of the other members of the Lender Group (or the Bank Product Providers). The other members of the Lender Group acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, pursuant to such activities, such Lender and its respective Affiliates may receive information regarding a Loan Party or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of such Loan Party or such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to acknowledge) that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver such Lender will use its reasonable best efforts to obtain), such Lender shall not be under any obligation to provide such information to them.

  • Successor in Interest If the Account Owner dies before the entire interest in the account is distributed, the entire account will be disposed of as follows: • If the Beneficiary is the Account Owner’s spouse, the HSA will become the spouse’s HSA as of the date of death. • If the Beneficiary is not the Account Owner’s spouse, the HSA will cease to be an HSA as of the date of death. If the Beneficiary is the Account Owner’s estate, the fair market value of the account as of the date of death is taxable on the Account Owner’s final return. For other Beneficiaries, the fair market value of the account is taxable to that person in the tax year that includes such date.

  • Not Acting in Individual Capacity Except as provided in this Article VI, in accepting the trusts hereby created Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Trust Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.

  • Authorised Representatives Each of the Parties shall by notice in writing designate their respective authorised representatives through whom only all communications shall be made. A Party hereto shall be entitled to remove and/or substitute or make fresh appointment of such authorised representative by similar notice.