Annuitizations Sample Clauses

Annuitizations. Reinsurer's assumption of 100% of the liabilities and benefits of the Reinsured Contracts shall be continuous and uninterrupted in the event a Reinsured Contract is settled, in whole or in part, as a fixed annuity payout. Proceeds so applied to a fixed annuity payout under any such Reinsured Contract shall be reflected as a Fixed Annuitization in the Quarterly Accounting and Settlement in accordance with Section 5.11, and a reinsurance premium for a single premium immediate annuity ("SPIA") contract pursuant to the terms and conditions of that certain coinsurance agreement effective on the Effective Date between the parties and designated Treaty Number 11.
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Annuitizations. (e) The Reinsurer shall reinsure hereunder the Quota Share of all Reinsured Liabilities arising under all Reinsured Contracts that Annuitize after the Effective Time if the annuity benefits of such Reinsured Contract are determined under the minimum guaranteed annuity benefit rates as defined by the Table of Guaranteed Annuity Payments contained in such Reinsured Contract.
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Annuitizations. Reinsurer's assumption of 100% of the liabilities and benefits of the Reinsured Contracts net of Other Reinsurance shall be continuous and uninterrupted in the event a Reinsured Contract is settled, in whole or in part, as a fixed or variable annuity payout or a combination of a variable and fixed annuity payout. Proceeds so applied to any annuity payout occurring on or after the Effective Date under any such Reinsured Contract shall be reflected as an Annuitization in the Quarterly Accounting and Settlement in accordance with Section 5.11. Reinsurer’s assumption shall not include any obligations related to a Total Control Account reinsured by Reinsurer.
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Annuitizations. In the event that a Reinsured Policy is annuitized under the contract provisions of such policy (each an “Annuitization”), the Ceding Company shall convert such Reinsured Policy to one or more Supplementary Contracts. At the time of such conversion, the Reinsurer shall pay to the Ceding Company an amount equal to the Quota Share of the policy surrender value of such Reinsured Policy as of the time of the conversion (an “Annuitization Payment”) in accordance with Section 9.03. Upon the Annuitization of a Reinsured Policy, the deferred annuity contract, including any amendments, riders or endorsements attached thereto and any associated Supplementary Contracts, comprising such Reinsured Policy shall cease to be a Reinsured Policy under this Agreement, and, with the exception of the Annuitization Payment described in this Section 8.04, the Reinsurer will have no further liability with respect to such deferred annuity contract, any amendments, riders or endorsements attached thereto or any associated Supplementary Contracts.
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Annuitizations. In the event that a Reinsured Contract is annuitized under the terms of such Reinsured Contract (each, an “Annuitization”), the Company shall convert such Reinsured Contract. In connection with such Annuitization, the Reinsurer shall pay to the Company as part of the Monthly Accounting Period settlement an amount equal to the Account Value (for the avoidance of doubt, any Policy Loan Balance is not included in determining the Account Value for this purpose) of the Reinsured Contract that is the subject of the Annuitization (an “Annuitization Payment”). Upon the effectiveness of the Annuitization, such Reinsured Contract shall no longer be considered a Reinsured Contract under this Agreement, shall not be reinsured under this Agreement, and, with the exception of the Annuitization Payment described in this Section 2.4, the Reinsurer shall have no further liability with respect to such Reinsured Contract. For the avoidance of doubt, any policy that would otherwise be a Reinsured Contract that is annuitized as of the Closing Date shall not be considered a Reinsured Contract under this Agreement and shall not be reinsured under this Agreement.
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Annuitizations. The Reinsurer shall continue to reinsure each Reinsured Contract that is a CRC Policy that annuitizes after the Closing Date. For the avoidance of doubt, annuitizations shall not include annuitizations of the variable deferred separate account annuity contracts occurring after the Closing Date.
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Annuitizations 
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Related to Annuitizations

  • 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.

  • ANNUITY PAYMENTS If the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.

  • Fixed Annuity Payments The minimum guaranteed income purchased per $1,000 of the net amount applied to a fixed annuity is based on an annual interest rate of 3% and the 1983a Mortality Table with the ages set back ten (10) years. Conversion to Current Rates – Annuity payments will be based on the greater of: • our current income factors in effect for this Contract on the Annuity Date; or • our guaranteed income factors. The dollar amount of any payments after the first annuity payment is specified during the annuity payment period according to the provisions of the elected Annuity Option.

  • ANNUITY 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

  • Reinsurance Premiums A. Computation Reinsurance Premiums under this Agreement shall be calculated as described in Exhibit I.

  • Scheduled Payments As of the Cutoff Date, each Receivable had a first scheduled due date on or prior to the end of the third month immediately following the Cutoff Date.

  • Due Dates If the payment due date falls on a Sunday or on a holiday that is observed on a Monday, the payment due date shall be the first non-holiday day following such Sunday or holiday. If the payment due date falls on a Saturday or on a holiday which is observed on Tuesday, Wednesday, Thursday, or Friday, the payment due date shall be the last non-holiday day preceding such Saturday or holiday. If payment is not received by the payment due date, a late payment charge, as set forth in Section 1.4.1.2, below, shall apply.

  • Monthly Payments On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B hereto) to withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Account as follows:

  • Optional Repayments The Borrower may at any time and from time to time repay the Revolving Credit Loans, in whole or in part, upon at least three (3) Business Days' irrevocable notice to the Administrative Agent with respect to LIBOR Rate Loans and one (1) Business Day's irrevocable notice with respect to Base Rate Loans, in the form attached hereto as Exhibit D (a "Notice of Prepayment") specifying the date and amount of repayment and whether the repayment is of LIBOR Rate Loans, Base Rate Loans, or a combination thereof, and, if of a combination thereof, the amount allocable to each. Upon receipt of such notice, the Administrative Agent shall promptly notify each Lender. If any such notice is given, the amount specified in such notice shall be due and payable on the date set forth in such notice. Partial repayments shall be in an aggregate amount of $1,000,000 or a whole multiple of $250,000 in excess thereof with respect to Base Rate Loans and $5,000,000 or a whole multiple of $1,000,000 in excess thereof with respect to LIBOR Rate Loans.

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