DEATH BENEFIT GUARANTEE Sample Clauses

DEATH BENEFIT GUARANTEE. The Death Benefit Guarantee Period is elected at issue and shown on the Policy Schedule Pages (page 3). The Death Benefit Guarantee is active if it was elected and has not terminated or expired. Under the Death Benefit Guarantee, this Policy may remain in force even if the Cash Surrender Value is less than the Monthly Policy Charge. This Policy is in force under the Death Benefit Guarantee if all of the following are true: • the Death Benefit Guarantee Premium Test is met or this Policy is in a Death Benefit Guarantee Grace Period (Section 4.6); • the Cash Surrender Value on a monthly processing date is less than the Monthly Policy Charge; and • the Death Benefit Guarantee is active.
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DEATH BENEFIT GUARANTEE. The Death Benefit Guarantee protects against premium default due to investment experience. If, on a Monthly Anniversary:
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DEATH BENEFIT GUARANTEE. The Death Benefit Guarantee protects against premium default due to investment experience. If, on a Monthly Anniversary: 1) The Death Benefit Guarantee Requirement is met; and 2) The Death Benefit Guarantee has not terminated; then no premium will be in default even if the Monthly Deduction to be made on that day would result in a Cash Surrender Value less than zero. If the Monthly Deduction to be made on that day is greater than the Cash Surrender Value, the deduction made will not exceed the Accumulated Value less any Debt and we will pay the balance of the Monthly Deduction. W3-VC-VUL-10 page 10 Contract Number: LV1234567 ---------------------------------------------------------------------------- 4. PREMIUMS AND REINSTATEMENT (continued) ---------------------------------------------------------------------------- 4.6a Death Benefit Guarantee Requirement. On any Monthly Anniversary, the Death Benefit Guarantee Requirement is met if (1) is greater than or equal to (2) where: 1) Is the sum of: a) Premiums paid; less b) Any Partial Surrenders; and less c) Any unpaid contract loans; and 2) Is the sum of Death Benefit Guarantee Premiums from the Date of Issue through that Monthly Anniversary. For purposes of the Death Benefit Guarantee Requirement, the Death Benefit Guarantee Premium will be zero for any Monthly Anniversary that a premium is credited to this contract under a disability waiver benefit rider. If the Death Benefit Guarantee Requirement is not met on a Monthly Anniversary but the Cash Surrender Value less any unearned interest is greater than or equal to the sum of Death Benefit Guarantee Premiums from the Date of Issue through that Monthly Anniversary, then the sum of premiums paid as used above will be deemed to increase to the amount necessary to meet the Death Benefit Guarantee Requirement. When determining if the Death Benefit Guarantee Requirement is met, a portion of any Partial Surrender or contract loan may be excluded. The amount excluded is calculated on the date of the Partial Surrender or contract loan and is equal to the lesser of: 1) The amount of Partial Surrender or unpaid contract loan; and 2) The excess, if any, of the Cash Surrender Value less unearned interest on any unpaid contract loans over the greater of (a) and (b) where: a) Is the sum of premiums paid less the amount of any Partial Surrenders and unpaid contract loans not previously excluded when determining if the Death Benefit Guarantee Requirement was met; and b) Is...
Sample 1
DEATH BENEFIT GUARANTEE. On any Deduction Date before the end of the Death Benefit Guarantee Period and prior to the Insured's death, the Death Benefit Guarantee is in effect if the Minimum Premium, as of that Deduction Date, is less than or equal to the total of all premiums paid on the policy less any withdrawals and less the Loan Amount.
Sample 1

Related to DEATH BENEFIT GUARANTEE

  • Pension Benefit Plans All Pension Benefit Plans maintained by each Covered Person or an ERISA Affiliate of such Covered Person qualify under Section 401 of the Code and are in compliance with the provisions of ERISA to the extent ERISA is applicable and all other Material Laws. Except with respect to events or occurrences which do not have and are not reasonably likely to have a Material Adverse Effect on any Covered Person, and to the extent ERISA is applicable to any such Pension Benefit Plans:

  • Pension Benefits In addition to the benefits to which the Executive is entitled under any pension or retirement plan or arrangement established by the Corporation:

  • 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.

  • Employment Benefit Plans Employee may participate in employee benefit plans in which other similarly situated employees may participate, according to the terms of applicable policies and as stated in the Employee Handbook. Employee acknowledges receipt of the Employee Handbook available on the intercompany website and will review and abide by its terms.

  • Pension Plan Neither the Company nor any Affiliate has ever maintained, established, sponsored, participated in, or contributed to, any Pension Plan which is subject to Title IV of ERISA or Section 412 of the Code.

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

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