Net Single Premium definition

Net Single Premium for a benefit means the one payment that would be needed on a specific date to provide the benefit. It is computed from the Commissioners 1980 Standard Ordinary Mortality Table, and an assumed interest rate of 4%; it does not take into account the amount needed to cover our expenses.
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Net Single Premium means the Gross Single Premium less any other charges for expenses.
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Net Single Premium. The Single Premium less any Premium Tax Charge deducted from it.
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Examples of Net Single Premium in a sentence

  • This percentage is one divided by the Net Single Premium per dollar.

  • The Net Single Premium is based on interest of 4.0% per annum and guaranteed cost of insurance rates.

  • GIAC determines the variable insurance amount for each Policy year after the first by multiplying $1,000 by the Policy Account Value on each Policy Review Date and dividing the result by the Net Single Premium that applies for such Policy Review Date.

  • The variable insurance amount provides a guarantee that the death benefit will be greater than the then effective Face Amount if Policy Account Value is greater than the Net Single Premium on any Policy Review Date.

  • If the Annuitant's or Joint Annuitant's age or sex has been misstated, the Company will change the benefits to those which the Net Single Premium would have purchased had the correct age or sex been stated.

  • The Net Single Premium is adjusted to the Monthly Date preceding the date of death.

  • Any taxes related to the premium payment are deducted by the Company and the balance (the "Net Single Premium") is available for allocation between Fixed and Variable Annuity Income.

  • Net Single Premium The Net Single Premium per dollar is the amount We require to purchase one dollar of paid up whole life insurance.

  • The amount of the refund will be equal to the sum of the following: (1) the portion of the Net Single Premium allocated for Variable Annuity Income, adjusted up or down for investment performance; (2) the portion of the Net Single Premium allocated for Fixed Annuity Income, including any accumulated interest; and (3) the difference, if any, between the Single Premium Payment and the Net Single Premium.

  • We determine the Net Single Premium using the number of elapsed Policy Years, the Insured's premium class and Attained Age, an interest rate of 4.0% per annum and the guaranteed cost of insurance rates specified in the Policy Specifications.


More Definitions of Net Single Premium

Net Single Premium means the amount calculated by an enrolled actuary selected by the Administrative Committee required to obtain the level death benefit promised in Table I calculated using the 1983 group annuity table male rates and employing continuous functions.
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Related to Net Single Premium

  • Single Premium means the Premium amount specified in the Schedule payable in Lump Sum at the inception of the Policy. No further Premiums are payable under this Policy.

  • Make-Whole Premium means, with respect to a Note at any redemption date, the greater of:

  • Applicable Premium means, with respect to any Note on any Redemption Date, the greater of:

  • Spread Maintenance Premium means, with respect to any payment or prepayment, an amount equal to the product of the following: (i) the LIBOR Margin, the Alternate Rate Spread or the Base Rate Spread then applicable to each such future installment of interest, multiplied by (ii) the principal amount of the Loan so prepaid, and multiplied by (iii) a fraction, the numerator of which is the number of days following the date through which interest on the prepaid amount has been paid through and including December 14, 2019, and the denominator of which is 360.

  • Extra Premium means an additional amount charged by Us, as per Our Underwriting Policy, which is determined on the basis of disclosures made by You in the Proposal Form or any other information received by Us including medical examination report of the Life Insured.

  • Insurance Premium means the amount that each Debtor shall pay on a monthly basis to Agos pursuant to the relevant Consumer Loan Agreement, in relation to the insurance premium paid by Agos to the relevant Insurance Company under any Financed Insurance Policy.

  • Net Premium means the premium, net of reinsurance premiums paid, HRA and GME payments, and MCO tax expenses.

  • Annual Premium means an amount specified in the Schedule, which is payable under the annual Premium payment mode under this Policy, excluding Extra Premium, if any and excluding service tax or any other taxes, cesses or levies, if any;

  • Standard Premium means the basic premium for the coverage under this Certified Plan, as charged by the Company to the Policy Holder on an overall Portfolio basis, which may be adjusted in accordance with the Age, gender and/or lifestyle factors of the Insured Person.

  • Auction Premium means the difference in price (if any) between the Starting Price and the Clearing Price;

  • Base premium rate means, for each class of business as to a rating period, the lowest premium rate charged or that could have been charged under the rating system for that class of business by the small employer carrier to small employers with similar case characteristics for health benefit plans with the same or similar coverage.

  • Net Earned Premium as used herein is defined as gross earned premium of the Company for the classes of business reinsured hereunder, less the earned portion of premiums ceded by the Company for reinsurance which inures to the benefit of this Contract and less dividends paid or accrued.

  • State premium tax liability means any liability

  • Yield Maintenance Premium means the amount (if any) which, when added to the remaining principal amount of this Note, will be sufficient to purchase U.S. Obligations providing the required Scheduled Defeasance Payments; and

  • Transfer Premium shall also include, but not be limited to, key money, bonus money or other cash consideration paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in connection with such Transfer. The determination of the amount of Landlord’s applicable share of the Transfer Premium shall be made on a monthly basis as rent or other consideration is received by Tenant under the Transfer.

  • Applicable Prepayment Premium has the meaning specified therefor in the Fee Letter.

  • single detached dwelling means a completely detached building containing only one dwelling unit.

  • Annualised Premium means the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any as specified in the Schedule.

  • Regular Premium means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Premium Paying Term, in amount and at the Premium Payment Frequency, both, as specified in the Schedule.

  • Special Primary Insurance Premium With respect to any Special Primary Insurance Policy, the monthly premium payable thereunder. Statutory Trust Statute: Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. §3801 et seq., as the same may be amended from time to time.

  • Redemption Premium means (i) in the case of the Events of Default described in Section 4(a)(i) - (vi) and (ix) - (xii), 125% or (ii) in the case of the Events of Default described in Section 4(a)(vii) - (viii), 100%.

  • Risk Premium means a percentage determined on an Adjustment Day for the Adjustment Period beginning on such Adjustment Day, which indicate the price of the risks taken over by the Issuer. The determination will be made by the Issuer in its reasonable discretion (billiges Ermessen § 315 German Civil Code (BGB)). The respective

  • Premium Due Date means date specified in the Schedule on which the Instalment Premium will become due.

  • LPMI Fee With respect to each LPMI Loan, the portion of the Mortgage Interest Rate as set forth on the related Mortgage Loan Schedule (which shall be payable solely from the interest portion of Monthly Payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds), which, during such period prior to the required cancellation of the LPMI Policy, shall be used to pay the premium due on the related LPMI Policy.

  • Maximum Premium has the meaning set forth in Section 7.06(b).

  • Lot Line, Side means a lot line other than a front or rear lot line.