JOINT AND CONTINGENT SURVIVOR OPTION Sample Clauses

JOINT AND CONTINGENT SURVIVOR OPTION. This option provides Annuity Payments for the life of the primary Annuitant. Annuity Payments will be made to the primary Annuitant as long as he or she is living. Upon the death of the primary Annuitant, Annuity Payments will be made to the contingent Annuitant as long as he or she is living. If the contingent Annuitant is not living upon the death of the primary Annuitant, no further payments will be made. ANNUITY START AMOUNT Annuity Start Amount allocated to the Fixed Account is applied to purchase a Fixed Annuity and that allocated to the Subaccounts is applied to purchase a Variable Annuity. For Annuity Options 1 through 4, 7 and 8, the Annuity Start Amount is divided by $1,000, and the result is multiplied by the applicable amount in the Annuity Tables to determine the minimum guaranteed monthly Annuity Payment with respect to a Fixed Annuity or the first monthly Annuity Payment with respect to a Variable Annuity.
Sample 1Sample 2Sample 3See All (20)
AutoNDA by SimpleDocs
JOINT AND CONTINGENT SURVIVOR OPTION. This option provides Annuity Payments for the life of the primary Annuitant. Annuity Payments will be made to the primary Annuitant as long as he or she is living. Upon the death of the primary Annuitant, Annuity Payments will be made to the contingent Annuitant as long as he or she is living. If the contingent Annuitant is not living upon the death of the primary Annuitant, no further payments will be made. ANNUITY START AMOUNT Annuity Start Amount is Contract Value as of the Annuity Start Date, less any Premium tax and, if applicable, any pro rata Account Charge. Annuity Start Amount allocated to the Fixed Account is applied to purchase a Fixed Annuity and that allocated to the Subaccounts is applied to purchase a Variable Annuity. For Annuity Options 1 through 6, the Annuity Start Amount is divided by $1,000, and the result is multiplied by the applicable amount in the Annuity Tables to determine the minimum guaranteed monthly Annuity Payment with respect to a Fixed Annuity or the first monthly Annuity Payment with respect to a Variable Annuity. FIXED ANNUITY PAYMENTS With respect to Fixed Annuity Payments, the amount set forth in the Annuity Tables as adjusted for the rate of interest credited by FSBL, is the amount of each monthly Annuity Payment for Annuity Options 1 through 6. Neither expense actually incurred (other than tax on investment return), nor mortality actually experienced, shall adversely affect the dollar amount of Annuity Payments already commenced. With respect to Variable Annuity Payments, the amount set forth in the Annuity Tables, as adjusted for the Assumed Interest Rate, is the amount of the FIRST monthly Annuity Payment for Annuity Options 1 through 6. The amount of each Annuity Payment after the first for these options is computed by means of Annuity Units. Variable Annuity Payments will fluctuate with the performance of the Subaccount(s). Neither expense actually incurred (other than tax on investment return), nor mortality actually experienced, shall adversely affect the dollar amount of Annuity Payments already commenced.
