Death benefit amount means an amount equal to the full monthly salary received by a deceased member prior to death, minus an amount equal to the benefit received under section 145.45, 742.37, 742.3714, or 5505.17 of the Revised Code or the benefit received from a retirement system operated by a municipal corporation, plus any increases in salary that would have been granted the deceased member.
Death benefit amount. The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:
Death benefit amount. The Death Benefit Amount as of any Business Day prior to your Annuity Date is equal to the greater of: (a) your Contract Value as of that day; or (b) your aggregate Purchase Payments reduced by (i) an amount for each withdrawal that has occurred, which is calculated by multiplying the aggregate Purchase Payments received prior to each withdrawal by the ratio of the amount of the withdrawal, including any withdrawal charge, to your Contract Value immediately prior to the withdrawal; and (ii) any applicable charges and/or fees on or before that day. GUARANTEED MINIMUM DEATH BENEFIT ("GMDB") AMOUNT - The GMDB Amount will be calculated only when a death benefit becomes payable as a result of the death of the sole Annuitant, and is determined as follows: First, we calculate what the Death Benefit Amount would have been as of the first Contract Anniversary and each subsequent Contract Anniversary that occurs while the Annuitant is living and before the Annuitant reaches his or her 81st birthday (each of these Contract Anniversaries is a "Milestone Date"). We then adjust the Death Benefit Amount for each Milestone Date by: (i) adding the aggregate amount of any Purchase Payments received by us since that Milestone Date; (ii) subtracting an amount for each withdrawal that has occurred since that Milestone date, which is calculated by multiplying the Death Benefit Amount by the ratio of the amount of each withdrawal that has occurred since that Milestone Date, including any withdrawal charge, to the Contract Value immediately prior to the withdrawal; and (iii) subtracting the aggregate amount of any previous charges, fees, and/or taxes, since that Milestone Date.
Examples of Death benefit amount in a sentence
The amount that the Death Benefit Amount exceeds the Contract Value will be added to the Contract Value in the form of the Add-In Amount on the Notice Date.
If there are multiple Beneficiaries, the Death Benefit Amount will be calculated when we first receive proof of death and instructions, in proper form, from any Beneficiary.
Any Death Benefit Amount still remaining to be paid to any other Beneficiary will fluctuate with the performance of the underlying Investment Options.
If the Annuitant dies before the Owner and before the Annuity Date, the death benefit proceeds will be equal to the Death Benefit Amount as of the Notice Date.
It will instead be continued in the Contract on the date we determine the Death Benefit Amount.
More Definitions of Death benefit amount
Death benefit amount. The annual amount which the Director’s Beneficiary is entitled to receive pursuant to this Agreement in the event of the Director’s death before his Normal Retirement Date. The annual amount is $23,500.
Death benefit amount is the Account Balance determined as of the end of the Business Day on which we have received Notice of both due proof of death and an acceptable election for the payment method. If the death benefit is not paid immediately in a lump sum, any portion of the Death Benefit Amount in the Separate Account remains in the Separate Account until distribution begins. From the time the death benefit is determined until complete distribution is made, any amount in the Separate Account will continue to be subject to investment risk. This risk is borne by the Beneficiary(ies).
Death benefit amount. DURING THE ACCUMULATION PERIOD The "Death Benefit Amount" will be the greater of:
Death benefit amount means the face amount of the death benefit payable under a Premium Financed Policy stated in such Premium Financed Policy.
Death benefit amount means an amount equal to (a) the aggregate amount of death benefits reported with respect to the Applicable Insurance Contracts during the Measurement Period multiplied by (b) the Net Amount at Risk Factor. For the avoidance of doubt, change in reserves for incurred but not reported (IBNR) and in course of settlement (ICOS) are included in the Death Benefit Amount. Furthermore, the Death Benefit Amount will be determined net of third-party reinsurance (including reinsurance to XXXX, to the extent such reinsurance is in-force), but will not take into account the reinsurance to Buyer.
Death benefit amount means the benefit payable to the designated beneficiary of a Participant payable upon that Participant’s death.
Death benefit amount. (Cont'd): (1) The sum of all Purchase Payment(s) made to the Account (as of the date of death) minus the sum of all amounts surrendered, applied to an Annuity, or deducted from the Account;