Common use of Guaranteed Minimum Income Benefit Clause in Contracts

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.