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)].
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:
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)
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.
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.
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:
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.
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 ------------------
