Common use of Guaranteed Minimum Income Benefit Clause in Contracts

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.

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. 8A. 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. (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. (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 [***]] multiplied by the Retrocessionaire’s Percentage. 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.