Common use of Initial Procedure Clause in Contracts

Initial Procedure. The Director or his Beneficiary (the “claimant”) shall have the right to request any benefit under this Agreement by filing a written claim for any such benefit with the Bank. The Board shall give such claim due consideration and shall either approve or deny it in whole or in part. Notice of any denial thereof, in whole or in part, shall be delivered to, and a receipt therefor shall be obtained from, the claimant or the claimant’s duly authorized representative or such notice of denial shall be sent by registered mail to the claimant or the claimant’s duly authorized representative at the address shown on the claim form or such individual’s last known address. Such notice of denial shall be written in a manner calculated to be understood by the claimant and shall: (i) set forth a specific reason or reasons for the denial, (ii) make specific reference to the pertinent provisions of this Agreement on which any denial of benefits is based, (iii) describe any additional material or information necessary for the claimant to perfect the claim and explain why such material or information is necessary, and (iv) explain the claim review procedure of subparagraph (b).