Death Benefit Provisions definition
Death Benefit Provisions upon the Death of an Annuitant or Joint Annuitant: The amount payable (the "Death Benefit") is the Contract Value on the first Valuation Day that we have received Proof of Death. When Distribution of Death Proceeds Is Required The Distribution Rules stated below are intended to maintain the status of this Contract as an annuity contract under federal income tax law. In certain circumstances federal tax law provides distribution rules for the designated beneficiary to follow instead of the Distribution Rules in the Contract. If the designated beneficiary is not following alternate distribution rules, the Distribution Rules will apply. Except as described below and in the Distribution Rules provisions, a distribution is required at the first death of:
Death Benefit Provisions. The following replaces the "
Death Benefit Provisions. The following replaces the "Death Benefit Amount During the Accumulation Period" section of the "Death Benefit Provisions:" DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD - The "Death Benefit Amount" will be the greater of:
Examples of Death Benefit Provisions in a sentence
ICC18 VA775 24 DEATH BENEFIT PROVISIONS (CONT'D) Pre-selected Death Benefit Option.
CALCULATION OF THE DEATH BENEFIT PROVISIONS (CONTINUED) DEATH BENEFIT The Death Benefit is the greatest of: a) the Contract Value; or b) 100% of all premium payments made under the Contract, reduced by the gross amount of any partial surrenders since the Contract Issue Date; or c) the Maximum Anniversary Value, as described below.
ICC24 RILA307 21 DEATH BENEFIT PROVISIONS NATURAL OWNER'S DEATH BEFORE THE INCOME DATE.
VA785NY 13 DEATH BENEFIT PROVISIONS (CONT'D) Pre-selected Death Benefit Payment Option Election.
DEATH BENEFIT PROVISIONS (CONTINUED) Instead of a lump sum payment the beneficiary may elect to have the death benefit distributed as stated in Option 1 for a period not to exceed the beneficiary's life expectancy; or Options 2, or 3 based upon the life expectancy of the beneficiary as prescribed by federal regulations.
More Definitions of Death Benefit Provisions
Death Benefit Provisions. DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD - The "Death Benefit Amount" will be the greater of:
Death Benefit Provisions. The following is added to the "Death Benefit Provisions:" ADDITIONAL DEATH BENEFIT DURING THE ACCUMULATION PERIOD - During the Accumulation Period, an Additional Death Benefit will be paid to your Beneficiary (ies) upon your death, the first death of a Joint Owner, or the death of the Annuitant if a non-natural person owns the Contract. If a non- natural person owns the Contract, the Annuitant shall be deemed to be Owner for purposes of determining the Additional Death Benefit. If there are Joint Owners, the age of the oldest will be used to determine the Additional Death Benefit.
Death Benefit Provisions on pages 18 through 20 and "Annuity Options" on pages 21 through 24. EXCHANGE An Exchange is an Exchange of Account Value or Payment Units of one Subaccount for the equivalent dollar amount of Account Value or Payment Units of another Subaccount(s). An Exchange also includes Exchanges of Account Value among the Subaccounts and the Fixed Account. FIXED ACCOUNT The Fixed Account is part of the Company's general account. The Company manages the general account and guarantees that it will credit interest on Fixed Account Value at an annual rate at least equal to the Guaranteed Rate. This Rate is set forth on page 3. GUARANTEE PERIOD Current Interest, if declared, is fixed for rolling periods of one or more years, referred to as Guarantee Periods. The Company may offer Guarantee Periods of different durations. The Guarantee Period that applies to any Fixed Account Value:
Death Benefit Provisions section of the Contract is deleted and replaced with the following: ================================================================================ DEATH BENEFIT PROVISIONS ================================================================================ DEATH OF ANNUITANT
Death Benefit Provisions. The charge for this Rider is reflected on the Contract Schedule. SPOUSAL CONTINUATION DURING THE ACCUMULATION PERIOD - If the Owner dies during the Accumulation Period and the Beneficiary is his or her spouse, the Beneficiary may choose to continue the Contract in his or her own name and exercise all the Owner's rights under the Contract. The Account Balance under the continued Contract will be adjusted to an amount equal to the Death Benefit Amount that would have been payable at the Owner's death. Any excess of the Death Benefit Amount over the Account Balance will be allocated to each applicable Investment Division (and/or other account included by Rider) in the ratio that the portion of the Account Balance in such Investment Division (and/or other account) bears to the total Account Value. Metropolitan Life Insurance Company has caused this Rider to be signed by its Vice-President & Secretary. /s/ ▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇ Vice-President & Secretary ML-540 (07/01) Metropolitan Life Insurance Company ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ -------------------------------------------------------------------------------- DEATH BENEFIT RIDER [- ANNUAL STEP-UP] This Rider forms a part of the Contract to which it is attached and is effective upon issuance. In case of a conflict with any provision in the Contract, the provisions of this Rider will control. Your election of this Rider is irrevocable and its provisions will remain part of the Contract until the Contract terminates. This Rider amends the Contract as follows:
Death Benefit Provisions. The following replaces the "Death Benefit Amount During the Accumulation Period" section of the "
Death Benefit Provisions is changed to: (2) the contract fund before deduction of any monthly charges due on that date plus a return of sales charge as described under Surrender, plus any additional amount as described under Rider For Payment Of An Additional Amount Upon Surrender Of The CVUL-1999 Contract, multiplied by the attained age factor that applies. Termination This rider will end on the earliest of: