Dependent Life Insurance

Insuring Clause for Dependent Life Insurance

If a dependent dies from any cause, while insured for dependent Life Insurance under the Policy, the amount of such insurance, as decided by the provisions of the Policy, will be payable to the beneficiary shown below when the Company receives due proof of death in writing at its home office.

Conversion Privilege

If Life Insurance for a dependent ends because

1. Of the death of the Employee or his employment ending for any reason; or
2. The Employee's membership in an eligible class ends, the dependent shall have the right to have issued to him, without evidence of insurability, an individual policy of Life Insurance. The Policy will not have disability or other extra benefits. Such policy will be on one of the forms, other than term insurance, then being issued by the Company and will be issued only if:
   1. An application in writing for the individual Policy is made within a period (known as the conversion period) of 31 days after the dependent's life insurance ends;
   2. The first premium, which applies to the class of risks to which he then belongs and to the form and amount of such policy applied for at his then attained age, nearest birthday, is paid within such conversion period;
   3. The amount of such policy is not more than the amount of insurance that ended.

A parent or guardian of such dependent may apply for a conversion policy on behalf of such dependent, subject to all of the above standards, when the dependent is a minor or is not legally able to apply for such policy.

If all the Life Insurance of a dependent ends because the Policy terminates, or is changed, the above conversion privileges shall apply, subject to the following:

1. The dependent must have been covered by the Company for dependent life insurance under the Policy or any policy it replaces for at least 5 years before the date such insurance ends; and
2. The amount of individual insurance shall not be more than the lesser of:
   1. The amount of insurance which ended less the amount of any group life insurance issued or reinstated on the life of the dependent by the Company or any other carrier within the conversion period; and
   2. $2,000.

Conversion Period Death Benefit

Any individual policy which may be obtained under this conversion privilege shall become effective when such conversion period ends, if the dependent is then living.

If a dependent dies during the 31 day conversion period, the maximum shall be payable as a death benefit under the Group Policy, whether or not he applies for such conversion.

Beneficiary

"Beneficiary" means the person(s) named by the insured individual to receive proceeds of the Life Insurance benefits payable under this Plan upon the Employee's death. For purposes of this Section, the Beneficiary of any Employee who is married will be the spouse of the Employee, unless the spouse has provided written and notarized consent to the designation of another Beneficiary.

If an Employee becomes married subsequent to submission of a Beneficiary Card to the Trust Fund, the marriage shall result in the designation of the Spouse as Beneficiary, unless the Spouse, subsequent to the date of marriage, provides written and notarized consent to the designation of another Beneficiary.

If an Employee is not married, his Beneficiary will be the person designated by the Employee on the Trust Fund's Beneficiary Card, which is available from the Administrative Office. Subject to the above requirements, an Employee may name or change his Beneficiary at any time by filing a Beneficiary Card with the Trust Fund Administrative Office.

In the event of divorce, the designation of the Employee's Former Spouse shall result in a revocation of the Former Spouse as designated beneficiary unless otherwise required pursuant to a court order.

If more than one Beneficiary has been designated on the Beneficiary Card, each surviving Beneficiary shall share equally in the benefits payable under this Section unless otherwise stated on the Beneficiary Card.

If a designated Beneficiary does not survive the Employee, the contingent designated Beneficiary shall receive the proceeds of the Life Insurance payable under this Section of the Plan.

If no Beneficiary is named or no Beneficiary survives the Employee, the proceeds of the Life Insurance payable under this Section shall be payable to the surviving person or persons in the first of the following classes of successor Beneficiaries in which a member survives the Employee:

1. Spouse;
2. Surviving children of the Employee in equal shares;
3. Mother and Father of the Employee equally or to the surviving parent if both are not alive
4. Surviving Brother(s) and Sister(s); and
5. The executor or administrator of the Employee's estate.

Except as otherwise provided herein, any Beneficiary last named in a personal policy (or application therefore) issued under the Conversion Privilege shall be entitled to the entire proceeds of any benefits payable thereafter. The naming of such Beneficiary and filing of a Beneficiary Card with the Trust Fund Administrative Office constitutes a change of Beneficiary under the policy and is subject to the other requirements of this Plan.

If any payment of insurance proceeds has been made before any change in Beneficiary is received by the Administrative Office, the Trust Fund and the Company shall not be required to pay any proceeds previously distributed under the Plan.