Survivorship Annuity Sample Clauses

Survivorship Annuity. The monthly annuity shall be payable to the annuitant for as long as the annuitant lives. After the death of the annuitant, a portion (all, 2/3, or 1/2, as specified in the election) of the annuitant's monthly annuity shall be paid to the contingent annuitant named in the election for as long as the contingent annuitant lives. An election of this option is automatically cancelled if either the Participant or the contingent annuitant dies before the Annuity Commencement Date.
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Survivorship Annuity. A monthly annuity is payable as long as the annuitant lives. After the annuitant's death, all or a portion of the monthly annuity is paid to the contingent annuitant as long as the contingent annuitant lives. No annuity may have a certain period extending beyond the life expectancy of a Participant or the joint life expectancy of a Participant and any contingent annuitant, as determined on the Annuity Commencement Date.
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Survivorship Annuity. Proceeds are payable in monthly installments for as long as either the first payee or surviving payee lives. The Contract Proceeds may be paid in any other method or frequency of payment acceptable by us. Contract Proceeds payable in one sum will accumulate at interest from the date of death or surrender to the payment date at the rate of interest then paid by us or at the rate specified by statute, whichever is greater.
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Survivorship Annuity. An annuity payable monthly during the lifetime of the Annuitant, and after the death of the Annuitant, 50%, 66 2/3% or 100% (as specified in the election) of such annuity will be paid to the contingent annuitant named in the election if and so long as such contingent annuitant lives. An election of this option shall be automatically cancelled if either the contingent annuitant or Participant dies prior to his Annuity Commencement Date. OPTION 4--UNIT REFUND LIFE ANNUITY. An annuity payable monthly during the lifetime of the Annuitant and terminating with the last monthly payment preceding the death of the Annuitant, provided that, at the death of the Annuitant, the beneficiary designated by the Annuitant will receive an additional payment of the then dollar value of the number of annuity units equal to the excess, if any, of (a) over (b) where (a) is the total amount applied under this option divided by the annuity unit value at the Annuity Commencement Date and (b) is the number of annuity units represented by each monthly payment multiplied by the number of monthly payments made. Any other option that is mutually agreed upon between the Participant and the Company will be made available. Provided, however, in no event shall any option selected provide a Retirement Annuity to the Participant or to the Participant and his Spouse which will extend for a period beyond the life expectancy of such Participant or such Participant and his Spouse as determined on the date the Participant retires. The first payment under any option will be determined in accordance with Section 3 of this Article.
Sample 1
Survivorship Annuity. An annuity payable monthly during the lifetime of the Annuitant, and after the death of the Annuitant, 66 2/3% or 100% (as specified in the election) of such annuity will be paid to the contingent annuitant named in the election if and so long as such contingent annuitant lives. An election of this option shall be automatically cancelled if either the contingent annuitant or Participant dies prior to his Annuity Commencement Date. TA-VAH;5--1,2 payment of the ten dollar value of the number of annuity units equal to the excess, if any, of (a) over (b) where (a) is the total amount applied under this option divided by the annuity unit value at the Annuity Commencement Date and (b) is the number of annuity units represented by each monthly payment multiplied by the number of monthly payments made. Any other option that is mutually agreed upon between the Participant and the Company will be made available. Provided, however, in no event shall any option selected provide a Retirement Annuity to the Participant or to the Participant and his Spouse which will extend for a period beyond the life expectancy of such Participant or such Participant and his Spouse as determined on the date the Participant retires. The first payment under any option will be determined in accordance with Section 3 of this Article.
Sample 1
Survivorship Annuity. Proceeds are payable in monthly installments for as long as either the first payee or surviving payee lives. The Contract Proceeds may be paid in any other method or frequency of payment acceptable by us. Contract Proceeds payable in one sum will accumulate at interest from the date of death or surrender to the payment date at the rate of interest then paid by us or at the rate specified by statute, whichever is greater. ADJUSTED AGE - An adjusted age is calculated as follows:
Sample 1
Survivorship Annuity. The amount of income is based on the adjusted age of each of the annuitants on the date of the first payment. 50% to Survivor 100% to Survivor 120 Guaranteed Payments 120 Guaranteed Payments Payee #0 Xxxxx #0 Xxx Xxxxx #0 Xxxxx #0 Age Age ------------ Age ------------ 50 55 60 65 70 50 55 60 65 70 ------------------------------------------ ------------------------------------------- 50 $3.80 $3.95 $4.13 $4.34 $4.58 50 $3.46 $3.56 $3.64 $3.69 $3.74 55 3.95 4.11 4.31 4.53 4.80 55 3.56 3.69 3.82 3.92 4.00 60 4.13 4.31 4.52 4.77 5.06 60 3.64 3.82 4.00 4.17 4.30 65 4.34 4.53 4.77 5.05 5.38 65 3.69 3.92 4.17 4.41 4.63 70 4.58 4.80 5.06 5.38 5.76 70 3.74 4.00 4.30 4.63 4.97 Income for other combinations of ages will be furnished on request. NOTICE OF ANNUAL MEETING By-law, Art. II, Sec. 2: The regular annual meeting of the members of American United Mutual Insurance Holding Company shall be held at its principal place of business on the third Thursday in February each year at ten o'clock A.M. local time or at such other location, place or time as may be designated by the Board of Directors. The election of directors shall be held at the annual meeting. American United Life Insurance Company (R) Indianapolis, Indiana ______________________________________________________________________________ READ YOUR POLICY CAREFULLY FLEXIBLE PREMIUM ADJUSTABLE VARIABLE ANNUITY PARTICIPATING PERIOD OF COVERAGE NOT GUARANTEED THIS POLICY IS A LEGAL CONTRACT BETWEEN THE OWNER AND AUL.
Sample 1
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Related to Survivorship Annuity

