Death Benefit Option definition
Death Benefit Option means the option chosen by You at the time of the proposal and as specified in the Schedule. Once You have chosen the Death Benefit Option at the time of proposal, the same cannot be changed by You during the Policy Term;
Death Benefit Option means the option chosen by the Master Policyholder, at the time of the Proposal Form and as specified in the Schedule;
Death Benefit Option. CHANGES: After the first policy year, you may change the death benefit option under your Policy from Option 1 to Option 2 or from Option 2 to Option 1. We will adjust the Specified Amount such that the Net Amount At Risk remains constant before and after the death benefit option change. The effective date of change will be the Monthly Anniversary Day on or next following the date we approve the request for change. Only one change of option is permitted in a policy year. We will refuse a death benefit option change which would reduce the Specified Amount to a level where the total premiums already paid exceeds the premium limit, if any, established by law to qualify your Policy as a contract for life insurance. In order for a death benefit option change to become effective, the Cash Surrender Value, after the change, must be sufficient to keep the Policy in force for at least 3 months.
Examples of Death Benefit Option in a sentence
Only You may revoke or change a Pre-selected Death Benefit Option.
Revocations of and changes to a Pre-selected Death Benefit Option are effective only after being recorded by the Company.
Death Benefit Option This field contains the option chosen by the insured for death proceeds payment.
The Company will pay the death benefit consistent with Your Pre-selected Death Benefit Option unless the Internal Revenue Code requires otherwise, or Your election requires payment over a period that exceeds the Beneficiary's life expectancy.
The Company will pay the death benefit consistent with Your Pre-selected Death Benefit Option unless the Internal Revenue Code requires otherwise, or Your election requires payment over a period that exceeds the Beneficiary's life expectancy as determined by the Company.
More Definitions of Death Benefit Option
Death Benefit Option. Specified Amount (Option A)
Death Benefit Option. [2] Face Amount [$243,169.00]
Death Benefit Option. CHANGES: After the first policy year, you may change the death benefit option under your Policy from Option 1 to Option 2 or from Option 2 to Option 1. You may not make a change from or to Option 3. We will adjust the Specified Amount such that the Net Amount At Risk remains constant before and after the death benefit option change. The effective date of change will be the Monthly Anniversary Day on or next following the date we approve the request for change. Only one change of option is permitted in a policy year. We will refuse a death benefit option change which would reduce the Specified Amount to a level where the total premiums already paid exceeds the premium limit, if any, established by law to qualify your Policy as a contract for life insurance. In order for a death benefit option change to become effective, the Cash Surrender Value, after the change, must be sufficient to keep the Policy in force for at least 3 months.
Death Benefit Option. [1 - Return of Premium] Maximum Annuitant Annuitization Age: [95]
Death Benefit Option. [1 - Return of Premium] Maximum Guaranteed Interest Account Percentage: [5%]
Death Benefit Option. [1] SUBACCOUNT FEES Daily Mortality and Expense Risk Fee: Option 1: .004178% (Based on an annual rate of 1.525%) Option 2: .004589% (Based on an annual rate of 1.675%) Option 3: .005000% (Based on an annual rate of 1.825%) Daily Administrative Fee: .00034% (Based on an annual rate of .125%) CONTRACT FEES AND CHARGES Premium Tax: .000% of each premium paid Annual Administrative Charge: $35. Charge is waived if Contract Value exceeds $50,000.
Death Benefit Option. CHANGES: After the first policy year, you may change the death benefit option under your Policy. If the change is from Option 1 to Option 2, the Specified Amount will be decreased by the amount of the Cash Value. We will decrease the Basic and Supplemental coverages proportionally. If the change is from Option 2 to Option 1, the Specified Amount will be increased by the amount of the Cash Value. We will increase the Basic and Supplemental coverages proportionally. We reserve the right to require evidence of insurability of both Insureds for a change from Option 2 to Option 1. The effective date of change will be the Monthly Anniversary Day on or next following the date we approve the request for change. We will also allow death benefit option changes from Option 3 to Option 1 or Option 2. We will not allow death benefit option changes from Option 1 to Option 3 or Option 2 to Option 3. Only one change of option is permitted in a policy year. We will refuse a death benefit option change which would reduce the Specified Amount to a level where the total premiums already paid to date exceed the premium limit established by law to qualify your Policy as a contract for life insurance. In order for a death benefit option change to become effective, the Cash Surrender Value, after the change, must be sufficient to keep the Policy in force for at least 3 months.