Guaranteed Minimum Income Benefit Sample Clauses

Guaranteed Minimum Income Benefit. 1. The indemnity cession shall be the share of the IBNAR (defined in Article IV) that is generated prior to the termination of the Reinsurer's liability (defined in Article II), by the Guaranteed Minimum Income Benefit Rider (the "Income Program") provisions of the Reinsured Contracts, as specified in Schedule A.
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Guaranteed Minimum Income Benefit. 1. For an individual contract, the liability of the Reinsurer under this Agreement will terminate either in accordance with Paragraph B, above, or upon the earliest of the following occurrences defined in the contracts ceded hereunder:
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Guaranteed Minimum Income Benefit. The GMIB is a feature providing for the option to receive a guaranteed minimum income benefit with payments for life with a period certain. The GMIB is only available if you elect the GMDB. If available at that time, the GMIB feature must be elected when you purchase your Contract. Once elected, this election is not revocable until the end of the seventh Contract Year. Once the GMIB election is revoked, it cannot be reinstated. The amount of the GMIB Charge is based on the available GMIB Protected Value option that you elect. The calculation of the GMIB payout amount is described below. You may exercise the GMIB payout option after the Waiting Period. The Exercise Periods run for 30 days and begin on each Contract Anniversary after the Waiting Period ends.
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Guaranteed Minimum Income Benefit. 1. The indemnity retrocession shall be the share of the IBNAR (defined in Article IV) that is generated prior to the termination of the Retrocessionaire’s liability (defined in Article II), by the Guaranteed Minimum Income Benefit Rider (the “Income Program”) provisions of the Reinsured Contracts, as specified in Schedule A. Exeter Reassurance Co., GMDB Agreement No. 2001-44, Effective April 1, 2001 Amendment No. 8
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Guaranteed Minimum Income Benefit. ("GMIB") CHARGE: If you elect the GMIB, the charge depends on the GMIB Protected Value option that you have elected. The charge is calculated daily and deducted on each Contract Anniversary and pro-rata upon a full and certain partial withdrawals. The charge is deducted pro-rata from all Allocation Options to which your Contract Value is allocated. [ ] You have elected the GMIB and the GMIB Protected Value option of the Roll-Up. Therefore, the daily rate is [0.00068408%], which is equivalent to an annual rate of [0.25%]. [[ ] You have elected the GMIB and the GMIB Protected Value option of the Step-Up. Therefore, the daily rate is [0.00068408%], which is equivalent to an annual rate of [0.25%]. [ ] You have elected the GMIB and the GMIB Protected Value option of the greater of the Roll-Up and Step-Up. Therefore, the daily rate is [0.00095723%], which is equivalent to an annual rate of [0.35%].] [ ] You have not elected the GMIB, and, therefore, there is no charge. ALLOCATION OPTIONS:
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Guaranteed Minimum Income Benefit. The indemnity cession shall be the Reinsurer's Percentage of the annuity payments upon annuitization under the Guaranteed Minimum Income Benefit (the "Income Program") provisions of the Reinsured Contracts, multiplied by the IBNARP (defined in Article IV). D There are no aggregate or individual claim limits applicable to the benefits ceded. E Spousal Continuances will be covered under this Agreement to the extent provided by the insured contract.
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Guaranteed Minimum Income Benefit. The Guaranteed Minimum Income Benefit ("GMIB") is a minimum Annuity Start Amount (before deduction of any Premium tax or pro rata Account Charge). Please note that the GMIB is established for the sole purpose of determining a minimum Annuity Start Amount and is not available for withdrawal or as a death benefit. The GMIB is determined as set forth below. The GMIB is equal to Purchase Payments, net of any Premium tax, less an adjustment for each Withdrawal, increased at an annual effective rate of interest, to the earlier of the Annuity Start Date or the Contract Anniversary following the oldest Annuitant's 80th birthday. The GMIB is calculated as of each of the following Valuation Dates: each Contract Anniversary; the date of any Purchase Payment or Withdrawal; and the Annuity Start Date. The GMIB as of any such Valuation Date is equal to: the initial Purchase Payment, net of any Premium tax, increased at the annual effective rate of interest, to the current Valuation Date; plus any Purchase Payment, net of Premium tax, received since GMIB was last calculated; less in the event of Withdrawal an amount equal to a percentage of GMIB calculated as of the date of the Withdrawal. The percentage is determined for each Withdrawal as of the date of the Withdrawal by dividing: (a) the amount of the Withdrawal, including any Withdrawal Charges, by (b) the Contract Value immediately prior to the Withdrawal. The final calculation of GMIB is made as of the Annuity Start Date. The annual effective rate of interest is selected in the application for the Contract or as otherwise permitted by FSBL. The annual effective rate of interest will take into account the timing of when each Purchase Payment and Withdrawal occurred. This is accomplished by applying a daily factor to the GMIB as of each Valuation Date. The annual effective rate of interest may vary among Accounts, and the maximum rate of interest applicable to the Money Market Subaccount or Fixed Account is 4%. The annual effective rate of interest will stop accruing as of the earlier of: the Contract Anniversary following the date the oldest Annuitant reaches his or her 80th birthday; or the Annuity Start Date. You may apply your GMIB to purchase a Fixed Annuity under Annuity Option 2, Life Income with a 10-year period certain, or Option 4, Joint and Last Survivor with a 10-year period certain, within 30 days of any Contract Anniversary following the tenth Contract Anniversary. Your Annuity Payment will be the great...
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Related to Guaranteed Minimum Income Benefit

  • Net Benefit A Net Benefit for a particular fund or, in the case of a multi-class fund, a class results when aggregate Benefits exceed aggregate Losses (i.e., net redemptions on a day the fund’s or class’s NAV is understated or net subscriptions on a day the fund’s or class’s NAV is overstated) during the Error Period.

  • Amount of Severance Benefit If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall:

  • Minimum Interest Coverage Ratio The Borrowers shall not permit the Interest Coverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to be less than 3.50 to 1.00.

  • Minimum Interest Coverage The Borrower will not permit the ratio of EBITDA to Consolidated Interest Expense as at any fiscal quarter end for the four fiscal quarters then ending to be less than 3.00 to 1.0.

  • Minimum Unsecured Interest Coverage Ratio As of the last day of any fiscal quarter, the Unsecured Interest Coverage Ratio for the Parent, on a consolidated basis, for the fiscal quarter then ended, annualized, to be less than or equal to 1.75 to 1.00; and

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Minimum Benefits If the Termination Date occurs during the Employment Period for any reason, Executive shall be entitled to the Minimum Benefits, in addition to any other benefits to which Executive may be entitled under the following provisions of this Section 4 or the express terms of any employee benefit plan or as required by law. Any benefits to be provided to Executive pursuant to this Section 4(a) shall be provided within 30 days after the Termination Date; provided, however, that any benefits, incentives or awards payable as described in Section 4(f) shall be provided in accordance with the terms of the applicable plan, program or arrangement. Except as may expressly be provided to the contrary in this Agreement, nothing in this Agreement shall be construed as requiring Executive to be treated as employed by the Company or any Affiliate following the Termination Date for purposes of any plan, program, or arrangement.

  • Deduction Limitation on Benefit Payments If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

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