Where the Organization has decided to pay all or part of the mutual aid benefits by installment payment and a ground set out in the following items arises, the Organization is to pay in a lump sum, to the person specified in the relevant item, the total amount of the amounts equivalent to the present value of the installment mutual aid benefits whose payment months have not arrived by the time the ground arises (hereinafter referred to as "present value amounts"):
when a mutual aid policyholder dies: the heir;
共済契約者が死亡したとき 相続人
where a special circumstance specified by Order of the Ministry of Economy, Trade and Industry, such as a severe disability, arises with respect to a mutual aid policyholder and that person requests the Organization to pay the total amount of the present value amounts in a lump sum: that person.
The present value amount is the amount obtained by discounting the amount of the installment mutual aid benefit by the compound present value method, using the interest rate determined by the Minister of Economy, Trade and Industry as the interest rate that served as the basis for calculating the installment payment rate for that amount, according to the period from the most recent payment month after a ground set out in either item of the preceding paragraph arises to the payment month for that installment mutual aid benefit.
Read this with the articles around it
the Organizationmachine translation
「機構」
The Organization for Small and Medium Enterprises and Regional Innovation, JAPAN (独立行政法人中小企業基盤整備機構), an incorporated administrative agency, with which small-scale enterprises (小規模企業者) conclude mutual aid contracts (共済契約) and which pays the mutual aid benefits (共済金).
Short name set inArticle 2, paragraph (2)
mutual aid policyholdermachine translation
「共済契約者」
An individual business operator, or an officer of a company or of a small and medium-sized enterprise organization (中小企業団体), who is a party to a mutual aid contract (共済契約).
Defined inArticle 2, paragraph (3)· applies throughout the law
installment mutual aid benefitmachine translation
「分割共済金」
The amount of a mutual aid benefit (共済金) paid in each payment month (支給期月) when it is paid in installments: the benefit, or the part of it chosen to be paid in installments, multiplied by a rate a Cabinet Order (政令) sets for the length of the installment period.
Short name set inArticle 9-3, paragraph (5)
installment payment ratemachine translation
「分割支給率」
The rate a Cabinet Order (政令) sets for each installment payment period (分割支給期間), by which a mutual aid benefit (共済金), or the part of it paid in installments, is multiplied to give the amount of each installment.
Short name set inArticle 9-3, paragraph (5)· applies only in this provision and in Article 9-4, paragraph (2)
present value amountmachine translation
「現価相当額」
Where a mutual aid benefit (共済金) is being paid in installments and the mutual aid policyholder (共済契約者) dies, or meets with a severe disability or other special circumstance a Ministry of Economy, Trade and Industry Order (経済産業省令) sets and asks for it, the present value of each installment (分割共済金) whose payment month (支給期月) has not yet come, the total of which is paid in one lump sum.
Short name set inArticle 9-4, paragraph (1)