Return of Premium definition

Return of Premium means a LTC insurance policy feature which provides for the return of a percentage of premium paid by the policyholder (such as 80%) if the policyholder does not make a claim (or has a limited amount of benefits paid) during a given period of time during which the policy was in force (such as ten years).

Return of Premium. GMDB Total premiums paid less an adjustment for any partial withdrawals. GMDB is reduced dollar-for-dollar for any partial withdrawals. GMDB benefits are fully defined in the prospectus and related materials. CONTRACT TYPES reinsured under this Agreement Contract Description Form Number Issue Dates Medley 4888 January 1, 2003 Benefit Rider Forms with Medley Value+ Option VP 4901 January 1, 2003 GMDB -- 1-Yr Periodic Step-Up GMDB 4902 Rev. 2-01 January 1, 2003 GMDB -- 5% Roll-Up GMDB 4903 January 1, 2003 GMDB -- Greater of GMDB 0000 Xxxxxxx 0, 0000 XXX -- Xxxxxx Protection Benefit EPB 4901 January 1, 2003 EEB -- Expanded Estate Protection Benefit EEPB 4902 January 1, 2003 Acclaim 4882 January 1, 2003 Annuity III-Plus 4786 January 1, 2003 Benefit Rider Forms with Acclaim and Annuity III-Plus GMDB -- 7-yr Step-Up GMDB 4095 January 1, 2003 All state variations of the above listed contract and rider forms are reinsured under this Agreement. SCHEDULE B-2 Investment Funds under CONTRACT TYPES Reinsured under this Agreement FIXED ACCOUNT LOANED AMOUNT XXXXX Xxxxx American Balanced Xxxxx American Leveraged Al1Cap AMERICAN CENTURY VP Income & Growth AMERITAS PORTFOLIOS Ameritas Core Strategies effective 11/1/03 Ameritas Emerging Growth discontinued 10/30/03 Ameritas Growth Ameritas Growth With Income discontinued 10/30/03 Ameritas Income & Growth Ameritas Index 500 Ameritas MidCap Growth Ameritas Money Market Ameritas Research discontinued 10/30/03 Ameritas Select Ameritas Small Capitalization Ameritas Small Company Equity XXXXXXX PORTFOLIOS CVS Income CVS Social Balanced CVS Social Equity CVS Social International Equity CVS Social Mid Cap Growth CVS Social Small Cap Growth DREYFUS MidCap Stock - Service Shares FIDELITY (Initial Class for Acclaim, Annuity III-Plus; Service Class 2 for Medley) VIP Asset Manager VIP Asset Manager: Growth VIP Contrafund VIP Equity-Income VIP Growth VIP High Income VIP Investment Grade Bond VIP Overseas INVESCO FUNDS VIF- Dynamics MFS New Discovery Strategic Income Utilities XXXXXX XXXXXXX - referred to as XXX XXXXXX effective 5/1/03 Emerging Markets Equity renamed Emerging Markets Equity --Class I effective 5/1/03 Global Value Equity renamed Global Value Equity -- Class I effective 5/1/03 International Magnum renamed International Magnum -- Class I effective 5/1/03 renamed U.S. Real U.S. Real Estate Estate -- Class I effective 5/1/03 SALOMON BROTHERS Variable Capital- renamed Variable All Cap effective 5/1/03 SUMMIT PINNACLE SERIES Nas...

Return of Premium means the option chosen by You and as specified under the Schedule, where on maturity of the Rider, You will be entitled to get the return of the Premiums paid in accordance with Clause 5 of Part C of the Rider;

Examples of Return of Premium in a sentence

• The Return of Premium Death Benefit coverage will be reduced by the amount of the requested decrease.

• The initial annual Return of Premium Death Benefit Increase Rate is shown in the Policy Specifications page for this rider.

• The amount of the Return of Premium Death Benefit coverage will not exceed the Maximum Benefit Amount shown in the Policy Specifications page for this rider.

• The charts included in the sections of the prospectus entitled: "How a Type A (Fixed) Contract's Death Benefit Will Vary," "How a Type B (Variable) Contract's Death Benefit Will Vary," and "How a Type C (Return of Premium) Contract's Death Benefit Will Vary," are consistent with the provisions of the Contract.

• After increases cease, we will not take into account any more premiums paid or apply the Return of Premium Death Benefit Increase Rate in determining the amount of the Return of Premium Death Benefit coverage.

• The sum of all premiums paid for the policy during the Return of Premium Period, including premiums paid for this rider and any other benefits riders attached to the policy (unless expressly excluded), while this rider is in force (except for any application and annual policy fees.) The sum of all premiums is without interest accumulation.

• SLIC has four lines of business: Universal Life (UL); Level Premium Term Insurance with three available level term periods: 10, 20 and 30 year; Single Premium Immediate Annuities (SPIA); and Variable Annuities with a Return of Premium (ROP) Guaranteed Minimum Death Benefit (GMDB) and an optional Guaranteed Minimum Accumulation Benefit (GMAB) or Guaranteed Minimum Withdrawal Benefit (GWAB).

• Simple Life is a US life insurance company located in Boston, Massachusetts with four lines of business: Universal Life (UL), Level Premium Term Insurance with three available level term periods: 10, 20 and 30 year, Single Premium Immediate Annuities (SPIA) and Variable Annuities with a Return of Premium (ROP) Guaranteed Minimum Death Benefit (GMDB) and a Guaranteed Minimum Accumulation Benefit (GMAB).

• Your age at the start of the Return of Premium Period will determine when the Return of Premium Benefit is eligible for payout based on the table below.

• The policy provides for an optionally paid “planned” premium selected by the owner, and may provide more than one death benefit option (for example, the Specified Amount, the Specified Amount plus Account Value and the Specified Amount plus Return of Premium).