DETERMINATION OF THE AMOUNT OF THE FIRST ANNUITY PAYMENT Sample Clauses

DETERMINATION OF THE AMOUNT OF THE FIRST ANNUITY PAYMENT. The amount of annuity payment will depend on the age of the Annuitant as of the Annuity Commencement Date. The first annuity payment amount depends on the Annuity Payment Option, payment frequency, and whether the Owner selects a Variable Annuity Payment and/or a Fixed Annuity Payment. A choice may be made to receive annuity payments on a monthly, quarterly, semi-annual, or annual basis.
AutoNDA by SimpleDocs
DETERMINATION OF THE AMOUNT OF THE FIRST ANNUITY PAYMENT. The amount of annuity benefit payment will depend on the age and sex (except in cases where unisex rates are required) of the Annuitant(s) as of the Annuity Commencement Date. A choice may be made to receive payments once each month, four times each year, twice each year, or once each year.
DETERMINATION OF THE AMOUNT OF THE FIRST ANNUITY PAYMENT. The amount of Annuity Payment will depend on the age of the Annuitant as of the Annuity Commencement Date. The first Annuity Payment amount depends on the Annuity Payment Option and the payment frequency elected. A choice may be made to receive Annuity Payments on a monthly, quarterly, semi-annual, or annual basis. The minimum payment amounts that will be used to determine the monthly payments for an Annuity Payment are shown on the Contract Specifications under the PAYMENT OPTION TABLES. The Payment Option Tables show the dollar amount of the guaranteed monthly payments which can be purchased with each $1,000 of Contract Value, after deduction of any applicable Taxes. Determination of the first Annuity Payment Date is shown on the Contract Specifications under Annuity Payment Requirements.
DETERMINATION OF THE AMOUNT OF THE FIRST ANNUITY PAYMENT. The amount of annuity payment will depend on the age and sex (except in cases where unisex rates are required) of the Annuitant as of the Annuity Commencement Date. A choice may be made to receive payments once each month, four times each year, twice each year, or once each year. The attached Annuity Payment Option Rider, illustrates the minimum payment amounts and the age adjustments which will be used to determine the first monthly payment for a unisex Variable Annuity Payment based upon the assumed interest rate selected by the Owner. The tables show the dollar amount of the first monthly payment which can be purchased with each $1,000 of Contract Value, after deduction of any applicable premium taxes. The Owner must select one of the assumed interest rates, as shown on the Contract Specifications, for the Variable Annuity Payment prior to the Annuity Commencement Date. The assumed interest rate may not be changed after the Annuity Commencement Date. The attached Annuity Payment Option Rider, illustrates the minimum payment amounts and the age adjustments that will be used to determine the monthly payments for a Fixed Annuity Payment. The tables show the dollar amount of the guaranteed monthly payments which can be purchased with each $1,000 of Contract Value, after deduction of any applicable premium taxes. Determination of the first Annuity Payment Date is shown on the Contract Specifications.
DETERMINATION OF THE AMOUNT OF THE FIRST ANNUITY PAYMENT. The amount of annuity payment will depend on the age of the Annuitant as of the Annuity Commencement Date. A choice may be made to receive payments once each month, four times each year, twice each year, or once each year. If no choice is made, payments will automatically be made monthly. The PAYMENT OPTION TABLES provisions of this Contract illustrate the minimum payment amounts and the age adjustments which will be used to determine the first monthly payment for a Variable Annuity Payment based upon the assumed interest rate selected by the Owner. The tables show the dollar amount of the first monthly payment which can be purchased with each $1,000 of Contract Value, after deduction of any applicable premium taxes. Amounts shown use an assumed interest rate of 3.0% and 4.0% per year. This table is based on a modification of the 2012 Individual Annuity Basic Mortality Table (Age Last Birthday) with improvement to year 2040 using Projection Scale G2. The Owner must select one of the assumed interest rates, as shown on the Contract Specifications, for the VARIABLE ANNUITY PAYMENT PRIOR TO THE ANNUITY COMMENCEMENT DATE provisions of this Contract. The assumed interest rate may not be changed after the Annuity Commencement Date. The PAYMENT OPTION TABLES provisions of this Contract illustrate the minimum payment amounts and the age adjustments that will be used to determine the monthly payments for a Fixed Annuity Payment. The tables show the dollar amount of the guaranteed monthly payments which can be purchased with each $1,000 of Contract Value, after deduction of any applicable premium taxes. Amounts shown use an interest rate of 1.00% per year. This table is based on a modification of the 2012 Individual Annuity Basic Mortality Table (Age Last Birthday) with improvement to year 2040 using Projection Scale G2. Minimum payment amounts for ages and options not shown in the PAYMENT OPTION TABLES provisions of this Contract can be obtained from Our Servicing Office. Determination of the first Annuity Payment Date is shown on the Contract Specifications under ANNUITY PAYMENT REQUIREMENTS. The Annuity Unit Value, if applicable, and Contract Value used to effect annuity benefit payments will be determined as of the Annuity Commencement Date.

