Accelerated Benefit Sample Clauses

Accelerated Benefit. The term “Accelerated Benefit” shall mean amounts requested and received pursuant to any Policy(ies) rider permitting the policyowner or Insured access to portions of the eligible death benefit in the event the Insured is diagnosed with a chronic or terminal illness [as required by the individual Policy(ies)].
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Accelerated Benefit. The amount of the death benefit we will pay if the insured is eligible under this agreement. We will calculate the accelerated benefit amount by multiplying the death benefit by the accelerated benefit factor. PHYSICIAN An individual who is licensed to practice medicine or treat illness in the state in which treatment is received. This does not include the insured, or a member of the insured's immediate family. IMMEDIATE FAMILY The insured's spouse, child, parent, grandparent, grandchild, brothers and sisters and their spouses. TERMINAL CONDITION ------------------ WHAT IS A TERMINAL CONDITION? MHC-00-00000 Xxxxxxxxx Xxxe 1 A condition caused by sickness or accident which directly results in a life expectancy of twelve months or less. WHAT EVIDENCE DO WE REQUIRE OF THE INSURED'S TERMINAL CONDITION? We must be given evidence that satisfies us that the insured's life expectancy, because of sickness or accident, is twelve months or less. That evidence must include certification by a licensed physician. We reserve the right to ask for independent medical verification of a terminal condition. PAYMENT OF ACCELERATED BENEFIT ------------------------------ HOW DO WE CALCULATE THE ACCELERATED BENEFIT FACTOR? When we calculate this factor, we will consider the insured's age and sex, and the option applied for. We will also base our calculation on certain assumptions, which we may change from time to time, including but not limited to assumptions about:
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Accelerated Benefit. Accelerated Benefit, as a result of Terminal Illness or Cognitive Impairment, when such benefit is at no cost to the insured, is reinsured under this Agreement. ... END OF ARTICLE V ARTICLE VI
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Accelerated Benefit. Regardless of the lien or non-lien approach to acceleration, if a reinsured accelerated benefit as a result of Terminal Illness or Cognitive Impairment is paid by the Company, the Reinsurer will reimburse its proportionate share of the accelerated benefit at the time of the Company's payment of the accelerated benefit and upon receipt of notification that the claim has been paid. Upon the death of the insured, the Reinsurer will reimburse the Company for its proportionate share of the reinsured net amount at risk, reduced by the Reinsurer's portion of the accelerated amount. Regardless of the lien or non-lien approach to acceleration, if an accelerated benefit is paid by the Company and that accelerated benefit is not reinsured, then upon the death of the insured, the Reinsurer will reimburse the Company for its proportionate share of the reinsured net amount at risk, as if there had been no acceleration paid by the Company. ... END OF ARTICLE X ARTICLE XI
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Accelerated Benefit. Promptly upon termination of the SERP Agreement, the Executive will be paid $2,368,607.88 (the “Benefit Amount”) as set forth in Clause 5 below, owed from the general assets of AXIS Capital or AXIS as well as from the trust fund assets held for the benefit of the Executive under that certain Deed of Trust dated April 14, 2005 (the “Trust”) between AXIS and Codan Trust as Trustee.
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Accelerated Benefit. The amount of the death benefit we will pay if you are eligible under this policy rider. We will calculate the accelerated benefit amount by multiplying the death benefit by the accelerated benefit factor. PHYSICIAN An individual who is licensed to practice medicine or treat illness in the state in which treatment is received. This does not include you, the insured, or a member of your or the insured's immediate family. IMMEDIATE FAMILY The insured's or your spouse, child, parent, grandparent, grandchild, brothers and sisters and their spouses. TERMINAL CONDITION ------------------
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Accelerated Benefit. Accelerated Benefit, as a result of Terminal Illness or Cognitive Impairment, when such benefit is at no cost to the insured, is reinsured under this Agreement. EXHIBIT B-Amended (Effective May 29, 2019) PLANS COVERED Policy plans, riders and benefits issued on plans shown below and where the policy does not qualify for other inuring indemnity reinsurance may qualify for automatic reinsurance under the terms of this Agreement.
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Accelerated Benefit. Accelerated Benefit, as a result of Terminal Illness or Cognitive Impairment, when such benefit is at no cost to the insured, is reinsured under this Agreement. EXHIBIT A-Amended (Effective April 3, 2017)
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Accelerated Benefit. The amount of the death benefit we will pay if the insured is eligible under this agreement. We will calculate the accelerated benefit amount by multiplying the death benefit by the accelerated benefit factor. PHYSICIAN An individual who is licensed to practice medicine or treat illness in the state in which treatment is received. This does not include the insured, or a member of the insured's immediate family. IMMEDIATE FAMILY The insured's spouse, child, parent, grandparent, grandchild, brothers and sisters and their spouses. TERMINAL CONDITION ------------------ WHAT IS A TERMINAL CONDITION? 94-18677 Minnesota Mutual 1 A condition caused by sickness or accident which directly results in a life expectancy of twelve months or less. WHAT EVIDENCE DO WE REQUIRE OF THE INSURED'S TERMINAL CONDITION? We must be given evidence that satisfies us that the insured's life expectancy, because of sickness or accident, is twelve months or less. That evidence must include certification by a licensed physician. We reserve the right to ask for independent medical verification of a terminal condition. PAYMENT OF ACCELERATED BENEFIT ------------------------------ HOW DO WE CALCULATE THE ACCELERATED BENEFIT FACTOR? When we calculate this factor, we will consider the insured's age and sex, and the option applied for. We will also base our calculation on certain assumptions, which we may change from time to time, including but not limited to assumptions about:
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Related to Accelerated Benefit

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Surviving Spouse The term "Surviving Spouse" shall mean the person, if any, who shall be legally married to the Executive on the date of the Executive's death.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Protected Benefits The elections under this Article VI may not eliminate Code Section 411(d)(6) protected benefits. To the extent the elections would eliminate a Code Section 411(d)(6) protected benefit, see Section 13.02 of the Plan. Furthermore, if the elections liberalize the optional forms of benefit under the Plan, the more liberal options apply on the later of the adoption date or the Effective Date of this Adoption Agreement.

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

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