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. 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? 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? The accelerated benefit will be stated as a percentage of the insured's death benefit. When we calculate this amount, we will consider the insured's age 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. EXHIBIT A-Amended (Effective April 3, 2017)
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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.
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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 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:
Sample 1
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.
Sample 1
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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 ------------------
Sample 1

Related to Accelerated Benefit

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

  • 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.

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