Annuitization Sample Clauses

Annuitization. An Annuitization Fee will be paid to a Marketing Organization who secures from the Contract Owner (or his or her beneficiary) the proper forms and information to commence an immediate life contingent annuity option under the Contract and significantly assists the client and SBL in such settlement. The Annuitization Fee will be equal to 4% of the amount applied to a fixed life contingent annuity option and 2% of the amount applied to a variable life contingent annuity option.
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Annuitization. Annuitization under the Income Program means that the annuitant is receiving guaranteed fixed income payments based on the IBB and the MAPR under one of the life annuity forms shown below under Paragraph E. INCOME PROGRAM RIDER ELECTION ----------------------------- The contractholder can only elect the Income Program Rider at issue. Once election is made, it is irrevocable. INCOME PROGRAM RIDER CANCELLATION --------------------------------- The contractholder of the annuity can not cancel the Income Program rider at any time. STEP-UP OR RESET OF IBB ----------------------- Not Available. SCHEDULE A PLANS OF REINSURANCE (PAGE 3 OF 3)
Annuitization. 1. Any policy annuitizing (going into pay-out status under an immediate annuity plan or guaranteed settlement option) shall be deemed to be recaptured by the Reinsured.
Annuitization. Annuitization under the Income Program means that the annuitant is receiving guaranteed fixed income payments based on the IBB and the MAPR under one of the life annuity forms shown below under Paragraph E.
Annuitization. One-half (50%) of the normal commissions/GDC will be credited on an annuitization from a deferred annuity which has been in place for at least two contract years AND on an annuitization using life insurance accumulation amounts or death benefit proceeds under the terms of the policy.
Annuitization. 1. Any annuity contract annuitizing (going into payout status) shall be deemed to be recaptured by the Reinsured.
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Annuitization. The application of the contract value of this contract to provide annuity payments under an annuity payment plan. ANNUITY UNIT An annuity unit is an accounting unit of measure. It is used to calculate the value of annuity payments from the variable account on and after annuitization. CODE The Internal Revenue Code of 1986, as amended, its regulations thereunder and/or promulgations of the Internal Revenue Service, as applicable.
Annuitization. When annuitization occurs, the contract value will be applied to make annuity payments. The first payment will be made as of the retirement date. This date is shown under Contract Data. Before payments begin we will require satisfactory proof that the annuitant is alive. We may also require that you exchange this contract for a supplemental contract which provides the annuity payments. CHANGE OF RETIREMENT DATE You may change the retirement date shown for this contract. Tell us the new date by written request. The retirement date may not be earlier than 13 months from the contract date, and may not be later than the later of the annuitant's 90th birthday, the 10th contract anniversary, or such other date as agreed upon by us. If you select a new date, it must be at least 30 days after we receive your written request at our home office.
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