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

  • Run-in claims must be reported to Aetna no later than 6 months after the end of the First Policy Year.

  • 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 Heaped Compensation 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 Semi-Heaped Compensation 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.

  • Eg., Period of first 12 months shall be termed as First Policy Year, period exceeding 12 months upto 24 months shall be termed as Second Policy Year and period exceeding 24 months upto 36 months shall be termed as Third Policy Year.

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

  • Another strength is the easy access to people, where, for instance, the e-mails of the top leaders could usually be found on the companies’ web-pages.

  • 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 Heaped Compensation 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.

  • Charge for a preferred non-tobacco underwriting risk Male insured with Issue Age of 46 and $750,000 of Face Amount, during the First Policy Year (Rate is per $1,000 of the Net Amount at Risk), under a 10-year option.The Sub-Accounts indirectly pay expenses of the underlying funds.

  • BrightLife® Protect 1.0 % BrightLife® Grow 2.0 % Compensation on Incentive Life Optimizer® III Type of Premium Percentage Heaped Compensation 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.

  • Liquidity Rider (only applies to Incentive Life Optimizer® III, not VUL Optimizer Series 160) 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.

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.

  • Effective Date of Coverage means the date of commencement of Coverage in respect of a Life Insured under the Policy pursuant to the provision on Commencement of Coverage.

  • Procurement Policy Board or “PPB” shall mean the board established pursuant to Charter § 311 whose function is to establish comprehensive and consistent procurement policies and rules which have broad application throughout the City.

  • Policy Commencement Date means the date of commencement of the Policy as specified in the Schedule.

  • Group Policy /”policy” means the breakdown policy as set out in this document;

  • Policy Anniversary means the annual anniversary of the Date of Commencement of Risk;

  • Resettlement Policy Framework or “RPF” means the resettlement policy framework adopted by the Recipient on January 20, 2011, setting forth, inter alia, a brief description of the Project and components for which land acquisition and Resettlement are required, the principles and objectives governing Resettlement preparation and implementation, and a description of the process for preparing and approving site-specific Resettlement Action Plans.

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Policy summary means a synopsis describing the elements of a life insurance policy.

  • Investment Policy means the investment policy from time to time determined by the Commission under the Rules;

  • Policy Term means the term of this Policy as specified in the Schedule;

  • Period of Coverage means the Plan Year, with the following exceptions: (a) for Employees who first become eligible to participate, it shall mean the portion of the Plan Year following the date on which participation commences, as described in Section 3.1; and (b) for Employees who terminate participation, it shall mean the portion of the Plan Year prior to the date on which participation terminates, as described in Section 3.2.

  • HMG Security Policy Framework means the Cabinet Office Security Policy Framework (available from the Cabinet Office Security Policy Division) as updated from time to time.

  • Business Travel Policy means our business travel policy. A copy of our current Business Travel Policy is attached as Schedule 1 to Exhibit B.

  • Cash Value Insurance Contract means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value greater than $50,000.

  • Rates Policy means the policy on the levying of rates on rateable properties of the CEDERBERG MUNICIPALITY contemplated in chapter 2 of the Municipal Property Rates Act.

  • Energy year or "EY" means the 12-month period from June 1st

  • Policy Framework means a policy framework issued under section 26 of the Act.

  • Policy Effective Date means the commencement date of these Terms and Benefits which is specified as "Policy Effective Date" in the Policy Schedule.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Investment Policies means the investment objectives, policies, restrictions and limitations set forth in the “BUSINESS” section of its Registration Statement, and as the same may be changed, altered, expanded, amended, modified, terminated or restated from time to time.