DEATH BENEFIT GUARANTEE Sample Clauses

DEATH BENEFIT GUARANTEE. The Death Benefit Guarantee Period is elected at issue and shown on the Policy Schedule Pages (page 3). The Death Benefit Guarantee is active if it was elected and has not terminated or expired. Under the Death Benefit Guarantee, this Policy may remain in force even if the Cash Surrender Value is less than the Monthly Policy Charge. This Policy is in force under the Death Benefit Guarantee if all of the following are true: • the Death Benefit Guarantee Premium Test is met or this Policy is in a Death Benefit Guarantee Grace Period (Section 4.6); • the Cash Surrender Value on a monthly processing date is less than the Monthly Policy Charge; and • the Death Benefit Guarantee is active.
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DEATH BENEFIT GUARANTEE. The Death Benefit Guarantee protects against premium default due to investment experience. If, on a Monthly Anniversary:
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DEATH BENEFIT GUARANTEE. The Death Benefit Guarantee protects against premium default due to investment experience. If, on a Monthly Anniversary: 1) The Death Benefit Guarantee Requirement is met; and 2) The Death Benefit Guarantee has not terminated; then no premium will be in default even if the Monthly Deduction to be made on that day would result in a Cash Surrender Value less than zero. If the Monthly Deduction to be made on that day is greater than the Cash Surrender Value, the deduction made will not exceed the Accumulated Value less any Debt and we will pay the balance of the Monthly Deduction. W3-VC-VUL-10 page 10 Contract Number: LV1234567 ---------------------------------------------------------------------------- 4. PREMIUMS AND REINSTATEMENT (continued) ---------------------------------------------------------------------------- 4.6a Death Benefit Guarantee Requirement. On any Monthly Anniversary, the Death Benefit Guarantee Requirement is met if (1) is greater than or equal to (2) where: 1) Is the sum of: a) Premiums paid; less b) Any Partial Surrenders; and less c) Any unpaid contract loans; and 2) Is the sum of Death Benefit Guarantee Premiums from the Date of Issue through that Monthly Anniversary. For purposes of the Death Benefit Guarantee Requirement, the Death Benefit Guarantee Premium will be zero for any Monthly Anniversary that a premium is credited to this contract under a disability waiver benefit rider. If the Death Benefit Guarantee Requirement is not met on a Monthly Anniversary but the Cash Surrender Value less any unearned interest is greater than or equal to the sum of Death Benefit Guarantee Premiums from the Date of Issue through that Monthly Anniversary, then the sum of premiums paid as used above will be deemed to increase to the amount necessary to meet the Death Benefit Guarantee Requirement. When determining if the Death Benefit Guarantee Requirement is met, a portion of any Partial Surrender or contract loan may be excluded. The amount excluded is calculated on the date of the Partial Surrender or contract loan and is equal to the lesser of: 1) The amount of Partial Surrender or unpaid contract loan; and 2) The excess, if any, of the Cash Surrender Value less unearned interest on any unpaid contract loans over the greater of (a) and (b) where: a) Is the sum of premiums paid less the amount of any Partial Surrenders and unpaid contract loans not previously excluded when determining if the Death Benefit Guarantee Requirement was met; and b) Is...
Sample 1
DEATH BENEFIT GUARANTEE. On any Deduction Date before the end of the Death Benefit Guarantee Period and prior to the Insured's death, the Death Benefit Guarantee is in effect if the Minimum Premium, as of that Deduction Date, is less than or equal to the total of all premiums paid on the policy less any withdrawals and less the Loan Amount.
Sample 1

Related to DEATH BENEFIT GUARANTEE

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