Sample 1Sample 2Sample 3See All (8)
JOINT AND CONTINGENT SURVIVOR OPTION. This option provides Annuity Payments for the life of the primary Annuitant. Annuity Payments will be made to the primary Annuitant as long as he or she is living. Upon the death of the primary Annuitant, Annuity Payments will be made to the contingent Annuitant as long as he or she is living. If the contingent Annuitant is not living upon the death of the primary Annuitant, no further payments will be made. ANNUITY START AMOUNT Annuity Start Amount is Contract Value as of the Annuity Start Date, less any Premium tax and, if applicable, any pro rata Account Charge. Annuity Start Amount allocated to the Fixed Account is applied to purchase a Fixed Annuity and that allocated to the Subaccounts is applied to purchase a Variable Annuity. For Annuity Options 1 through 6, the Annuity Start Amount is divided by $1,000, and the result is multiplied by the applicable amount in the Annuity Tables to determine the minimum guaranteed monthly Annuity Payment with respect to a Fixed Annuity or the first monthly Annuity Payment with respect to a Variable Annuity, as adjusted for the Assumed Interest Rate FIXED ANNUITY PAYMENTS With respect to Fixed Annuity Payments, the amount set forth in the Annuity Tables as adjusted by the current rate of interest credited by FSBL, is the amount of each monthly Annuity Payment for Annuity Options 1 through 6. Neither expense actually incurred (other than tax on investment return), nor mortality actually experienced, shall adversely affect the dollar amount of Annuity Payments already commenced. VARIABLE ANNUITY PAYMENTS With respect to Variable Annuity Payments, the amount set forth in the Annuity Tables, as adjusted for the Assumed Interest Rate, is the amount of the first monthly Annuity Payment for Annuity Options 1 through 6. The amount of each Annuity Payment after the first for these options is computed by means of Annuity Units. Variable Annuity Payments will fluctuate with the performance of the Subaccount(s). Neither expense actually incurred (other than tax on investment return), nor mortality actually experienced, shall adversely affect the dollar amount of Annuity Payments.
Sample 1Sample 2See All (6)
JOINT AND CONTINGENT SURVIVOR OPTION. This option provides Annuity Payments for the life of the primary Annuitant. Annuity Payments will be made to the primary Annuitant as long as he or she is living. Upon the death of the primary Annuitant, Annuity Payments will be made to the contingent Annuitant as long as he or she is living. If the contingent Annuitant is not living upon the death of the primary Annuitant, no further payments will be made. ANNUITY START AMOUNT Annuity Start Amount is used only with Annuity Options 1 through 4, 7 and 8. Annuity Start Amount allocated to the Fixed Account is applied to purchase a Fixed Annuity and that allocated to the Subaccounts is applied to purchase a Variable Annuity. The Annuity Start Amount is divided by $1,000, and the result is multiplied by the applicable amount in the Annuity Tables to determine the minimum guaranteed monthly Annuity Payment with respect to a Fixed Annuity or the first monthly Annuity Payment with respect to a Variable Annuity. Fixed Account Contract Value applied to Annuity Options 1 through 4, 7 and 8 terminate any unexpired Guarantee Periods as of the Annuity Start Date.
Sample 1Sample 2Sample 3See All (4)
