Payment of Benefits definition

Payment of Benefits. Benefits payable under this Certificate of Insurance will be paid within sixty days of receipt of satisfactory proof of loss. Payment made in good faith will discharge Us to the extent of this claim.
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Payment of Benefits. Subject to the provisions of this Contract, First SAFECO will, upon the written direction of the Owner, issue an Annuity or make a cash distribution to any person who is entitled to such benefits. First SAFECO shall not be obligated to issue an Annuity or to make a cash distribution until it receives written direction from the Owner containing the terms and conditions of the Annuity or cash distribution. First SAFECO may rely on the written direction of the Owner and shall not be liable, except where First SAFECO has acted in a negligent manner or has failed to exercise reasonable or prudent care, for any failure to question or challenge such direction regarding the issuance of an Annuity or payment of a cash distribution.
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Payment of Benefits. The annual retirement benefits payable hereunder will be adjusted annually for inflation (based on the Consumer Price Index) and will be paid until Executive reaches the age of 65. From and after the date on which Executive reaches the age of 65 and continuing until he reaches the age of 72, Executive will be entitled to 40% of Base Compensation (as adjusted for inflation). If HEALTHSOUTH fails to provide payment in accordance with the selected schedule and remains delinquent for a period of 10 business days following receipt of written notice from the Executive (made in accordance with Section 17 of the Employment Agreement), HEALTHSOUTH shall pay a penalty equal to three times the amount owed.
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Examples of Payment of Benefits in a sentence

  • Payment Of Benefits For Non-Contracting Provider ClaimsPayment will be made, at BCBSNE’s option, to the Covered Person, to his or her estate, to the provider, or as required by state or federal law.

  • Payment Of Benefits For Non-Contracting Provider ClaimsPayment will be made, at BCBSNE’s option, to the Covered Person, to his or her estate, to the provider or as required by state or federal law.

  • All amounts stated in the Certificate are in Canadian currency unless otherwise indicated.2. Payment Of Benefits: Benefits payable under this Certificate will be paid within sixty (60) days of receipt of satisfactory proof of loss.

  • Participants may make a new election, or amend or revoke a prior election under this Payment Of Benefits article in such form and manner as the Trustee may specify from time to time.

  • Payment Of Benefits At Death Upon the death of an insured spouse or dependent, contact your employer’s payroll and benefits office to report the death.

  • The low number of cases meant that trends were not yet discernible.

  • Note: Benefits will not be suspended once a Participant has reached his required beginning date (seeMandated Payment Of Benefits After Age 70½ in Part XII).

  • Mandated Payment Of Benefits After Age 70½ If you are a 5% owner of a contributing employer, the Board of Trustees is required to start paying you your benefits from the plan no later than April 1st following the calendar year in which you reach age 70½, whether you are retired or not.

  • Payment Of Benefits Any benefits payable under this policy shall be paid to you or the insured person.

  • Mandated Payment Of Benefits After Age 70½ Federal law requires the Trustees to start paying your benefits from the Plan no later than the April 1st following the calendar year during which you have both reached 70½ and retired.


More Definitions of Payment of Benefits

Payment of Benefits. The prior two sections allow the "designated beneficiary" to surrender the Contract. If You want that person to receive annuity payments rather than a lump sum, You may choose by Written Request an annuity payment option that meets the following three conditions. First, the first payment to a non spouse "designated beneficiary" must be made no later than one year after the date of death. Second, payments must be made over the life of the non spouse "designated beneficiary" or over a period not exceeding that person's life expectancy. Third, any payment option that provides for payments to continue after the death of the "designated beneficiary" will not allow the successor payee to extend the period of time over which the remaining payments are to be made. If You do not direct Us to make annuity payments, the "designated beneficiary" can choose between a lump sum and an annuity payment option meeting the above three conditions.
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Related to Payment of Benefits

  • Assignment of Benefits means an arrangement whereby the Plan Participant assigns their right to seek and receive payment of eligible Plan benefits, in strict accordance with the terms of this Plan Document, to a Provider. If a provider accepts said arrangement, Providers’ rights to receive Plan benefits are equal to those of a Plan Participant, and are limited by the terms of this Plan Document. A Provider that accepts this arrangement indicates acceptance of an “Assignment of Benefits” as consideration in full for services, supplies, and/or treatment rendered.

  • Coordination of Benefits or “COB” means a provision establishing an order in which plans pay their claims, and permitting secondary plans to reduce their benefits so that the combined benefits of all plans do not exceed total allowable expenses.

  • Schedule of Benefits means the section of this policy which shows, among other things, the Eligibility Requirements, Eligibility Waiting Period, Elimination Period, Amount of Insurance, Minimum Benefit, and Maximum Benefit Period.

  • 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.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Termination Benefit means the benefit set forth in Article 7.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Retirement Benefit means the benefit set forth in Article 5.

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

  • Change in Control Benefits means the following benefits:

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Employment benefits means all benefits provided or made

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

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

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.