Common use of Guaranteed Minimum Income Benefit Clause in Contracts

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.

Guaranteed Minimum Income Benefit. 1. For an individual contract, the liability of the Reinsurer Retrocessionaire 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 retroceded 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 Retrocessionaire 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.