JOINT AND CONTINGENT SURVIVOR OPTION. This option provides payments for the life of the primary Annuitant. Payments will be made to the primary Annuitant as long as he or she is living. Upon the deaath of the primary Annuitant, payments will be made to the contingent Annuitant as long as he or she is living. If the Contingent Annuitant is not living upon the death of the Primary Annuitant, no payments will be made to the Contingent Annuitant. Table B shows some of the guaranteed rates for this option. V 6020 J (R10-97) -20- BP 602AY1 ANNUITY TABLES -------------------------------------------------------------------------------- TABLE A SETTLEMENT OPTIONS ONE, TWO, AND THREE MINIMUM INITIAL MONTHLY INSTALLMENTS PER $1,000 OF AMOUNT APPLIED -------------------------------------------------------------------------------- Option Two Adjusted Year Fixed Period Ends Age of Option One 5 10 15 20 Option Three Annuitant Life Only Years Years Years Years Unit Refund -------------------------------------------------------------------------------- MALE 55 4.99 4.97 4.91 4.80 4.66 4.73 56 5.09 5.07 5.00 4.88 4.72 4.81 57 5.20 5.17 5.10 4.97 4.78 4.90 58 5.32 5.29 5.20 5.05 4.85 4.99 59 5.44 5.41 5.31 5.14 4.91 5.08 60 5.57 5.53 5.42 5.23 4.97 5.18 61 5.71 5.67 5.54 5.33 5.04 5.29 62 5.86 5.81 5.67 5.42 5.10 5.40 63 6.02 5.97 5.80 5.52 5.16 5.51 64 6.20 6.13 5.94 5.62 5.22 5.63 65 6.38 6.31 6.08 5.72 5.28 5.76 66 6.58 6.49 6.23 5.82 5.33 5.90 67 6.79 6.69 6.38 5.92 5.38 6.04 68 7.02 6.90 6.54 6.02 5.43 6.19 69 7.26 7.12 6.71 6.12 5.48 6.35 70 5.50 5.48 5.39 5.24 5.01 5.20 71 7.80 7.60 7.05 6.30 5.55 6.69 72 8.09 7.86 7.22 6.39 5.59 6.88 73 8.41 8.13 7.40 6.47 5.62 7.07 74 8.75 8.42 7.57 6.55 5.64 7.27 75 9.12 8.72 7.75 6.62 5.66 7.49 FEMALE 55 4.54 4.53 4.51 4.46 4.38 4.40 56 4.62 4.61 4.58 4.53 4.44 4.47 57 4.71 4.70 4.66 4.60 4.51 4.54 58 4.80 4.79 4.75 4.68 4.57 4.62 59 4.90 4.88 4.84 4.76 4.64 4.70 60 5.00 4.99 4.93 4.84 4.70 4.78 61 5.11 5.09 5.03 4.93 4.77 4.87 62 5.23 5.21 5.14 5.02 4.84 4.96 63 5.36 5.33 5.25 5.12 4.91 5.06 64 5.49 5.46 5.37 5.21 4.98 5.17 65 5.64 5.60 5.50 5.31 5.05 5.28 66 5.79 5.75 5.63 5.42 5.12 5.39 67 5.95 5.91 5.77 5.53 5.19 5.52 68 6.13 6.08 5.91 5.63 5.25 5.65 69 6.32 6.26 6.07 5.74 5.32 5.79 70 6.53 6.46 6.23 5.86 5.37 5.94 71 6.75 6.67 6.40 5.97 5.43 6.09 72 6.99 6.89 6.58 6.08 5.48 6.26 73 7.26 7.13 6.76 6.18 5.52 6.44 74 7.54 7.39 6.95 6.29 5.57 6.63 75 7.85 7.67 7.14 6.39 5.60 6.83 Values not shown will be provided upon request. Annual, semiannual, or quarterly install...
Sample 1See All (4)
JOINT AND CONTINGENT SURVIVOR OPTION. This option provides payments for the life of the primary Annuitant. Payments will be made to the primary Annuitant as long as he or she is living. Upon the death of the primary Annuitant, payments will be made to the contingent Annuitant as long as he or she is living. If the contingent Annuitant is not living upon the death of the primary Annuitant, no payments will be made to the contingent Annuitant. Table B shows some of the guaranteed rates for this option. ANNUITY TABLES -------------------------------------------------------------------------------- TABLE A SETTLEMENT OPTIONS ONE, TWO, AND THREE MINIMUM INITIAL MONTHLY INSTALLMENTS PER $1,000 OF AMOUNT APPLIED
Sample 1Sample 2Sample 3
JOINT AND CONTINGENT SURVIVOR OPTION. This option provides Annuity Payments for the life of the primary Annuitant. Annuity Payments will be made to the primary Annuitant as long as he or she is living. Upon the death of the primary Annuitant, Annuity Payments will be made to the contingent Annuitant as long as he or she is living. If the contingent Annuitant is not living upon the death of the primary Annuitant, no further payments will be made. ANNUITY START AMOUNT Annuity Start Amount is Contract Value as of the Annuity Start Date, less any Premium tax and, if applicable, any pro rata Account Charge. Annuity Start Amount allocated to the Fixed Account is applied to purchase a Fixed Annuity and that allocated to the Subaccounts is applied to purchase a Variable Annuity. For Annuity Options 1 through 6, the Annuity Start Amount is divided by $1,000, and the result is multiplied by the applicable amount in the Annuity Tables to determine the minimum guaranteed monthly Annuity Payment with respect to a Fixed Annuity or the first monthly Annuity Payment with respect to a Variable Annuity.
