Lump Sum Death Benefit Clause Samples
The Lump Sum Death Benefit clause defines the payment of a single, fixed amount to a designated beneficiary upon the death of the insured individual. Typically, this clause applies to life insurance policies or pension plans, where the benefit is paid out in one installment rather than as ongoing payments. Its core practical function is to provide immediate financial support to beneficiaries, ensuring they receive a clear, predetermined sum to help cover expenses or loss of income following the policyholder's death.
Lump Sum Death Benefit. In the event of a bargaining unit employee's death the designated beneficiary, beneficiaries or estate, must receive a lump-sum payment for accrued sick leave at the current pay rate, as follows:
A. If the death is the result of a non-service connected accident or illness—50 percent of the total value.
B. If the death is the result of a service-connected accident or illness—100 percent of the total value. The designated beneficiary must be specified by the employee or as designated under the Employee’s Retirement System of ▇▇▇▇▇▇▇▇▇▇ County, if not named specifically.
Lump Sum Death Benefit. In the event of an employee's death, the designated beneficiary, beneficiaries or estate, if permissible by law, must receive a lump sum payment for accrued sick leave at the current pay rate, as follows:
(a) if the death is the result of a non service-connected accident or illness - 50 percent of the total value; and
(b) if the death is the result of a service-connected accident or illness - 100 percent of the total value. The designated beneficiary must be specified by the employee or as designated under the Employees' Retirement System of ▇▇▇▇▇▇▇▇▇▇ County if not named specifically.
Lump Sum Death Benefit. If Employee dies before all of Employee's Transitional Compensation payments have been made, the Company will pay a lump sum death benefit equal to the discounted present value (based on the prime rate reported in The Wall Street Journal) of unpaid Transitional Compensation to Employee's designated beneficiary within 30 days from Employee's date of death.
Lump Sum Death Benefit. In the event that an Executive dies after a Severance Event and prior to receipt of the full amount of such Executive’s Severance Pay, then a lump sum death benefit shall be paid to the estate or beneficiary within ninety (90) days after the date of death of the Executive; provided, however, that payment may be deferred until the Executive’s executor or personal representative has been appointed and qualified pursuant to the laws in effect in the Executive’s jurisdiction of residence at the time of the Executive’s death. The lump sum death benefit shall be equal to the aggregate amount of the Severance Pay to which the Executive is entitled, but that has not been paid as of the date of death. Notwithstanding the foregoing, if, as of the date of death, the Executive has not executed the Release, or if executed, the time for revocation of the Release has not expired, then the payment of the lump sum death benefit shall be subject to the execution by such personal representative or beneficiary of a release substantially similar in scope to the Release.
Lump Sum Death Benefit. In the event of an employee’s death, the designated beneficiary,
1. If the death is the result of a non-service-connected accident or illness -- 75 percent of the total value; and
2. If the death is the result of a service-connected accident or illness --100 percent of the total value. The designated beneficiary must be specified by the employee or as designated under the Employees’ Retirement System of ▇▇▇▇▇▇▇▇▇▇ County, if not named specifically.
Lump Sum Death Benefit. In the event of a bargaining unit employee's death the designated beneficiary, beneficiaries or estate, must receive a lump-sum payment for accrued sick leave at the current pay rate, as follows:
Lump Sum Death Benefit. A one-time payment not to exceed $255 payable on the death of an insured worker. Lump-Sum Death Benefit— NP—Benefit payable if the deceased contributed for at least 3 years, was not entitled to a benefit, and had dependents who are not entitled to survivors benefits. EPI—
Lump Sum Death Benefit a. In addition to all other benefits payable pursuant to this Article III, upon the death on or after November 1, 1994 of any Participant who had begun to receive retirement or disability benefits, a lump sum benefit of $2,000 shall be paid to the Beneficiary designated by the Participant. If there is no designated Beneficiary then the benefit shall be payable in the same manner and order of preference set forth in Section 3.15.c. Although the Participant is entitled to a $2,000 Lump Sum Death Benefit, if the Participant is eligible for a Lump Sum Death Benefit under this Plan and under the Chicago Regional Council of Carpenters Pension Fund, the Lump Sum Death Benefit payable from this Plan shall be only $1,500.
b. If there is no Spouse, Children, parents or beneficiaries of the Chicago Regional Council of Carpenters Welfare Fund surviving, the Lump Sum Death Benefit may be paid to the individual who provides proof to the Trustees that he or she paid the funeral expense of the deceased Participant, or the Lump Sum Death Benefit may be paid directly to the funeral home in payment of the funeral expenses of the deceased Participant provide, that in these latter two instances the amount of the Lump Sum Death Benefit shall be limited to the amount of the funeral expenses.
c. If no one seeks reimbursement for funeral expenses, and there is no surviving Spouse, Children, parents or beneficiaries of the Chicago Regional Council of Carpenters Welfare Fund surviving, there shall be no Lump Sum Death Benefit paid hereunder. Whenever an individual entitled to receive a Lump Sum Death Benefit files an application for such Lump Sum Death Benefit, payment shall be made as soon as practicable after receipt of the application by the Plan.
Lump Sum Death Benefit. In addition to any other death ---------------------- benefits payable under this Section 4.5, upon receipt of proof satisfactory to the Committee of the death of a Pensioner who is receiving: