Policy Death Benefit. The death benefit of a policy on the reinsurance premium renewal date. Policy Net Amount at Risk - On the reinsurance premium renewal date, the Policy Death Benefit less either the terminal reserve or, in the case of interest sensitive policies, the accumulation account or cash value on the policy, such difference taken to the nearest dollar.
Policy Death Benefit. The Policy Death Benefit is paid in a lump sum. Any death benefit payable by rider is payable as set forth therein. If the Insured dies while the policy is in force, we will pay the Policy Death Benefit to the Policy Beneficiary upon receipt of due proof of death of the Insured, and any other satisfactory information we may require to determine liability, subject to applicable provisions of the policy. The Policy Death Benefit will be equal to:
Policy Death Benefit. The death benefit of a policy on the reinsurance premium renewal date. Policy Net Amount at Risk - On the reinsurance premium renewal date, the Policy Death Benefit less either the terminal reserve or, in the case of interest sensitive policies, the accumulation account or cash value on the policy, such difference taken to the nearest dollar. The terminal reserve or cash value shall be disregarded if a policy is on either a level term plan of twenty (20) years or less or on a decreasing term plan. The basis for determining the Policy Net Amount at Risk may be modified with the consent of the Ceding Company and Reinsurer without the need for a formal amendment of the Agreement.
Policy Death Benefit. The death benefit of a policy on the reinsurance premium renewal date. Policy Net Amount at Risk - On the reinsurance premium renewal date, the Policy Death Benefit less either the terminal reserve or, in the case of interest sensitive policies, the accumulation account or cash value on the policy, such difference taken to the nearest dollar. The terminal reserve or cash value shall be disregarded if a policy is on either a level term plan of [*] or on a decreasing term plan. The basis for determining the Policy Net Amount at Risk may be modified with the consent of the Ceding Company and Reinsurer without the need for a formal amendment of the Agreement. Professional Athlete - an individual who earns the majority of his or her income from currently playing in professional individual or team sports including any income from related endorsements. Proportionate Share - The percentage derived by dividing the Reinsured Net Amount at Risk by the Policy Net Amount at Risk.
Policy Death Benefit. The death benefit of a policy reinsured under this Agreement on the policy anniversary or on such other dates as may be required to properly administer the business hereunder. Policy Net Amount at Risk (Fixed Benefit Business and Riders) – The Policy Death Benefit. The basis for determining the Policy Net Amount at Risk may be modified with the consent of the Ceding Company and Reinsurer without the need for a formal amendment of the Agreement. Policy Net Amount at Risk (Interest Sensitive Business and Riders) – The Policy Death Benefit less the maximum of the Proxy Economic Reserves and accumulation account or cash value on the policy. The basis for determining the Policy Net Amount at Risk may be modified with the consent of the Ceding Company and Reinsurer without the need for a formal amendment of the Agreement. It is further understood that for interest sensitive policies issued without the no-lapse guarantee rider, the Proxy Economic Reserve is deemed to equal the accumulation account or cash value.
Policy Death Benefit. The death benefit of a policy on the reinsurance premium renewal date. Policy Net Amount at Risk - On the reinsurance premium renewal date, the Policy Death Benefit less either the terminal reserve or, in the case of interest sensitive policies, the accumulation account or cash value on the policy, such difference taken to the nearest dollar. The terminal reserve or cash value shall be disregarded if a policy is on either a level term plan of twenty (20) years or less or on a decreasing term plan. Professional Athlete - An individual who is a team member in any of the four major U.S. professional sports - National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB) or National Hockey League (NHL). Proportionate Share - The percentage derived by dividing the Reinsured Net Amount at Risk by the Policy Net Amount at Risk. Quota Share Retention - Specified percentage Retention on every policy up to the Full Retention on a life.