Sample 1Sample 2
AutoNDA by SimpleDocs
JOINT AND CONTINGENT SURVIVOR OPTION. This option provides payments for the life of the primary Annuitant. Payments will be made to the primary Annuitant as long as he or she is living. Upon the death of the primary Annuitant, payments will be made to the contingent Annuitant as long as he or she is living. If the contingent Annuitant is not living upon the death of the primary Annuitant, no payments will be made to the contingent Annuitant. Table B shows some of the guaranteed rates for this option.
Sample 1

Related to JOINT AND CONTINGENT SURVIVOR OPTION

  • Qualified Joint and Survivor Annuity An immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant's vested account balance. The percentage of the survivor annuity under the Plan shall be 50% (unless a different percentage is elected by the Employer in the Adoption Agreement).

  • JOINT AND LAST SURVIVOR ANNUITY We will make Annuity Payments, payable at the frequency elected, during the joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of either the Annuitant or Joint Annuitant, Annuity Payments will continue to be paid during the remaining lifetime of the survivor. Annuity Payments cease with the final Annuity Payment due prior to the last survivor's death. Option 4 -- Joint and Last Survivor Annuity with 10 Years of Annuity Payments Guaranteed -- We will make Annuity Payments, payable at the frequency elected, during the joint lifetime of the Annuitant and the Joint Annuitant. Upon the death of either the Annuitant or Joint Annuitant, Annuity Payments will continue to be paid during the remaining lifetime of the survivor. If at the last death of the Annuitant and the Joint Annuitant, there have been less than 10 years of Annuity Payments made as selected, Annuity Payments will continue to be made for the remainder of the Guaranteed Period. You may elect to have the present value of the guaranteed Variable Annuity Payments remaining, as of the date due proof of the Annuitant's death is received at our Annuity Service Office, commuted at the Assumed Investment Return selected. We will require the return of this Contract and proof of death prior to the payment of any commuted values. ANNUITY -- You can elect to have the Annuity Option payable as Fixed Annuity Payments or Variable Annuity Payments or a combination. Fixed Annuity Payments are guaranteed as to dollar amount. Variable Annuity Payments will reflect the investment experience of the Separate Account in accordance with the allocation of the Account Value to the Subaccounts. Unless another payee is designated, you will be the payee of the Annuity Payments. The Adjusted Account Value will be applied to the applicable Fixed and/or Variable Annuity Tables to determine your first Annuity Payment. The Adjusted Account Value is determined on the Annuity Calculation Date which is a Business Day no more than five Business Days prior to the Annuity Date. The Adjusted Account Value is the Account Value, less any Premium and Other Taxes or other applicable taxes and less the Account Fee. The amount of the first payment for each $1,000 of Adjusted Account Value is shown in the Annuity Tables. FIXED ANNUITY -- Fixed Annuity Payments are based upon the Annuity Option elected, the Annuitant's Attained Age and sex, and the appropriate Fixed Annuity Option Table. If, as of the Annuity Calculation Date, the then-current Fixed Annuity Option rates applicable to this class of contracts provide an Annuity Payment greater than that which is guaranteed under the same Annuity Option under this Contract, then the greater payment will be made. The dollar amount of the first Variable Annuity Payment is determined as follows. The first Variable Annuity Payment will be based upon the Annuity Option elected, the Annuitant's Attained Age and sex, and the appropriate Variable Annuity Option Table. If, as of the Annuity Calculation Date, the then current Variable Annuity Option rates applicable to this class of Contracts provide a first Annuity Payment greater than that which is guaranteed under the same Annuity Option under this Contract, the greater payment will be made. The dollar amount of Variable Annuity Payments for each applicable Subaccount after the first payment is determined as follows:

  • JOINT AND SURVIVOR ANNUITY The Advisory Committee must direct the Trustee to distribute a married or unmarried Participant's Nonforfeitable Accrued Benefit in the form of a qualified joint and survivor annuity, unless the Participant makes a valid waiver election (described in Section 6.05) within the 90 day period ending on the annuity starting date. If, as of the annuity starting date, the Participant is married, a qualified joint and survivor annuity is an immediate annuity which is purchasable with the Participant's Nonforfeitable Accrued Benefit and which provides a life annuity for the Participant and a survivor annuity payable for the remaining life of the Participant's surviving spouse equal to 50% of the amount of the annuity payable during the life of the Participant. If, as of the annuity starting date, the Participant is not married, a qualified joint and survivor annuity is an immediate life annuity for the Participant which is purchasable with the Participant's Nonforfeitable Accrued Benefit. On or before the annuity starting date, the Advisory Committee, without Participant or spousal consent, must direct the Trustee to pay the Participant's Nonforfeitable Accrued Benefit in a lump sum, in lieu of a qualified joint and survivor annuity, in accordance with Section 6.01, if the Participant's Nonforfeitable Accrued Benefit is not greater than $3,500. This Section 6.04(A) applies only to a Participant who has completed at least one Hour of Service with the Employer after August 22, 1984.

