Matured Policy definition

Matured Policy or “Matured Policies” means an Endowment Policy that remains In-Force or on Extended Term or Reduced Paid-Up Status to the Maturity Date of the policy, and as to which the Maturity Date is a date prior to the Eligibility Date and the endowment benefit is paid prior to the Eligibility Date.
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Matured Policy means a Policy that has matured due to the death of an Insured (or the second Insured in the event the Policy is a joint survivor policy) on or prior to the Risk Transfer Date, but only if such maturity is discovered during the Matured Policy Period.
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Matured Policy has the meaning set forth in Section 2.02(a).
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Examples of Matured Policy in a sentence

  • If a Policy is not a Matured Policy under the terms of this Agreement then the Policy Proceeds for such Matured Policy shall, subject to the Seller having received from the Purchaser payment of the Policy Purchase Price, belong to Purchaser.

  • If the Purchaser or the Seller receives written notice of a Maturity Policy after the applicable Settlement Date and before the end of the Matured Policy Period, then the Policy Proceeds (less the Matured Policy Reimbursement Amount) in respect of such Matured Policy shall belong to the Seller.

  • Each Matured Policy shall be removed from Schedule I and, subject to this Article II, shall not be or shall no longer be treated as a Policy for purposes of this Agreement.

  • If the Purchaser or the Seller receives written notice of a Matured Policy before the Settlement Date, then the Transaction with respect to the Policy shall be void, and the Policy Proceeds for such Matured Policy shall belong to the Seller.

  • Within three (3) Business Days after the Seller receives the Policy Proceeds, the Seller shall deliver to the Purchaser by wire transfer of immediately available funds an amount equal to the Matured Policy Reimbursement Amount for such Matured Policy.

  • If the Seller is entitled to retain such Policy Proceeds pursuant to this Agreement, then the Seller shall deliver to the Purchaser the applicable Matured Policy Reimbursement Amount to the account designated in the Confirmation, or as otherwise designated by Purchaser in writing.

Related to Matured Policy

  • Reinsured Policies has the meaning assigned to it in the Reinsurance Agreement.

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • Insured Amounts means, with respect to any Distribution Date, the Deficiency Amount for such Distribution Date.

  • Insured Person s year” means a year from the date of commencement of the insured person’s policy, or from the anniversary date of the commencement of the insured person.

  • Insured Payment means (a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount.