Joint and Survivor Life Annuity definition

Joint and Survivor Life Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Joint and Survivor Life” Annuity Form. During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount. Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month. Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. After the Covered Life dies, Prudential may owe additional monthly payments. Prudential will owe additional monthly payments if the Contingent Life is alive when the Covered Life dies. Prudential will pay the first payment on the first day of the month following the Covered Life’s death. Prudential will pay subsequent monthly payments on the first day of each month. Prudential will pay the last payment on the first day of the month in which such Contingent Life dies. The amount of the payments will equal the Contingent Life Amount.
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Joint and Survivor Life Annuity. Under this annuity form Income Annuity payments are payable monthly from the Income Payment Start Date, if both the Annuitant and the survivor Annuitant are then living, to and including the date of the last payment payable on or before the date of death of the second to die of the Annuitant and the survivor Annuitant. Income Annuity payments made during the Annuitant's lifetime are payable to the Annuitant. Any Income Annuity payments made after the Annuitant's death are payable to the survivor Annuitant. Income Annuity payments made to the survivor Annuitant are a specified percentage, not greater than 100% as elected by the Annuitant, of the Income Annuity payments payable to the Annuitant. TERM CERTAIN JOINT AND SURVIVOR LIFE ANNUITY: Under this annuity form Income Annuity payments are payable monthly from the Income Payment Start Date, if both the Annuitant and the survivor Annuitant are then living, to and including the date of the last payment payable on or before the date of death of the second to die of the Annuitant and the survivor Annuitant, or, if later, the Term Certain Expiration Date. The Term Certain Expiration Date is a date that will be any anniversary date between 5 and 30 years after the Income Payment Start Date in accordance with the Annuitant's election. Income Annuity payments payable during the Annuitant's lifetime are payable to the Annuitant. Any Income Annuity payments payable after the Annuitant's death are payable to the survivor Annuitant, if living, otherwise to the Annuitant's Beneficiary. If the Beneficiary is not a natural person, then in lieu of the payment of monthly annuity payments the commuted value of the remaining Income Annuity payments, as determined by Us, will be paid. Income Annuity payments payable to the survivor Annuitant, or to the Beneficiary, before the Term Certain Expiration Date are 100% of the monthly Income Annuity payments payable to the Annuitant. Income Annuity payments payable to the survivor Annuitant after the Term Certain Expiration Date are a specified percentage, not greater than 100% as elected by the Annuitant, of the Income Annuity payments payable to the Annuitant. If the Beneficiary is a natural person and if such Beneficiary is not living at the time an Income Annuity payment is payable, the commuted value of such payments will be paid to the Beneficiary's executors or administrators.]
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Joint and Survivor Life Annuity means, in respect of a Covered Life, the Annuity Form having such payment terms as are specified in Section 2.3 for such Annuity Form, together with any of the following Riders in respect of such Covered Life as are specified in Annuity Exhibits: Refund Death Benefit Rider
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Examples of Joint and Survivor Life Annuity in a sentence

  • Such a form may, for example, include the Joint and Survivor Life Annuity Form which provides monthly payments while either of two persons upon whose lives such payments depend is living.

  • Joint and Survivor Life Annuity with 120 Monthly Periods Guaranteed.

  • The second number is your Spousal Joint and Survivor Life Annuity Pop-Up Decrease Factor.

  • We may offer annuity forms other than the Life Annuity Form or Joint and Survivor Life Annuity Form issued by us or one of our affiliated or subsidiary life insurance companies.

  • If the Employee elected a Joint and Survivor Life Annuity, payments will continue for the life of the Spouse (with appropriate reduction based on the Employee's election).

  • The payments commence on the date as of which the Joint and Survivor Life Annuity Form is purchased and terminate with the last payment due before the death of the survivor.

  • Option 2: Joint and Survivor Life Annuity The second Annuitant named shall be referred to as the Co-Annuitant.

  • It is assumed that the power-law source spectrum of an ion with charge Z experiences a break at 4×1015 Z eV that reproduces the knee in the observed all particle spectrum.The average anisotropy produced by the global leakage of cosmic rays from the Galaxy is shown by the thick lines in Figure 2.

  • Each Periodic Payment under the fixed annuity will be equal to the amount of the first fixed annuity payment (unless you elect a Joint and Survivor Life Annuity Option with reduced survivor payments).

  • If the [30] day period expires and You have not made a choice, then You will receive monthly payments based on a Life Annuity with 120 Monthly Periods Guaranteed (Joint and Survivor Life Annuity with 120 Monthly Periods Guaranteed if there are Joint Annuitants) beginning [60] days from the date the Contract Value falls to zero.


More Definitions of Joint and Survivor Life Annuity

Joint and Survivor Life Annuity means the following for [(A)] each Immediate Covered Life identified in the Annuity Exhibits under Part 1, Form [C] as receiving a “Joint and Survivor Life Annuity” Annuity Form [and (B) each Deferred Covered Life who has the right to receive, and elects to receive, a “Joint and Survivor Life Annuity” Annuity Form pursuant to Section 2.3]. During the Covered Life’s lifetime, the Company will make monthly payments to the Covered Life equal to the Covered Life Amount. The Company owes the first monthly payment on the Annuity Commencement Date. The Company will pay subsequent monthly payments on the first day of each month. The Company’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. The amount of these monthly payments to the Covered Life will not change in the event that the Contingent Life dies before the Covered Life. After the death of the Covered Life, the Company will make additional monthly payments to the Contingent Life if the Contingent Life is alive on the first day of the month following the death of the Covered Life. The amount of the monthly payments will equal the Contingent Life Amount. the Company will make the first monthly payment to the Contingent Life on the first day of the month following the month in which the Covered Life dies. the Company will pay subsequent payments on the first day of each month. the Company’s last payment to the Contingent Life will be on the first day of the month in which the Contingent Life dies.
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Related to Joint and Survivor Life Annuity

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse, and which is the amount of benefit that can be purchased with the Participant's Vested Account Balance. The percentage of the survivor annuity under the Plan shall be 50%.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • Survivor s Option' means, where applicable, the right of a holder of a Note to require the Company to repay such Note prior to its Stated Maturity upon the death of the owner of such Note, subject to the provisions hereof relating to such option."

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Eligible Spouse means a spouse of an Eligible Retiree who satisfies the requirements for eligibility described in the Eligibility section of this document, or an ex-spouse who is an Eligible Spouse with rights to coverage as an Eligible Spouse pursuant to a court order recognized by SHARP. A Spouse must be married to retiree at least one year prior to the effective date of retirement. A Spouse married after the retiree’s effective retirement date is considered a non-eligible spouse for purposes of the Plan. [See “Spouse”]

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Eligible Survivor means the Insured Employee's:

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Variable Annuity An Annuity with payments that vary with the net investment results of one or more Funds under the Separate Account.

  • Actuarial equivalent means a benefit of equal value when

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Contingent Annuitant is the natural person who becomes the Annuitant if the Annuitant dies prior to the Income Date.

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Normal Form means a monthly annuity which is one twelfth of the amount of the member’s accrued benefit which is payable for the member’s life. If the member dies before the sum of the payments he or she receives equals his or her accumulated contributions on the annuity starting date, the named beneficiary shall receive in one lump sum the difference between the accumulated contributions at the annuity starting date and the total of the retirement income payments made to the member.