First Policy Year definition

First Policy Year. One hundred five percent (105%) of the premium received up to the Minimum Premium and seven and three tenths percent (7.3%) of any premium in excess of the Minimum Premium. The Minimum Premium is the minimum annual amount that, if paid each year for the first three years, will keep the No-Lapse Guarantee in effect for that time. The Minimum Premium is recorded on the specifications page of each Policy. The No-Lapse Guarantee is described in the Policy prospectus.
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Examples of First Policy Year in a sentence

  • First Policy Year Qualifying First Year Premiums up to Target 58.7 % Excess Premiums 8.5 % Renewals Policy Years 2-5, up to Target 15.0 % Policy Years 2-5, Excess Premiums 7.0 % Policy Years 6-7, up to Target 13.0 % Policy Years 6-7, Excess Premiums 5.0 % Policy Years 8-10 2.0 % Policy Years 11 et seq.

  • BrightLife® Protect and IUL Protect 1.0 % BrightLife® Grow 2.0 % Compensation on Incentive Life Optimizer® III, VUL Optimizer® Series 160 and VUL Optimizer® Series 166: Type of Premium Percentage First Policy Year Qualifying First Year Premiums up to Target 99.0 % Excess Premiums 8.5 % Renewals Policy Years 2-5 5.8 % Policy Years 6-10 3.8 % Policy Years 11 et seq.

  • Exhibit A Amended and Restated Schedule 1 Effective as of January 1, 2020 First Policy Year Qualifying First Year Premiums up to Target 58.7 % Excess Premiums 8.5 % Renewals Policy Years 2-5, up to Target 15.0 % Policy Years 2-5, Excess Premiums 7.0 % Policy Years 6-7, up to Target 13.0 % Policy Years 6-7, Excess Premiums 5.0 % Policy Years 8-10 2.0 % Policy Years 11 et seq.

  • First Year, Previously Reported (i.e., Renewal Business in First Policy Year) 3.

  • BrightLife® Protect and IUL Protect 1.0 % BrightLife® Grow 2.0 % Compensation on Incentive Life Optimizer® III and VUL OptimizerSM Series 160: Type of Premium Percentage First Policy Year Qualifying First Year Premiums up to Target 99.0 % Excess Premiums 8.5 % Renewals Policy Years 2-5 5.8 % Policy Years 6-10 3.8 % Policy Years 11 et seq.

  • BrightLife® Protect 1.0 % BrightLife® Grow 2.0 % Compensation on Incentive Life Optimizer® III Type of Premium Percentage First Policy Year Qualifying First Year Premiums up to Target 99.0 % Excess Premiums 8.5 % Renewals Policy Years 2-5 5.8 % Policy Years 6-10 3.8 % Policy Years 11 et seq.

  • First Policy Year Qualifying First Year Premiums up to Target 36.7 % Excess Premiums 8.5 % Renewals Policy Years 2-5, up to Target 8.0 % Policy Years 2-5, Excess Premiums 7.0 % Policy Years 6-7, up to Target 6.0 % Policy Years 6-7, Excess Premiums 5.0 % Policy Years 8-10 2.0 % Policy Years 11 et seq.

  • The Collateral Account shall be credited with Net Ceded Premium for the First Policy Year, Net Ceded Premium to be paid during the Current Policy Year, and all investment income attributed to SP110.

  • With respect to the First Policy Year, claims and expenses (including, but not limited to, so-called incurred but not reported claims and related expenses) attributable to the policies which GIC has issued to the Insured, up to the Per Occurrence Aggregate Limit or the Overall Aggregate Limit for the First Policy Year, whichever is less.

  • BrightLife® Protect and IUL Protect 1.0 % BrightLife® Grow 2.0 % Compensation on Incentive Life Optimizer® III and VUL OptimizerSM Series 160: Tvne of Premium Percentage First Policy Year Qualifying First Year Premiums up to Target 99.0 % Excess Premiums 8.5 % Renewals Policy Years 2-5 5.8 % Policy Years 6-10 3.8 % Policy Years 11 et seq.

Related to First Policy Year

  • Policy Year means the period of time these Terms and Benefits are in force. The first Policy Year shall be the period from the Policy Effective Date to the day immediately preceding the first Renewal Date as specified in the Policy Schedule (both days inclusive) within one (1) year period; and each subsequent Policy Year shall be the one (1) year period from each Renewal Date.

  • Policy Date means the date on which the Search Report was prepared.

  • Policy Period means the period commencing from effective date and hour as shown in the Policy Schedule and terminating at midnight on the expiry date as shown in the Policy Schedule.

  • Policy Schedule means a schedule attached to these Terms and Benefits, which sets out, among others, the Policy Effective Date, Renewal Date, the name and the relevant particulars of the Policy Holder and the Insured Person, the eligible benefits, premium and other relevant details in respect of these Terms and Benefits.

  • Fuel Cost Policy means the document provided by a Market Seller to PJM and the Market Monitoring Unit in accordance with PJM Manual 15 and Operating Agreement, Schedule 2, which documents the Market Seller’s method used to price fuel for calculation of the Market Seller’s cost-based offer(s) for a generation resource.