  • CONTINGENT ANNUITANT The person designated by the Owner who, upon the Annuitant's death prior to the Annuity Commencement Date, becomes the Annuitant.

  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.

  • Contingent Value Rights 2.1 CVRs.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Contingent Payment Notwithstanding anything in this Agreement to the contrary, if any of the Properties are sold by Buyer within twelve (12) months after the Closing Date, Buyer shall pay to Seller an amount equal to five percent (5%) of the Consideration allocated to such Property. The Deeds shall contain a deed restriction granting Seller the right to receive such additional sum from Buyer.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Contingent Consideration The Contingent Consideration shall become payable and/or issuable to each Selling Securityholder within 10 Business Days of the Contingent Consideration Date in accordance with this Section 1.5(c) (and subject to Section 1.5(a)), subject to and in accordance with Section 1.6, including any reduction for an amount of cash up to such Selling Securityholder’s Pro Rata Share of the Holdback Amount withheld pursuant to Section 1.6(b), with each Selling Securityholder receiving an amount of cash and/or stock equal to (a) the percentage set forth in the Spreadsheet opposite such Selling Securityholder’s name under the heading “Contingent Consideration Percentage” multiplied by (b) the Contingent Consideration. The “Contingent Consideration Date” shall mean the earlier of (i) the date that is 30 months following the Closing Date and (ii) the date upon which $50 million in gross proceeds (net of transaction fees and expenses, including any broker fees, the “Contingent Threshold Amount”) is received by Purchaser from investors pursuant to bona fide equity financings in exchange for the issuance of Purchaser Series B Stock. If the Contingent Threshold Amount (A) is met prior to the Contingent Consideration Date, then the Contingent Consideration shall be an amount payable in cash equal to $50 million, or (B) is not met prior to the Contingent Consideration Date, then the Contingent Consideration shall be (I) an amount payable in cash equal to the gross proceeds (net of transaction fees and expenses, including any broker fees) received by Purchaser from investors pursuant to bona fide equity financings during such 30-month period in exchange for the issuance of Purchaser Series B Stock (the “Actual Financing Proceeds”), plus (II) a number of shares of Purchaser Series B Stock equal to (x) two multiplied by (y) (i) (1) the Contingent Threshold Amount minus (2) the Actual Financing Proceeds, divided by (ii) the Purchaser Series B Stock Price (such amount of cash paid and/or shares issued, the “Contingent Consideration”). Notwithstanding anything to the contrary in the foregoing, to the extent any such Selling Securityholder is not able to provide evidence satisfactory to Purchaser that such Selling Securityholder is an accredited investor as defined in Rule 501(a) of Regulation D under the Securities Act (or otherwise provide evidence satisfactory to Purchaser that another applicable exemption under the Securities Act is available to rely upon), then Purchaser reserves the right, in its sole discretion, to replace the share issuance to such Selling Securityholder pursuant to clause (II) of the prior sentence with a payment in cash equal to (x) the Purchaser Series B Stock Price multiplied by (y) the number of shares that otherwise would have been issuable to such Selling Securityholder pursuant to clause (II) of the prior sentence (rounded down to the nearest cent).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!