Minimum Death Benefit Sample Clauses
The Minimum Death Benefit clause establishes the lowest amount that will be paid out to beneficiaries upon the insured's death, regardless of fluctuations in the policy's cash value or investment performance. In practice, this means that even if the policy's account value drops due to poor investment returns or withdrawals, the insurer guarantees a set minimum payout. This clause ensures that beneficiaries receive a guaranteed financial benefit, providing security and predictability for policyholders and their families.
Minimum Death Benefit. The Minimum Death Benefit will be determined based on the Death Benefit Qualification Test for the Policy and at any time will be no less than the minimum amount we determine to be required for this Policy to qualify as a life insurance contract under the Code. The Minimum Death Benefit is equal to the Minimum Death Benefit Percentage multiplied by the cash surrender value as determined under applicable tax law. The Minimum Death Benefit Percentages as of the Policy Date are shown in the Policy Specifications. Changes to the Policy may affect these percentages if the death benefit test is the Cash Value Accumulation Test.
Minimum Death Benefit. The Minimum Death Benefit shall be the sum of the following:
Minimum Death Benefit. The Minimum Death Benefit is the amount required by federal tax law to maintain this Policy as life insurance. The test for determining compliance with the federal definition of life insurance is either:
Minimum Death Benefit. The Minimum Death Benefit is the amount required by the Internal Revenue Code (IRC), as amended, to maintain this policy as life insurance. The test in effect for determining compliance with the IRC definition of life insurance is shown on page 3 and will be either:
Minimum Death Benefit. To ensure that this Contract continues to qualify as life insurance under the Internal Revenue Code of 1986, as amended (the "Code"), we will also calculate a Minimum Death Benefit for each Valuation Date. The Minimum Death Benefit on a Valuation Date is equal to (a) times (b), where:
Minimum Death Benefit. Any lump sum death payment from this Contract made to a Beneficiary within one year of the Participant's death will be equal to the greatest of :
(1) the Participant's Account value as of the date Prudential receives a death benefit payment request in Good Order; (2) the sum of all contributions made to the Participant's Account less withdrawals, transfers and charges; and
Minimum Death Benefit. The Minimum Death Benefit will be determined based on the Death Benefit Qualification Test for the Policy and at any time will be no less than the minimum amount we determine to be required for this Policy to qualify as a life insurance contract under the Code and applicable law. The Minimum Death Benefit is equal to the Minimum Death Benefit Percentage multiplied by the cash surrender value (which may differ from the Policy’s Cash Surrender Value) as determined under applicable tax law. The Minimum Death Benefit Percentages as of the Policy Date are shown in the Policy Specifications. Changes to the Policy may affect these percentages if the Death Benefit Qualification Test is the Cash Value Accumulation Test. Death Benefit Options – You elected the initial Death Benefit Option in the Application. Descriptions of all the Available Death Benefit Options on this Policy and the initial Death Benefit Option in Effect are shown in the Policy Specifications. Certain changes in Death Benefit Option are allowed as described in Change of Death Benefit Option.
Minimum Death Benefit. The Minimum Death Benefit is the amount required by the Internal Revenue Code (IRC), as amended, to maintain this policy as life insurance. The test in effect for determining compliance with the IRC definition of life insurance is shown on page 3 and will be either: (1) the Guideline Premium/Cash Value Corridor Test: the Minimum Death Benefit equals the Policy Value multiplied by the corridor percentage shown on page 6 at the Insured's attained age; or (2) the Cash Value Accumulation Test: the Minimum Death Benefit equals the Policy Value divided by the Net Single Premium shown on page 6 at the Insured's attained age.
Minimum Death Benefit. Not withstanding any other provision of the Policy, the amount to be paid as a Death Benefit on each insured's life shall never be less than an amount which would allow the portion of the policy attributable to such insured life, and the entire Policy, to be treated as life insurance for federal income tax purposes. In no event will the Death Benefit be less than the amount calculated by multiplying the Account Value applicable to the deceased Employee by the applicable Minimum Death Benefit Factor listed in Section 28 of this Group Policy based on the deceased Employee's attained age as of the most recent Anniversary Date.
Minimum Death Benefit. The Minimum Death Benefit is the Policy Value on the date of death of the Insured multiplied by the applicable percentage from the Minimum Death Benefit Corridor Percentages table below, based on the Insured's Age at the beginning of the Policy Year in which the death occurs.