Policy Benefits. The Reinsurer shall pay its Quota Share of all Policy Benefits including death benefits, withdrawals, surrenders, and annuitizations.
Policy Benefits. An Eligible Employee will be eligible to receive the payments and benefits under this Policy and his or her Participation Agreement upon his or her Qualified Termination (as defined below). The amount and terms of any Equity Vesting, Salary Severance, Bonus Severance, and COBRA Benefit that an Eligible Employee may receive upon his or her Qualified Termination will be set forth in his or her Participation Agreement. All benefits under this Policy will be subject to the Eligible Employee’s compliance with the Release Requirement and any timing modifications required to avoid adverse taxation under Section 409A.
Policy Benefits. Death Benefit Options - The death benefit for this policy will be one of the following:
Policy Benefits. Commission Allowance
Policy Benefits. The Reinsurer shall pay its Quota Share Percentage of all Policy Benefits paid by the Company during the current Monthly Accounting Period. Policy Benefits payable to the Company shall be reflected in the Monthly Accounting Reports prepared by the Company and included in the calculation of the applicable Settlement Amount pursuant to Section 6.1.
Policy Benefits. The Reinsurer shall pay its Quota Share Percentage of all Policy Benefits paid by the Company during the current Monthly Accounting Period. Policy Benefits payable to the Company shall be reflected in the Monthly Accounting Reports prepared by the Company and included in the calculation of the applicable Settlement Amount pursuant to Section 6.1. Any Policy Benefit payable by the Reinsurer attributable to the Company’s Separate Account shall be satisfied solely through assets held in the Reinsurer’s Separate Account. Any Policy Benefit payable by the Reinsurer hereunder attributable to the Company’s general account shall be satisfied using assets from the Reinsurer’s general account.
Policy Benefits. The Death Benefit for this policy will be the greater of: - the Face Amount, or - the Guideline Minimum Death Benefit. The Guideline Minimum Death Benefit at any time is the Accumulated Value multiplied by the Death Benefit Percentage shown below: Death Benefit Death Benefit Age Percentage Age Percentage 0-40 250% 60 130% 41 243 61 128 42 236 62 126 43 229 63 124 44 222 64 122 45 215 65 120 46 209 66 119 47 203 67 118 48 197 68 117 49 191 69 116 50 185 70 115 51 178 71 114 52 171 72 113 53 164 73 109 54 157 74 107 55 150 75-90 105 56 146 91 104 57 142 92 103 58 138 93 102 59 134 >93 101 Age is the Age of the insured at issue, increased by the number of complete policy years elapsed. This policy is intended to qualify as a life insurance contract under the Internal Revenue Code for federal tax purposes, and the Death Benefit under this policy is intended to qualify for the income tax exclusion under the Internal Revenue Code. To that end, the provisions of this policy, including any other rider, benefit, or endorsement, are to be interpreted to ensure such tax qualification, notwithstanding any other provisions to the contrary. If at any time the premiums paid under this policy exceed the amount allowable for such tax qualification, such excess amount shall be removed from the policy as of the date of its payment, and any appropriate adjustment in the Death Benefit shall be made as of such date. This excess amount shall be refunded to the Owner no later than 60 days after the end of the applicable policy year. We shall adjust the excess amount refunded for interest from the date of its payment or for changes in Accumulated Value attributable to the excess amount. If the excess amount is not refunded by then, the Death Benefit under this policy shall be increased retroactively and prospectively so that at no time is this Death Benefit ever less than the amount needed to ensure such tax qualification. To the extent that the Death Benefit as of any time is increased by this provision, appropriate adjustments shall be made retroactively in any Cost of Insurance Charge or supplemental benefits as of the time that are consistent with such an increase. If this policy was issued in exchange for a policy that is not a MEC, then unless specified otherwise by you in writing, it is intended that this policy will not be treated as a MEC under the Internal Revenue Code. To that end, the provisions of this policy, including any other rider, benefit or endorsement, are to ...
Policy Benefits. This section tells You about the benefits available for care and assistance received in a Long Term Care facility.
Policy Benefits. Benefits at Death. The Policy Proceeds will be paid in one lump sum payment as they become due upon the death of the Insured while this Policy is in force. Payment will include interest on the Policy Proceeds at the rate required by applicable law from the date of death until the date of payment. Payment of Claims. When this Policy becomes a claim by death of the Insured, settlement will be made upon Our receipt of Due Proof of death.
Policy Benefits. Death Benefits - When we receive proof that the insured’s death occurred while this policy was in effect, we will pay the insurance provided by this policy and its riders. The insurance amount on the Policy Date is the “initial amount of insurance” shown on page 3. Thereafter, the insurance amount will be no less than the greater of the guaranteed insurance amount, which is the death benefit shown on page 5 for the current policy year, or that amount which is required for this policy to be deemed “life insurance” according to the Internal Revenue Code of 1954 (the Code) as amended in Section 7702 by the Deficit Reduction Tax Act of 1984, as applicable when this policy was issued. Such required amount will be determined based on the Accumulation Value (defined below and the Cash Value Accumulation Test defined in Section 7702 of the Code. We reserve the right to amend this policy to comply with future changes in the Code and any regulations or rulings issued under the provisions of the Code as they relate to the definition of “life insurance.” We will provide you with a copy of any such amendment. A refund or charge will be made to adjust any premium payments required by this policy to the end of the month in which the insured dies; and, any policy loan debt will be deducted. We will not refund extra premiums for substandard risks. We will pay the resulting amount to the beneficiary. We will also pay interest on that amount from the date of death to the date of payment. The yearly rate of interest will be the same as we use for death benefits left with us at interest.
