Reso 2001-399 - Laserfiche WebLink

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FACILITY OF PAYMENT Policy benefIts may become payable to an Insured Person's estate, to a minor, or to a person who the Company does not consider ;ompetent to give a valid release. In that event, the Company has the option to pay one or more of the following: (1) a person who has assumed the care and support of the Insured Person or BenefIciary; (2) a person who has incurred expense as a result of the Insured Person's last illness or death; (3) the personal representative of the Insured Person's estate; or (4) any person related by blood or marriage to the Insured Person. No payment made under this section may exceed $2,000. Any payment made in good faith under this section will fully discharge the Company to the extent of the payment. Any remaining amount of benefIt will be paid as shown in the BenefIciary section. DEATH BENEFIT AMOUNT PAYABLE ON DEATH, Upon receipt of satisfactory proof of an Insured Person's death, the Company will pay a death benefIt equal to the amount of Personal Life Insurance in effect on the date of death, This amount is shown in the Schedule of Insurance, The benefIt will be paid as shown in the BenefIciary, Facility of Payment, and Settlement Options sections. SETTLEMENT OPTIONS INSTALLMENTS, All or part of the death benefIt may be received in installments, by making written election to the Company. ELECTION. While living, an Insured Person may direct the Company to pay the death benefIt in installments. Ifno such direction is in effect at the time of the Insured Person's death, the BenefIciary may make such an election, CONDITIONS. Any election, whether by an Insured Person or a BenefIciary, must comply with the Company's practices at the time it is made, The amount applied under a settlement option must be at least $2,000, It must be suffIcient to provide a payment of at least $20 per month. GLll01-896 11 05101/01