Payment of Lump Sum Death Benefits Sample Clauses

The "Payment of Lump Sum Death Benefits" clause establishes the obligation to pay a single, fixed amount to a designated beneficiary upon the death of the insured individual. Typically, this clause outlines the process for determining the beneficiary, the timing of the payment, and any conditions that must be met before the benefit is disbursed. Its core practical function is to provide financial support to beneficiaries quickly and efficiently after the insured's death, ensuring clarity and certainty regarding the payout process.
Payment of Lump Sum Death Benefits. If an individual is ---------------------------------- entitled to benefits from one or more Companion Plans in which he participated subsequent to his last period of Covered Employment, and if such Companion Plan benefits include a single sum death benefit, he shall not be entitled to receive death benefits under Subsection 4.5(f) of this Plan.
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Related to Payment of Lump Sum Death Benefits

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.