  • Survivorship The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

  • JOINT AND SURVIVOR ANNUITY The Advisory Committee must direct the Trustee to distribute a married or unmarried Participant's Nonforfeitable Accrued Benefit in the form of a qualified joint and survivor annuity, unless the Participant makes a valid waiver election (described in Section 6.05) within the 90 day period ending on the annuity starting date. If, as of the annuity starting date, the Participant is married, a qualified joint and survivor annuity is an immediate annuity which is purchasable with the Participant's Nonforfeitable Accrued Benefit and which provides a life annuity for the Participant and a survivor annuity payable for the remaining life of the Participant's surviving spouse equal to 50% of the amount of the annuity payable during the life of the Participant. If, as of the annuity starting date, the Participant is not married, a qualified joint and survivor annuity is an immediate life annuity for the Participant which is purchasable with the Participant's Nonforfeitable Accrued Benefit. On or before the annuity starting date, the Advisory Committee, without Participant or spousal consent, must direct the Trustee to pay the Participant's Nonforfeitable Accrued Benefit in a lump sum, in lieu of a qualified joint and survivor annuity, in accordance with Section 6.01, if the Participant's Nonforfeitable Accrued Benefit is not greater than $3,500. This Section 6.04(A) applies only to a Participant who has completed at least one Hour of Service with the Employer after August 22, 1984.

  • JOINT AND LAST SURVIVOR ANNUITY We will make Annuity Payments, payable at the frequency elected, during the joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of either the Annuitant or Joint Annuitant, Annuity Payments will continue to be paid during the remaining lifetime of the survivor. Annuity Payments cease with the final Annuity Payment due prior to the last survivor's death. Option 4 -- Joint and Last Survivor Annuity with 10 Years of Annuity Payments Guaranteed -- We will make Annuity Payments, payable at the frequency elected, during the joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of either the Annuitant or Joint Annuitant, Annuity Payments will continue to be paid during the remaining lifetime of the survivor. If at the last death of the Annuitant and the Joint Annuitant, there have been less than 10 years of Annuity Payments made as selected, Annuity Payments will continue to be made for the remainder of the Guaranteed Period. You may elect to have the present value of the guaranteed Variable Annuity Payments remaining, as of the date due proof of the Annuitant's death is received at our Annuity Service Office, commuted at the Assumed Investment Return selected. We will require the return of this Contract and proof of death prior to the payment of any commuted values. ANNUITY -- You can elect to have the Annuity Option payable as Fixed Annuity Payments or Variable Annuity Payments or a combination. Fixed Annuity Payments are guaranteed as to dollar amount. Variable Annuity Payments will reflect the investment experience of the Separate Account in accordance with the allocation of the Account Value to the Subaccounts. Unless another payee is designated, you will be the payee of the Annuity Payments. The Adjusted Account Value will be applied to the applicable Fixed and/or Variable Annuity Tables to determine your first Annuity Payment. The Adjusted Account Value is determined on the Annuity Calculation Date which is a Business Day no more than five Business Days prior to the Annuity Date. The Adjusted Account Value is the Account Value, less any Premium and Other Taxes or other applicable taxes and less the Account Fee. The amount of the first payment for each $1,000 of Adjusted Account Value is shown in the Annuity Tables. FIXED ANNUITY -- Fixed Annuity Payments are based upon the Annuity Option elected, the Annuitant's Attained Age and sex, and the appropriate Fixed Annuity Option Table. If, as of the Annuity Calculation Date, the then-current Fixed Annuity Option rates applicable to this class of contracts provide an Annuity Payment greater than that which is guaranteed under the same Annuity Option under this Contract, then the greater payment will be made. The dollar amount of the first Variable Annuity Payment is determined as follows. The first Variable Annuity Payment will be based upon the Annuity Option elected, the Annuitant's Attained Age and sex, and the appropriate Variable Annuity Option Table. If, as of the Annuity Calculation Date, the then current Variable Annuity Option rates applicable to this class of Contracts provide a first Annuity Payment greater than that which is guaranteed under the same Annuity Option under this Contract, the greater payment will be made. The dollar amount of Variable Annuity Payments for each applicable Subaccount after the first payment is determined as follows:

