Benefit Payments. Benefit Payments, as referred to in this Agreement, means the sum of (i) Claims, as described in Xxxxxxxxx 0 xxxxx, (xx) Cash Surrender Values, as described in Paragraph 3 below, and (iii) Annuity Payments, as described in Paragraph 7 below.
Benefit Payments. Subject to the other provisions of this Contract, upon Written Communications from the Contract Owner, Nationwide shall purchase Annuities or make Cash Payments in such manner and amounts specified by the Contract Owner on behalf of the Participant. The Contract Owner may request any one of the following Annuity forms on behalf of a Participant:
(a) Straight Life Form - This form of Annuity provides payments during the lifetime of the Annuitant. Payments will end with the last payment made on or preceding the Annuitant's date of death.
(b) Joint and Survivor Form - This form of Annuity provides periodic payments during the joint lifetime of the Annuitant and the survivor Annuitant. Periodic payments to the Annuitant will end with the last periodic payment made preceding the Annuitant's death. Upon the Annuitant's death, periodic payments in the amount of 50%, 66 2/3%, 75%, or 100% (as elected by the Annuitant) of the periodic payments payable to the Annuitant, will be continued to the survivor Annuitant, if living. Periodic payments will terminate with the last periodic payment made preceding the later of the date of death of the Annuitant and the survivor Annuitant. SAMPLE
(c) Life With Period Certain Form - This form of Annuity provides payments during the lifetime of the Annuitant. If the death of the Annuitant occurs before the Annuitant has received the specified number of payments (as elected by the Annuitant), the payments remaining will be paid to a Beneficiary designated by the Annuitant. If no Beneficiary has been designated or if the death of the designated Beneficiary occurs before the Annuitant and Beneficiary have received the total number of payments due, the commuted value of the payments remaining will be paid in a lump sum. Such payment will be paid to the estate of the last survivor of the Annuitant and the designated Beneficiary. Annuity purchases and Cash Payments may be made on any form mutually agreeable between Nationwide and the Contract Owner, in accordance with the provisions of the Plan and the Contract. Nationwide will purchase the Annuity or provide the Cash Payment. Nationwide will purchase an Annuity by withdrawing the amount to be applied to purchase the Annuity from the Guaranteed Fund. The amount of the Annuity will be determined by dividing the amount withdrawn, less the amount of tax, if any, by the appropriate purchase rate as determined by the procedures of Nationwide for all contracts of this class. If the withdrawal...
Benefit Payments. Benefit Payments, referred to in this Agreement, means the Reinsurer's quota share of: a) Claims, as described in Paragraph 2 below, b) Cash Surrenders, as described in Paragraph 3 below, c) Partial Withdrawals, as described in Paragraph 4 below, and d) Annuity Benefits, as described in Paragraph 5 below.
Benefit Payments. Upon completion of appropriate forms and subject to applicable terms and conditions under COBRA, the Company shall continue to provide Executive medical insurance coverage to the same extent that such insurance continues to be provided to similarly situated executives at the time of Executive’s termination with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and Executive as in effect on the last day of employment, until the earlier to occur of: (i) eighteen (18) months following Executive’s termination date, or (ii) the date Executive becomes eligible for medical benefits with another employer. Notwithstanding the foregoing, if Executive’s COBRA Payment would cause the applicable group health plan to be discriminatory and, therefore, result in adverse tax consequences to Executive, the Company shall, in lieu of the COBRA Payment, provide Executive with an equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive is eligible to receive the COBRA Payment. Executive shall bear full responsibility for applying for COBRA continuation coverage and the Company shall have no obligation to provide Executive such coverage if Executive fails to elect COBRA benefits in a timely fashion. Payment of the above described severance payments and benefits are expressly conditioned on Executive’s execution without revocation of the Release and return of Company property under Section 6. In the event that Executive is eligible for the severance payments and benefits under this Section 4(f), Executive shall not be eligible for any of the severance payments and benefits as provided in Section 4(e). The Company will pay the Lump Sum Severance Amount and will commence payment of the COBRA Payment on the first payroll date following the date on which the Release required by Section 4(g) becomes effective and non-revocable, provided, that if the 60 day period during which the Release is required to become enforceable and irrevocable crosses a tax year, then the payments will delayed until such subsequent calendar year; provided further that if such payments are delayed until such subsequent year, the first such payment shall be a lump sum in an amount equal to the payments that would have come due since Executive’s separation from service.