Related to DETERMINATION OF THE AMOUNT OF THE FIRST ANNUITY PAYMENT

  • Determination of Amount Outstanding On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative Agent of a Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit Exposure. For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as of such Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative Agent shall promptly notify the Multicurrency Lenders and the Borrower thereof.

  • 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.

  • Ratable Allocation of Premium So long as each Fund continues to operate as an investment company, each Fund agrees to pay its proportionate share of the total premium due under the Policy, which share shall be determined based on each Fund’s proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by the Funds.

  • ANNUITY PAYMENTS If you elect to receive Annuity Payments, you may apply your Contract Value to any Annuity Payment option in accordance with your contract terms. If you apply less than the entire Contract Value to provide Annuity Payments under an Annuity Payment option, that amount will be treated as a withdrawal for purposes of adjusting the Benefit Base and GAI. If Annuity Payments are required to begin and the Designated Life is the oldest Annuitant, you may elect from an additional annuity payment option to receive an annual amount equal to the GAI at any frequency offered by us, but at least annually, until the death of the Designated Life. Required Minimum Distribution (RMD) This provision applies if your contract is a Qualified Contract and is subject to required minimum distribution (RMD) provisions pursuant to the Internal Revenue Code (the “Code”), as amended from time to time, and the Treasury Regulations issued thereunder. A withdrawal in any Contract Year after you are eligible for an RMD will not be treated as an excess withdrawal if that withdrawal does not cause the total withdrawals for the Contract Year to exceed the greater of the GAI or your RMD for the current calendar year. Such treatment is contingent on your acceptance of our calculation of the RMD amounts. RMD calculations will be based solely on the value of this contract and any attached riders and will be determined for the calendar year in which the RMD withdrawal is requested. Each RMD amount is calculated based on information provided by you and our understanding of the Code. We reserve the right to make changes in our calculations, as needed, to comply with the Code and Treasury Regulations. While this contract is subject to RMD provisions, the benefit will be treated as follows: • Each Contract Year the GAI will be calculated as described in the Guaranteed Annual Income section above. The GAI will not be changed based on the RMD requirement. • If the RMD amount is greater than the GAI, the Benefit Base and GAI will not be reduced for withdrawals up to the RMD amount. A123456 ICC20-70591 Minnesota Life 4 Amounts withdrawn in any Contract Year in excess of the greater of GAI or RMD will be treated as an excess withdrawal. If the RMD amount for two calendar years is withdrawn in a single Contract Year, your withdrawal may be subject to excess withdrawal treatment to the extent the Contract Year withdrawals exceed the greater of the GAI or current calendar year RMD amount. Excess Withdrawal Considerations An excess withdrawal is any withdrawal prior to the Benefit Date or a withdrawal after the Benefit Date that exceeds the GAI for the Contract Year. The portion of each individual withdrawal during a Contract Year that is treated as an excess withdrawal is equal to the amount withdrawn, including any applicable deferred sales charge, less any GAI remaining prior to the withdrawal for that Contract Year. Excess withdrawals can reduce future benefits by more than the dollar amount of the excess withdrawal. A deferred sales charge, as defined in the contract to which this rider is attached, may apply if excess withdrawals exceed the contract’s free withdrawal amount. Any forms provided by us to facilitate the Written Request of a withdrawal will include:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!