Return of Premium definition

Return of Premium means an LTC insurance policy feature which provides for the return of a percentage of premium paid by the policyholder (such as 80%) if the policyholder does not make a claim (or has a limited amount of benefits paid) during a given period of time during which the policy was in force (such as ten years).
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Return of Premium. GMDB Total premiums paid less an adjustment for any partial withdrawals. GMDB is reduced dollar-for-dollar for any partial withdrawals. GMDB benefits are fully defined in the prospectus and related materials. SCHEDULE B-1 ------------ CONTRACT TYPES reinsured under this Agreement Contract Description Form Number Issue Dates -------------------- ----------- --------------- Medley 4888 January 1, 2003 Benefit Rider Forms with Medley Value+ Option VP 4901 January 1, 2003 GMDB - 1-Yr Periodic Step-Up GMDB 4902 Rev. 2-01 January 1, 2003 GMDB - 5% Roll-Up GMDB 4903 January 1, 2003 GMDB - Greater of GMDB 4904 January 1, 2003 EEB - Estate Protection Benefxx XXX 4901 Jxxxxxx 0, 0000 XXX - Xxxxxxxx Xxxxxx Xxxxxxxxxx Xxxxxxx EEPB 4902 January 1, 2003 Acclaim 4882 January 1, 2003 Annuity III-Plus 4786 January 1, 2003 Benefit Rider Forms with Acclaim and Annuity III-Plus GMDB - 7-yr Step-Up GMDB 4095 January 1, 2003 All state variations of the above listed contract and rider forms are reinsured under this Agreement. SCHEDULE B-2 ------------ Investment Funds under CONTRACT TYPES Reinsured under this Agreement FIXED ACCOUNT LOANED AMOUNT ALGER Alger American Balanced Xxxxx Xxxxxxan Leveraged AllCap AMXXXXXN CENTURY VP Income & Growth AMERITAS PORTFOLIOS Ameritas Core Strategies effective 11/1/03 Ameritas Emerging Growth discontinued 10/30/03 Ameritas Growth Ameritas Growth With Income discontinued 10/30/03 Ameritas Income & Growth Ameritas Index 500 Ameritas MidCap Growth Ameritas Money Market Ameritas Research discontinued 10/30/03 Ameritas Select Ameritas Small Capitalization Ameritas Small Company Equity CALVERT PORTFOLIOS CVS Income XXX Xocial Balanced CVS Social Equity CVS Social International Equity CVS Social Mid Cap Growth CVS Social Small Cap Growth DREYFUS MidCap Stock - Service Shares FIDELITY (Initial Class for Acclaim, Annuity III-Plus; Service Class 2 for Medley) VIP Asset Manager VIP Asset Manager: Growth VIP Contrafund VIP Equity-Income VIP Growth VIP High Income VIP Investment Grade Bond VIP Overseas INVESCO FUNDS VIF - Dynamics MFS New Discovery Strategic Income Utilities MORGAN STANLEY - referred to as VAX XXXXEX xxxxxtive 5/1/03 Emerging Markets Equity - renamed Emerging Markets Equity -Class I effective 5/1/03 Global Value Equity - renamed Global Value Equity - Class I effective 5/1/03 International Magnum - renamed International Magnum - Class I effective 5/1/03 U.S. Real Estate - renamed U.S. Real Estate - Class I effective 5/1/03 SALOMON BROTHERS...
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Return of Premium means the option chosen by You and as specified under the Schedule, where on maturity of the Rider, You will be entitled to get the return of the Premiums paid in accordance with Clause 5 of Part C of the Rider;
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Examples of Return of Premium in a sentence

  • The Return of Premium Death Benefit coverage will be reduced by the amount of the requested decrease.

  • The initial annual Return of Premium Death Benefit Increase Rate is shown in the Policy Specifications page for this rider.

  • The amount of the Return of Premium Death Benefit coverage will not exceed the Maximum Benefit Amount shown in the Policy Specifications page for this rider.

  • The charts included in the sections of the prospectus entitled: "How a Type A (Fixed) Contract's Death Benefit Will Vary," "How a Type B (Variable) Contract's Death Benefit Will Vary," and "How a Type C (Return of Premium) Contract's Death Benefit Will Vary," are consistent with the provisions of the Contract.

  • After increases cease, we will not take into account any more premiums paid or apply the Return of Premium Death Benefit Increase Rate in determining the amount of the Return of Premium Death Benefit coverage.

  • If no option has been specified, the policy will be issued with the Return of Premium Death Benefit (Option C below).

  • After increases cease, on a prospective basis, we will not take into account any more premiums paid or apply the Return of Premium Death Benefit Increase Rate in determining the amount of the Return of Premium Death Benefit coverage.

  • If the Death Benefit Option in effect at the time of the withdrawal is Option A (Level Option) or Option C (Return of Premium Option), the Face Amount will be reduced by the amount equal to the reduction in the Account Value resulting from the withdrawal.

  • If the Death Benefit Option then in effect is Option A (Level Option) or Option C (Return of Premium Option), the Face Amount will be reduced by the amount equal to the reduction in the Account Value resulting from the withdrawal.

  • If no option is selected, the Return of Premium Death Benefit will apply.

Related to Return of Premium

  • Yield Maintenance Amount means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Called Principal of such Note over the sum of (i) such Called Principal plus (ii) interest accrued thereon as of (including interest due on) the Settlement Date with respect to such Called Principal. The Yield-Maintenance Amount shall in no event be less than zero.