  • Qualified Joint and Survivor Annuity An immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant's vested account balance. The percentage of the survivor annuity under the Plan shall be 50% (unless a different percentage is elected by the Employer in the Adoption Agreement).

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • ANNUITANT The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated by you subject to our underwriting rules then in effect. The Annuitant may not be changed in a Contract which is owned by a non-individual.

  • ANNUITY Payment of an income:

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • SURVIVOR'S OPTION x Yes o No PROSPECT CAPITAL CORPORATION, a Maryland corporation (herein called the "Company," which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the Principal Amount stated above on the Maturity Date shown above, and to pay interest on each payment date and at maturity as follows: • in the case of a Security that provides for monthly interest payments, the Interest Payment Dates shall be the fifteenth day of each calendar month (or, if not a Business Day, the next succeeding Business Day), commencing the first succeeding calendar month following the month in which the Security is issued; • in the case of a Security that provides for quarterly interest payments, the Interest Payment Dates shall be the fifteenth day of every third month (or, if not a Business Day, the next succeeding Business Day), commencing in the third succeeding calendar month following the month in which the Security is issued; • in the case of a Security that provides for semi-annual interest payments, the Interest Payment Dates shall be the fifteenth day of each sixth month (or, if not a Business Day, the next succeeding Business Day), commencing in the sixth succeeding calendar month following the month in which the Security is issued; and • in the case of a Security that provides for annual interest payments, the Interest Payment Date shall be the fifteenth day of every twelfth month (or, if not a Business Day, the next succeeding Business Day), commencing in the twelfth succeeding calendar month following the month in which the Security is issued. The first payment of interest on any Security originally issued between a Record Date and an Interest Payment Date will be made on the Interest Payment Date following the next succeeding Record Date to the registered owner of such Security on such next succeeding Record Date. Unless the applicable pricing supplement states otherwise, interest on the Securities will be computed on the basis of a 360-day year of twelve 30-day months. Interest payments on this Security will include interest accrued from and including the last date in respect of which interest has been paid or duly provided for (or from and including the Original Issue Date if no interest has been paid or provided for) to but excluding the Interest Payment Date or the Maturity Date, as the case may be. If the Interest Payment Date or the Maturity for any Security falls on a day that is not a Business Day, the payment of principal and interest may be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from such Interest Payment Date or Maturity, as the case may be. The interest payable on any Interest Payment Date will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on the Record Date, which shall be the close of business on the first day of the calendar month in which such Interest Payment Date occurs, whether or not such date shall be a Business Day, and the interest payable at maturity will be payable to the person to whom the principal hereof shall be payable. Payments of such principal and interest shall be made in United States dollars at the office or agency of the Company in New York, New York, subject to the right of the Company to vary or terminate the appointment of such agency, shall initially be at the principal office of U.S. Bank National Association, 000 Xxxx Xxxxxx - Xxxxx 0000, Xxx Xxxx, XX 00000 (the "Corporate Trust Office"); provided, that payment of interest may be made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security register; provided, further that so long as CEDE & CO. or another nominee of the Depositary is the registered owner of this Security, payments of principal and interest will be made in immediately available funds through the Depositary's Same-Day Funds Settlement System. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. This Security shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof.

  • ANNUITY PROVISIONS Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. We assigned the Annuity Date based on the Contract type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Annuitant’s birthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the day the Annuitant reaches his or her 95th birthday, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.

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