VART definition

VART. (Variable Annual Renewable Term rider) 1. VART is a rider with scheduled coverage amounts that can vary annually. The coverage amounts are scheduled at issue and taken from the illustration at the time the policy is issued. 2. The CEDING COMPANY will report the highest VART amount in all years as the VART total coverage face amount. Coverage is ceded on an excess of retention basis, with the CEDING COMPANY retaining the amounts shown in Exhibit A. The face amount ceded will be the REINSURER’s portion of the highest VART amount based on the REINSURER’s automatic pool participation percentage. 3. The CEDING COMPANY will report the current net amount at risk as the NAR amount for VART riders. Premium paid the REINSURER for VART riders is calculated and paid on the current ceded NAR amount. 4. Death benefits payable will be based upon current NAR.
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VART. (Variable Annual Renewable Term rider)
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VART. (Variable Annual Renewable Term rider) 1. VART is a rider with scheduled coverage amounts that can vary annually. The coverage amounts are scheduled at issue and taken from the illustration at the time the policy is issued. 2. The Ceding Company will report the highest VART amount in all years as the VART total coverage face amount. Coverage is ceded on an excess of retention basis, with the Ceding Company retaining the amounts shown in Exhibit A. The face amount ceded will be the Reinsurer’s portion of the highest VART amount based on the Reinsurer’s automatic pool participation percentage. 3. The Ceding Company will report the current net amount at risk as the NAR amount for VART riders. Premium paid the Reinsurer for VART riders is calculated and paid on the current ceded NAR amount. 4. Death benefits payable will be based upon current NAR.
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Examples of VART in a sentence

  • Death Benefit Option D (which is a special case of VART) is underwritten and reported as two times the Initial Face Amount for all coverages issued with the policy.

  • The ▇▇▇ ▇▇▇▇▇ is not allowed on a policy with either the Flexible Duration No Lapse Guarantee rider or the VART rider.

  • VAR(T) = 140.00 (Variance of 16 true scores to mimic test and retest situation) VAR(X) = 149.60 (Variance of both Time 1 and Time 2 observed scores combined) The CTT reliability is VAR(T) VAR(X) 140.00 149.60 = 0.935 which means that 93.5% of variance in observed scores is due to true score variance, or 100(1 - .935) = 6.5% is error variance.

  • Inforce VART amounts (see below) will count towards retention based on the highest VART amount in the first 15 policy years.

  • VART is a rider with coverage amounts that can vary annually and are scheduled at issue.

Related to VART

  • STU means the Board or the Government company notified by the respective State Government under Sub-section (1) of Section 39 of the Act;

  • Homemaker means a person who performs household chores for an individual primarily in her/his place of residence. Household chores may include but are not necessarily limited to housekeeping, meal preparation and shopping.

  • PACE means the acronym for property assessed clean energy.

  • Illuminated sign means a sign with an artificial light source incorporated internally or externally for the purpose of illuminating the sign.

  • Façade means the principal front or fronts of a building.