Benefit Payments. Benefit Payments", as referred to in this Agreement, means the sum of the following items:
Benefit Payments. Blue Shield may pay the benefits of this Agree- ment directly to the Physician, Hospital, or Sub- xxxxxxx. Providers do not receive financial incentives or bonuses from Blue Shield of Cali- fornia. Claims are submitted for payment after Services are received. Requests for payments must be submitted to Blue Shield by the Physician, Hospi- tal or the Subscriber within one (1) year after the month in which Services are rendered or the date of processing of Medicare Benefits. The claim must include itemized evidence of the charges in- curred together with the documentary evidence of the action taken relative to such charges by the Department of Health and Human Services under Medicare. Benefits for Services not covered by Medicare (Part II.B.5.) are payable upon receipt of properly completed claim forms for medically necessary emergency care in a foreign country. All requests for payments and claim forms are to be sent to Blue Shield of California, X.X. Xxx 000000, Xxxxx, Xxxxxxxxxx, 00000-0000. No sums payable hereunder may be assigned without the written consent of Blue Shield. This prohibition shall not apply to ambulance Services or certain Medicare providers as required by sec- tion 4081 of the Omnibus Budget Reconciliation Act of 1987 (P.L. 100-203) for which Blue Shield shall provide payment directly to the provider. PLEASE READ THE FOLLOWING INFORMATION SO YOU WILL KNOW FROM WHOM OR WHAT GROUP OF PROVIDERS HEALTH CARE MAY BE OBTAINED. An individual Subscriber may select any Hospital or Physician to provide covered Services hereun- der, including such providers outside of California that meet similar requirements as shown in the definitions of these terms.
Benefit Payments. Upon completion of appropriate forms and subject to applicable terms and conditions under COBRA, Company shall continue to provide Executive medical insurance coverage to the same extent that such insurance continues to be provided to similarly situated executives at the time of Executive’s termination with the cost of the regular premium for such benefits shared in the same relative proportion by Company and Executive as in effect on the last day of employment, until the earlier to occur of: (i) twelve (12) months following Executive’s termination date, or (ii) the date Executive becomes eligible for medical benefits with another employer. Notwithstanding the foregoing, if Executive’s COBRA Payment would cause the applicable group health plan to be discriminatory and, therefore, result in adverse tax consequences to Executive, Company shall, in lieu of the COBRA Payment, provide Executive with an equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive is eligible to receive the COBRA Payment. Executive shall bear full responsibility for applying for COBRA continuation coverage and Company shall have no obligation to provide Executive such coverage if Executive fails to elect COBRA benefits in a timely fashion. Payment of the above described severance payments and benefits are expressly conditioned on Executive’s execution without revocation of the Release and return of Company property under Section 6. In the event that Executive is eligible for the severance payments and benefits under this Section 4(f), Executive shall not be eligible for any of the severance payments and benefits as provided in Section 4(e).
Benefit Payments. 48. A benefit payment is any of the following types of payments made from this contract, under the terms of the employer plan. An income benefit is a payment to an employee made under one of the options described in section 49.
Benefit Payments. The term “Benefit Payments,” as used in this Agreement, shall mean the sum of (i) Claims (as defined in Xxxxxxxxx 0 xxxxx), (xx) Cash Surrender Values (as defined in Xxxxxxxxx 0 xxxxx), (xxx) Annuity Payments (as defined in Xxxxxxxxx 0 xxxxx), (xx) Additional Death Benefit Interest Payments (as defined in Paragraph 5 below), and (v) the Quota Share Percentage of the net of the transfers to the Ceding Company’s related separate accounts less the transfers from such separate accounts. Transfers from such separate accounts shall not include policy fees, mortality and expense charges, or charges for guaranteed minimum income benefit riders. The Ceding Company’s related separate accounts shall be maintained such that the separate account liabilities for the Annuities are equal to the market value of the assets in the variable subaccounts of such separate accounts.
Benefit Payments. All amounts due as a result of Disability shall be paid in one (1) lump sum on the first (1st) day of the first (1st) month following Disability.
