Death Benefit Option Sample Clauses

Death Benefit Option. [ ] Option 1 or Option A - Level [ ] Option 2 - Increasing or Option B - Variable [ ] Option C - Face Amount + Premium [ ] Other [_______________________________________________________________]
Death Benefit Option. Option A - Selected Face Amount ----- Option B - Selected Face Amount plus Account Value -----
Death Benefit Option. Death benefit option 3 has been selected. Such benefit provides an increasing death benefit equal to the initial specified amount plus premiums paid. Such election may be changed at any time upon written agreement of the parties and shall not alter any rights provided herein.
Death Benefit Option. The death benefit option indicated on Exhibit A shall be applicable. Such election may be changed at anytime upon written agreement of the parties and shall not alter any rights provided herein.
Death Benefit Option change will cause the notional amount to decrease and trigger a pro-rata Surrender Charge (please see section 5, Policy Charge in this product guide). We will not allow a change in Death Benefit Option if it causes the notional amount to fall below the Minimum Notional Amount. Changing to the Increasing Death Benefit Option will increase the Cost of Insurance. Switching from the Increasing Death Benefit Option to the Level Death Benefit Option is not allowed.
Death Benefit Option. “Death Benefit Option” shall have the meaning stated in the Policy.
Death Benefit Option. [Option 1] Refer to the Death Benefit section of your policy for anexplanation of the Death . Benefit Option Death Benefit Discount [3%]

Related to Death Benefit Option

  • Death Benefit Except as set forth above, there is no death benefit provided under this Agreement.

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Accrued Benefit An employee who has an accrued benefit under the Financial Security Plan shall retain such accrued benefit under the Plan subject to the current provisions of the Plan.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Survivor Benefits 19.03 A 1 The College shall continue coverage of Extended Health (including Vision and Hearing Care) and Dental Plans if such benefits were in force at the date of death for the dependent survivor of a deceased employee for six months at no cost to the survivor. Thereafter, effective September 24, 1998, at the option of the dependent survivor, and subject to 19.03 A 2, the College shall continue such benefits as were in force for the deceased employee at the date of death. Coverage continues until the end of the month the deceased employee would have reached age 65. Thereafter, the survivor who is in receipt of a lifetime monthly survivor pension, may elect to participate in retirement benefits provided such election is made within 31 days from the end of the month the deceased employee would have reached age 65 and the survivor continues to be eligible for benefits under OHIP or another Canadian medicare plan equivalent to OHIP from another province or territory.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Pre-Retirement Death Benefits Should the Executive die prior --------- ----------------------------- to Retirement Age, the Bank will pay $7,900 annually for a continuous period of fifteen (15) years to his Beneficiary or Beneficiaries. Such annual payment shall be increased five percent (5%) for each full Year of Service of the Executive occurring after November 1, 1994, except that there will be no increases in benefits for more than ten (10) years of additional service. The first annual payment will be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive's death occurred. In the event of the death of the last living Beneficiary before all annual installment payments have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any amount remaining unpaid at the Executive's death shall be commuted on the basis of seven percent (7%) per annum compound interest and shall be paid in a single sum to the Executive's estate. Any amount payable to an Executive's Beneficiary under this Section 3 shall be reduced by any disability payments already paid to such Executive under Section 4 of this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.