Grouped Into 1 Collection of Similar Clauses From Business Contracts
This page contains Death Claims clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Death Claims. 6.1. Bank's Benefit. Upon the death of Employee, the Bank shall be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank's Policy Interest and the receipt of this amount by the Bank shall constitute satisfaction of the Bank's rights under Section 3 of this Agreement. 6.2. Employee's Benefit. Upon the death of Employee, the Beneficiary shall be entitled to receive the amount of the death benefits equal to the Employee Death Benefit and the receip...t of this amount by the Beneficiary shall constitute satisfaction of the Employee's rights under this Agreement. 6.3. Benefit Paid by Insurance Carrier. The benefit payable to Employee's Beneficiaries shall be paid solely by the Insurer from the proceeds of the Insurance Policy(ies) on the life of the Insured. In no event shall the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank cancel the Insurance Policy(ies) for any reason, neither Employee nor any Beneficiary shall be entitled to a death benefit. If Bank elects to cancel the Insurance Policy(ies) for any reason, Bank shall promptly notify the Employee of such cancellation in writing. 3 6.4. Suicide or Misstatement. The amount of the benefit payable to Employee's Beneficiaries may be reduced or eliminated if the Employee (i) fails or refuses to truthfully and completely supply such information or complete any forms as may be reasonably required by the Bank or the Insurer, (ii) otherwise fails to cooperate with the reasonable requests of the Bank or the Insurer, or (iii) dies under circumstances such that the Insurance Policy(ies) does not pay a full death benefit, as provided in the insurance policy. It is understood and agreed by the Bank and the Employee that the Employee shall not be required to provide any medical information, medical history, or take any medically-related test or examination in connection with this Agreement or the Insurance Policy(ies).View More
Death Claims. 6.1. Bank's Benefit. Upon the death of Employee, the Bank shall be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank's Policy Interest and the receipt of this amount by the Bank shall constitute satisfaction of the Bank's rights under Section 3 of this Agreement. 6.2. Employee's Benefit. Upon the death of Employee, the Beneficiary shall be entitled to receive the amount of the death benefits equal to the Employee Death Benefit and the receip...t of this amount by the Beneficiary shall constitute satisfaction of the Employee's rights under this Agreement. 6.3. Benefit Paid by Insurance Carrier. The benefit payable to Employee's Beneficiaries shall be paid solely by the Insurer Insurers from the proceeds of the Insurance Policy(ies) Policies on the life of the Insured. In no event shall the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank cancel the Insurance Policy(ies) Policies for any reason, neither Employee nor any Beneficiary shall be entitled to a death benefit. If Bank elects to cancel the Insurance Policy(ies) for any reason, Bank shall promptly notify the Employee of such cancellation in writing. 3 6.4. Suicide or Misstatement. The amount of the benefit payable to Employee's Beneficiaries may be reduced or eliminated if the Employee (i) fails or refuses to take a physical examination, to truthfully and completely supply such information or complete any forms as may be reasonably required by the Bank or the Insurer, (ii) or otherwise fails to cooperate with the reasonable requests of the Bank or the Insurer, or (iii) if Employee dies under circumstances such that the Insurance Policy(ies) Policies does not pay a full death benefit, as provided e.g., in the insurance policy. It is understood and agreed by the Bank and the Employee that the Employee shall not be required to provide any medical information, medical history, or take any medically-related test or examination in connection with this Agreement or the case of suicide within two years after a respective Insurance Policy(ies). Policy date. View More
