Guaranteed Minimum Income Benefit Sample Clauses

Guaranteed Minimum Income Benefit. 1. For an individual contract, the liability of the Reinsurer under this Agreement will terminate either in accordance with Paragraph B, above, or upon the earliest of the following occurrences defined in the contracts ceded hereunder: a. the date the owner elects to annuitize pursuant to other than the Income Program; b. surrender or termination of the contract; c. the death of the owner or annuitant where such death triggers the payment of a contractual death benefit; thus, risks emanating after spousal continuances are not covered by this Agreement; and d. attainment of the maximum annuitization age or attained age 95, if earlier. 2. Upon annuitization under the Income Program, the liability of the Reinsurer shall terminate, subject to the payment of a benefit claim that may be due in accordance with the IBNAR calculation as set forth in Article IV.
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Guaranteed Minimum Income Benefit. 1. The indemnity cession shall be the share of the IBNAR (defined in Article IV) that is generated prior to the termination of the Reinsurer's liability (defined in Article II), by the Guaranteed Minimum Income Benefit Rider (the "Income Program") provisions of the Reinsured Contracts, as specified in Schedule A. 2. The Reinsurer's maximum aggregate IBNAR (defined in Article IV) liability incurred in any one calendar year has no calculated limit. 3. The Reinsurer's maximum IBNAR liability on any individual life reinsured hereunder has no calculated limit. 4. This Agreement covers only the Cedent's contractual liability for reinsured claims that are realized upon annuitization under the contractual terms of the Income Program within the variable annuity contract forms specified in Schedule A and supported by investment funds specified in Schedule B and its Amendments, that were submitted to the Reinsurer in accordance with the terms of this Agreement set forth in Article XV.
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Guaranteed Minimum Income Benefit. 1. The indemnity retrocession shall be the share of the IBNAR (defined in Article IV) that is generated prior to the termination of the Retrocessionaire’s liability (defined in Article II), by the Guaranteed Minimum Income Benefit Rider (the “Income Program”) provisions of the Reinsured Contracts, as specified in Schedule A. Exeter Reassurance Co., GMDB Agreement No. 2001-44, Effective April 1, 2001 Amendment No. 8 2. The Retrocessionaire’s maximum aggregate IBNAR (defined in Article IV) liability incurred in any one calendar year shall not exceed the lesser of: a. [***] basis points of the Retrocessionaire’s Percentage (defined in Schedule A) of the average aggregate account value inforce hereunder eligible to annuitize under the Income Program (i.e., those contracts past their waiting period) over each respective calendar year of coverage. This average shall be calculated by way of a trapezoidal rule as shown in Exhibit III, and b. The total liability amount generated once the annual annuitization rate reaches [***] during the calendar year of coverage. This annuitization rate calculation is described in Exhibit IV. 3. The annuitization rate will be monitored as described in Article VI, Paragraph F. 4. The Retrocessionaire’s maximum IBNAR liability on any individual life retroceded hereunder shall be limited to [***]. 5. This Agreement covers only the Retrocedent’s contractual liability for reinsured claims that are realized upon annuitization under the contractual terms of the Income Program within the variable annuity contract forms specified in Schedule A and supported by investment funds specified in Schedule B and its Amendments, that were submitted to the Retrocessionaire in accordance with the terms of this Agreement set forth in Article XV.
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Guaranteed Minimum Income Benefit. The GMIB is a feature providing for the option to receive a guaranteed minimum income benefit with payments for life with a period certain. The GMIB is only available if you elect the GMDB. If available at that time, the GMIB feature must be elected when you purchase your Contract. Once elected, this election is not revocable until the end of the seventh Contract Year. Once the GMIB election is revoked, it cannot be reinstated. The amount of the GMIB Charge is based on the available GMIB Protected Value option that you elect. The calculation of the GMIB payout amount is described below. You may exercise the GMIB payout option after the Waiting Period. The Exercise Periods run for 30 days and begin on each Contract Anniversary after the Waiting Period ends.
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Guaranteed Minimum Income Benefit. The indemnity cession shall be the Reinsurer's Percentage of the annuity payments upon annuitization under the Guaranteed Minimum Income Benefit (the "Income Program") provisions of the Reinsured Contracts, multiplied by the IBNARP (defined in Article IV).
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Guaranteed Minimum Income Benefit. GMIB") CHARGE: ALLOCATION OPTIONS:
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Guaranteed Minimum Income Benefit. The Guaranteed Minimum Income Benefit ("GMIB") is a minimum Annuity Start Amount (before deduction of any Premium tax or pro rata Account Charge). Please note that the GMIB is established for the sole purpose of determining a minimum Annuity Start Amount and is not available for withdrawal or as a death benefit. The GMIB is determined as set forth below. The GMIB is equal to Purchase Payments, net of any Premium tax, less an adjustment for each Withdrawal, increased at an annual effective rate of interest, to the earlier of the Annuity Start Date or the Contract Anniversary following the oldest Annuitant's 80th birthday. The GMIB is calculated as of each of the following Valuation Dates: each Contract Anniversary; the date of any Purchase Payment or Withdrawal; and the Annuity Start Date. The GMIB as of any such Valuation Date is equal to: the initial Purchase Payment, net of any Premium tax, increased at the annual effective rate of interest, to the current Valuation Date; plus any Purchase Payment, net of Premium tax, received since GMIB was last calculated; less in the event of Withdrawal an amount equal to a percentage of GMIB calculated as of the date of the Withdrawal. The percentage is determined for each Withdrawal as of the date of the Withdrawal by dividing: (a) the amount of the Withdrawal, including any Withdrawal Charges, by (b) the Contract Value immediately prior to the Withdrawal. The final calculation of GMIB is made as of the Annuity Start Date. The annual effective rate of interest is selected in the application for the Contract or as otherwise permitted by FSBL. The annual effective rate of interest will take into account the timing of when each Purchase Payment and Withdrawal occurred. This is accomplished by applying a daily factor to the GMIB as of each Valuation Date. The annual effective rate of interest may vary among Accounts, and the maximum rate of interest applicable to the Money Market Subaccount or Fixed Account is 4%. The annual effective rate of interest will stop accruing as of the earlier of: the Contract Anniversary following the date the oldest Annuitant reaches his or her 80th birthday; or the Annuity Start Date. You may apply your GMIB to purchase a Fixed Annuity under Annuity Option 2, Life Income with a 10-year period certain, or Option 4, Joint and Last Survivor with a 10-year period certain, within 30 days of any Contract Anniversary following the tenth Contract Anniversary. Your Annuity Payment will be the great...
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Related to Guaranteed Minimum Income Benefit

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  • Maximum Leverage Permit, as of any fiscal quarter end, the ratio of (a) Adjusted Portfolio Equity as of such fiscal quarter end to (b) Funded Debt as of such fiscal quarter end, to be less than 5.00 to 1.00.

  • Maximum Accumulation An employee may accumulate earned leave, excluding the separate vacation balance, if any, to a maximum of twice their annual time management accumulation. As of the end of the pay period in which March 31 falls in each year, any employee credited with accrued leave greater than twice their annual leave accumulation shall forfeit that amount above their maximum accumulation. An employee who has acquired the maximum allowable accumulation of earned leave may continue to accumulate earned leave for the balance of the year in which the maximum accrual was reached, provided, however, that the employee must reduce the accumulation to the maximum allowable prior to the following March 31 or forfeit the excess.

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