Variable death benefit definition

Variable death benefit means the amount of the death benefit, other than incidental insurance benefits, payable under a variable life insurance policy dependent on the investment performance of the separate account, which the insurer would have to pay in the absence of any minimum death benefit.
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Variable death benefit means the amount of the death benefit, other than
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Examples of Variable death benefit in a sentence

  • The Variable death benefit is the greater of: (1) the Variable purchase payments, net of Variable Account transfers and less the total amount of any partial withdrawals from the Variable Account; or (2) the Variable Account Value at the date of receipt of due proof of death and the necessary forms to make payment to a beneficiary.

  • DEATH BENEFIT (CONTINUED) The Variable death benefit is the greater of: (1) the Variable purchase payments, net of Variable Account transfers and less the total amount of any partial withdrawals from the Variable Account; or (2) the Variable Account Value at the date of receipt of due proof of death and the necessary forms to make payment to a beneficiary.

  • Variable death benefit means the amount of the death benefit, other than incidental insurance benefits, payable under a variable life insurance policy, dependent on the investment experience of the separate account, and, at the option of the insurer, dependent upon the charging of more favorable mortality and expense charges, if any, than as guaranteed in the contract, which the insurer would have to pay in the absence of any minimum death benefit.

Related to Variable death benefit

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.