Death Benefit Payment definition

Death Benefit Payment means a payment of an amount equal to the amount by which (x) the sum of the death benefit paid to the Company under the Policy, the amount of any Unanticipated Indebtedness existing on the Date of Death and the amount of Unanticipated Withdrawals made prior to such Date, exceeds (y) the aggregate amount of Premiums paid by the Company on or before such Date (or due and owing on such Date).
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Death Benefit Payment. [$x] Guideline Single Payment: [$x] Guideline Level Payment: [$x] Final Payment Date: [01/01/1999] Maturity Date: [01/01/2059] Initial Payment Allocation: Variable Sub-Accounts Advisers: [30% Transamerica VIF Growth Portfolio Transamerica Occidental Life Insurance Company 20% Alliance VPF Premier Growth Alliance Capital Management L.P. 20% Dreyfus VIF Capital Appreciation The Dreyfus Corporation 20% OCC Accumulation Trust Managed OpCap Advisors 5% Janus Aspen Worldwide Growth Janus Capital Corporation] Fixed Account [5%] Initial Interest Rate: [4%]
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Death Benefit Payment. The Death Benefit payable will be reduced by outstanding Policy loans and accrued loan interest. Subject to the provisions of any rider or endorsement, the Death Benefit payable on the Insured’s death will be paid in a lump sum unless the Owner elects to receive all or a portion of the Death Benefit Proceeds under a settlement option that the Company is then offering. The Company will pay interest on the Death Benefit Proceeds from the date of death, to the date of settlement at the rate applicable to proceeds of life insurance left on deposit with the Company. Interest will accrue at an additional interest rate of 10% annually beginning 31 calendar days from the latest of the following dates:
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Examples of Death Benefit Payment in a sentence

  • The Product Fee is assessed as a percentage of the Charge Base as an annualized rate that we accrue each day during the Accumulation Phase and when paying the Death Benefit as noted under Death Benefit Payment Options.

  • Such benefits shall (i) be payable in equal monthly installments to the Employee’s Beneficiary; (ii) commence within thirty (30) days of the Employee’s death (with the date of the initial payment within such period determined by the Corporation in its sole discretion) and (iii) shall continue until the expiration of the Death Benefit Payment Period.

  • Thereafter, for the remainder of the Death Benefit Payment Period, the annual salary continuation benefit shall be fifty percent (50%) of the Employee’s Base Salary in effect hereunder as of the Employee’s death.

  • Death Benefit Payment - CDSC is not charged on payment of the Death Benefit if the Annuitant dies before the Annuitization Date.

  • If you do not select a Death Benefit Payment Option, the default payment option is Option B.

  • Such procedures include, identifying the appropriate claimant and notifying the claimant of applicable steps necessary to resolve any issue and permit completion or correction of the surrender instructions.Other Factors That May Affect Calculation Or The Timing of Death Benefit Payment State insurance law provides for certain instances when an insurer may delay payment of the Death Benefit or adjust the amount of such payment based on particular circumstances.

  • The Accelerated Death Benefit Payment is equal to the Unadjusted Payment minus the following charges and adjustments as of the Benefit Effective Date: 1.

  • Payment Procedures The Accelerated Death Benefit Payment will be paid immediately upon receipt of satisfactory evidence, as provided in the Eligibility and Conditions for Payment section, that the Insured has a Terminal Illness.

  • If the Policy is reinstated after payment of the Accelerated Death Benefit Payment, the reinstated Policy’s Specified Amount will be equal to the remaining reduced Policy Specified Amount.

  • If a claim for the Accelerated Death Benefit Payment is approved by us and the Policy Owner receives and accepts such payment: 1.

Related to Death Benefit Payment

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • 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.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Termination Benefit means the benefit set forth in Article 7.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • 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.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Disability Benefit means the benefit set forth in Article 8.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Actuarial equivalent means a benefit of equal value when