Annuitization definition

Annuitization or “Annuitize” means an exchange of the entire accumulated Account Value of a Reinsured Contract for a series of periodic income payments, whether for a specific period of time or for the life of the annuitant or other beneficiary.
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Annuitization has the meaning ascribed thereto in Section 5.5(c).
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Annuitization means the conversion of the Accumulation Value
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Examples of Annuitization in a sentence

  • You may apply all or a portion of the Accumulated Value, adjusted for the Bond Adjustment, to an annuity benefit payment option at any time after the second Contract Anniversary and prior to the Annuitization Date by sending Us Notice at Our office.

  • Annuitization Date: (CM - 8 months) 30, YY Amount Annuitized: $100,000.00 Interest Earned To Date: $ 4,000.00 (remains in annuity) No free look period was offered at annuitization.

  • You may Surrender this contract at any time prior to the Annuitization Date provided that the Owner and Joint Owner, if any, are living and provided that You give Us Notice in Good Order at Our office.

  • Segment Option(s) with Segment Term(s) that would extend beyond the next Segment Anniversary divisible by six or beyond the Annuitization Date will not be available.

  • If this contract is in force and the Annuitant is living, an annuity benefit payment becomes payable upon the earlier of the date You request payments begin or the Annuitization Date.

  • Prior to the Annuitization Date, You may elect an annuity benefit payment option from the Description of Annuity Benefit Payment Options provision below.

  • You may transfer amounts among the Segment Options only at Your Segment End Date, which occurs prior to the Annuitization Date.

  • If the Owner or any Joint Owner dies prior to the Annuitization Date, We will pay the death benefit upon Our receipt of required documents and Notice, in Good Order, including due proof of death.

  • If the Owner or any Joint Owner dies prior to the Annuitization Date, the death benefit may be distributed in a lump sum or within five years of the date of death or distributed over a time period not extending beyond the life expectancy of the beneficiary as provided for in Internal Revenue Code (“IRC”) section 72(s), as may be amended from time to time.

  • If the Owner or Joint Owner dies on or after the Annuitization Date and before the entire interest in this contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as required under applicable federal tax laws, including, particularly, IRC section 72(s), as may be amended from time to time.


More Definitions of Annuitization

Annuitization means the conversion of the Accumulation Value or the Surrender Value of an Annuity into the right to receive periodic payments.
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Annuitization shall have the meaning specified in Section 8.04.
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Annuitization is the process where value under the Contract is used to provide Annuity Payments. How is the "Guaranteed Annuitization Value" calculated? The Guaranteed Annuitization Value is the sum of (a) plus (b) plus (c) less (d) where:
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Annuitization is the process where value under the Contract is used to provide Annuity Payments.
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Related to Annuitization

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • Annuity Contract means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • Monthly Payments has the meaning set forth in Section 7.2B.

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Scheduled Payments means, as to each Insured Distribution Date, payments which are required to be made to Holders in accordance with the original terms of the Obligations when issued and without regard to any subsequent amendment or modification of the Obligations or of the Indenture except amendments or modifications to which Financial Security has given its prior written consent, which payments are (i) the Noteholders' Interest Distributable Amount with respect to the related Distribution Date, (ii) the Noteholders' Remaining Parity Deficit Amount with respect to the related Distribution Date and (iii) with respect to the Final Scheduled Distribution Date for any class of Obligations, the outstanding principal amount of such class on such Final Scheduled Distribution Date, after taking into account reductions on such Date of such outstanding principal amount from all sources other than this Policy. Scheduled Payments do not include payments which become due on an accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay principal on an accelerated basis, (c) the occurrence of an Event of Default under the Indenture or (d) any other cause, unless Financial Security elects, in its sole discretion, to pay in whole or in part such principal due upon acceleration, together with any accrued interest to the date of acceleration. In the event Financial Security does not so elect, this Policy will continue to guarantee payment on the Obligations in accordance with their original terms. Scheduled Payments shall not include (x) any portion of a Noteholders' Interest Distributable Amount due to Holders because the appropriate notice and certificate for payment in proper form as required by paragraph 2 hereof was not timely Received by Financial Security, (y) any portion of a Noteholders' Interest Distributable Amount due to Holders representing interest on any Noteholders' Interest Carryover Amount accrued from and including the date of payment of the amount of such Noteholders' Interest Carryover Amount pursuant hereto or (z) any Note Prepayment Amounts, unless Financial Security elects, in its sole discretion, to pay such amount in whole or in part. Scheduled Payments shall not include any amounts due in respect of the Obligations attributable to any increase in interest rate, penalty or other sum payable by the Obligor by reason of any default or event of default in respect of the Obligations, or by reason of any deterioration of the credit worthiness of the Obligor, nor shall Scheduled Payments include, nor shall coverage be provided under this Policy in respect of, any taxes, withholding or other charge with respect to any Holder imposed by any governmental authority due in connection with the payment of any Scheduled Payment to a Holder.

  • Negative Amortization That portion of interest accrued at the Note Rate in any month which exceeds the Monthly Payment on the related Mortgage Loan for such month and which, pursuant to the terms of the Mortgage Note, is added to the principal balance of the Mortgage Loan.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Annuity reserve means the present value, computed upon the basis of the mortality and other tables adopted by the board, of all payments to be made on account of any annuity, or benefit in lieu of any annuity, granted to a retirant as provided in this chapter.

  • Unallocated annuity contract means any annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate.

  • Early Amortization Period means the period commencing on the date on which a Trust Early Amortization Event or a Series 2009-VFN Early Amortization Event is deemed to occur and ending on the Series Termination Date.

  • Monthly Payment The scheduled monthly payment of principal and interest on a Mortgage Loan.

  • Early Retirement Date means the Retirement, as defined below, of the Executive on a date which occurs prior to the Executive attaining sixty-two (62) years of age, but after the Executive has attained fifty-five (55) years of age.