N-PAY definition

N-PAY means that the cash value of dividend additions within the policy, together with projected future dividends, are estimated to be sufficient to pay all remaining additional premiums required by the terms of policy; provided, however, that if the future dividends actually paid are less than the assumed dividends, the Association will be required to pay any deficiency.
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Examples of N-PAY in a sentence

  • This is in addition to the current NPAY prescription discount program that is available for all GVSU retirees.

  • For purposes hereof, "N-PAY" means that the cash value of dividend additions within the policy, together with projected future dividends, are estimated to be sufficient to pay all remaining additional premiums required by the terms of policy; provided, however, that if the future dividends actually paid are less than the assumed dividends, the Association will be required to pay any deficiency.

Related to N-PAY

  • Code Section 409A means Section 409A of the Code and the regulations and guidance promulgated thereunder.

  • Short-Term Deferral Period means the period ending on the later of the 15th day of the third month following the end of the Executive’s tax year in which the separation from service occurs and the 15th day of the third month following the end of the Company’s tax year in which the separation from service occurs; and

  • Deferred Compensation means the Compensation elected by the Participant to be deferred pursuant to the Plan.

  • Short-Term Payout means the payout set forth in Section 4.1.

  • Section 409A Deferred Compensation means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation within the meaning of Section 409A.