Rider Charge definition
Rider Charge means a charge levied by Us on the Rider Sum at Risk for providing life insurance cover to the Life Insured during the term of the Rider on the basis of the Life Insured‟s attained Age;
Rider Charge means an ongoing monthly charge that the Customer pays for its use of the Shared Facilities, as set out in greater detail in Appendix B;
Rider Charge means an ongoing monthly charge that the Customer pays for its use of the Electricity Delivery Facilities, as set out in greater detail in Schedule B;
Examples of Rider Charge in a sentence
If this rider is revoked under the Spousal Continuation provision, the Rider Charge will not be assessed on the date the rider is revoked.
The basis for determining the Lifetime Benefit Payment and Rider Charge.
The Benefit Base will continue to be eligible for an increase due to a Benefit Base Reset on each Contract Anniversary until a Benefit Base Reset is declined as described in the Annual Rider Charge section.
The annual rider charge may increase at the time of a Benefit Base Reset as described under the Annual Rider Charge section.
On the date the withdrawal feature of this rider is revoked, a prorated share of the Rider Charge will be assessed, and will no longer be assessed thereafter.
The Annual Rider Charge will be discontinued upon termination of the rider as described in the Rider Termination section.
A proportionate amount of the Annual Rider Charge will be deducted upon termination of this rider or surrender of the contract.
On the date the Lifetime Withdrawal Feature of this rider is revoked, a prorated share of the Rider Charge will be assessed, and will no longer be assessed thereafter.
If we are no longer issuing this rider, we reserve the right to increase the Annual Rider Charge to an amount that will not exceed the maximum Annual Rider Charge.
If you elect to decline the Annual Rider Charge increase, you must provide a Written Request to us no less than seven calendar days prior to the Contract Anniversary.
More Definitions of Rider Charge
Rider Charge. On an annual basis the Rider Charge will be a percentage of the monthly average of the Lifetime Withdrawal Base and will be deducted from the Contract Value. The Rider Charge will be deducted annually on the date specified in the Additional Contract Specifications and will not exceed the Maximum Rider Charge shown on the Additional Contract Specifications. The Rider Charge will not be deducted after the Annuity Date. If the Step-Up Benefit is elected, the Rider Charge may be increased, but not above the then current charge applicable to the class of Contact Owners then electing this benefit. CHANGES TO SINGLE LIFE GUARANTEES - Single Life Guarantees cannot be converted to Joint Life Guarantees. A spouse may not be added as a Joint Annuitant or Successor Owner after the rider effective date. CHANGES TO JOINT LIFE GUARANTEES - If no withdrawals have been taken, a Joint Life Guarantee can be changed to a Single Life Guarantee. The Joint Annuitant can also be changed to the Annuitant's current spouse if no withdrawals have been taken. If a withdrawal has been taken, the Joint Annuitant cannot be changed. The Joint Annuitant can be dropped from the contract, but the Rider Charge would remain at the Joint Life Guarantee charge, and the Annual Guaranteed Withdrawal Percentage would not change. IMPACT OF ANNUITANT'S DEATH FOR JOINT LIFE GUARANTEES - If the Joint Annuitant is still alive, after the Annuitant's death, no Death Benefit is paid. If no withdrawals have been taken, the guarantee converts to a Single Life Guarantee based on the Joint Annuitant's lifetime. If withdrawals have been taken, the guarantee does not change and the Guaranteed Annual Lifetime Withdrawal Amount applies to the Joint Annuitant's lifetime. If the Joint Annuitant is not alive on the date of death of the Annuitant, the Death Benefit is payable to a beneficiary and the rider is terminated. IMPACT OF JOINT ANNUITANT'S DEATH FOR JOINT LIFE GUARANTEES - If the Annuitant is still alive, after the Joint Annuitant's death, no Death Benefit is paid. If no withdrawals have been taken, the Contract Owner has the option to convert the guarantee to a Single Life Guarantee based on the Annuitant's lifetime. The company must receive this request in writing from the Contract Owner. If the Annuitant does not convert the guarantee to a Single Life Guarantee, the Annuitant may name a new spouse as the Joint Annuitant before withdrawals are taken. If withdrawals have been taken, the guarantee does not ch...
Rider Charge. On an annual basis the Rider Charge will be a percentage of the monthly average of the Lifetime Withdrawal Base and will be deducted from the Contract Value. The Rider Charge will be deducted annually on the date specified in the Additional Contract Specifications and will not exceed the Maximum Rider Charge shown on the Additional Contract Specifications. The Rider Charge will not be deducted after the Annuity Date. On the date of an automatic step-up of the Lifetime Withdrawal Base, the rider charge may be increased, but not greater than the current charge applicable to the class of Contract Owners then electing this rider. The current charge will not exceed the Maximum Rider Charge shown in the Additional Contract Specifications. The Owner can opt out of the rider charge increase, in which case the rider charge will not be increased and all future automatic annual step-ups will be suspended. Upon request, the Owner will have the option to elect to receive the automatic annual step-ups. Changes to Single Life Guarantees - Single Life Guarantees cannot be converted to Joint Life Guarantees. A spouse may not be added as a Joint Annuitant or Successor Owner after the Contract Date.
Rider Charge. The Rider Charge is expressed as an annual percentage of the Accumulation Benefit Base. One fourth of the annual Rider Charge will be multiplied by the average monthly Accumulation Benefit Base for the quarter and this amount will be deducted quarterly from the Contract Value on the dates specified in the Additional Contract Specifications. The Rider Charge will not exceed the Maximum Rider Charge (the Initial Rider Charge and the Maximum Rider Charge are both specified in the Additional Contract Specifications). Rider Charges will be deducted while this Rider is inforce. The Rider Charge will be deducted from the Subaccounts of the Variable Account pro-rata, based on the fund allocation at the time of deduction. The Company will deduct any accrued but uncollected Rider Charge on the date the Contract is surrendered. In addition, upon payment of any death benefit associated with the Contract, the death benefit payable will be reduced by the accrued Rider Charge. No Rider Charge will be imposed upon annuitization, or deducted after the Annuity Date. Upon renewal of the Guaranteed Minimum Accumulation Benefit or if a Reset Benefit is elected, the Rider Charge may be increased, but by no more than the Maximum Rider Charge Increase specified in the Additional Contract Specifications, and will not be greater than the Rider Charge applicable to the class of Contract Owners then electing this Rider. The Rider Charge will not exceed the Maximum Rider Charge specified in the Additional Contract Specifications. The Contract Owner will be notified in writing before a Rider Charge increase. Rider Changes — For any written change request accepted by the Company, the Company will send a confirmation of the change to the Contract Owner.
Rider Charge has the meaning set forth in the Riders.