Spousal Continuances Sample Clauses
A Spousal Continuances clause allows certain rights, benefits, or obligations under an agreement to continue for a surviving spouse after the death of the original party. In practice, this may mean that pension payments, insurance coverage, or other contractual benefits are extended to the spouse, ensuring they receive ongoing support or access. The core function of this clause is to provide financial security and continuity for a surviving spouse, addressing the risk of loss of benefits due to the death of the primary beneficiary.
Spousal Continuances. Spousal continuances will be covered under this Agreement to the extent provided by the insured contract.
Spousal Continuances. Spousal continuances will be covered under this Agreement to the extent that the surviving spouse satisfies the issue age restrictions and benefit limitations, as described in Schedule A, at time of continuance, and shall be deemed to be terminations followed by subsequent new issues for purposes of calculating retrocession premiums. The new retrocession premium rate applied shall be based off the attained age of the surviving spouse at the time of election of spousal continuance. After the termination of this Agreement for new retrocessions, a spousal continuation of a Reinsured Contract may be retroceded to this Agreement in accordance with the procedure set forth in Article I, Paragraph D.
Spousal Continuances. A Spousal Continuation occurs if the deceased owner's spouse is the beneficiary. The surviving spouse continues the contract (including any optional benefits if these benefits had been elected by the deceased owner) as the new owner (referred to as a spousal continuation). In such a case, the distribution rules applicable when a contract owner dies will apply when the spouse, as the owner, dies. In addition, a death benefit will be paid upon the death of the spouse. For purposes of calculating the Death Benefit payable upon the death of the surviving spouse, the death benefit paid upon the first owner's death will be treated as a payment to the contract. In addition, all payments made and all amounts deducted in connection with partial withdrawals prior to the date of the first owner's death will not be considered in determination of the Death Benefit. In determination of the Death Benefit, the Anniversary Values for all prior Contract Anniversaries will be set to zero as of the date of the first owner's death. Provided that the CEDING COMPANY can individually identify Spousal Continuances, as shown in Schedule C, the REINSURER will cover Spousal Continuances under this Agreement and will treat them as new issues to the extent that, at time of continuance:
a. this Agreement is open for new business as defined in Article XX, Paragraph A, and
b. the attained age of the surviving spouse satisfies the issue age restrictions and benefit limitations under the Related Contracts covered by this Agreement.
Spousal Continuances. A Spousal Continuance occurs if the deceased owner's spouse is the beneficiary. The surviving spouse continues the contract, including any optional benefits such as GRIP II, as the new owner. In such a case, the GRIP II Income Benefit Base continues the same as it would for a change of annuitant, except the requirement that the annuitant be younger is waived for the spouse. Providing that the CEDING COMPANY can individually identify Spousal Continuances, as shown in Schedule C, the REINSURER will cover Spousal Continuances under this Agreement and will treat them as new issues to the extent that, at the time of continuance, this Agreement is open for new business as defined in Article XX, Paragraph A.
Spousal Continuances. For Spousal Continuances, the new reinsurance premium rate applied shall be based off the attained age of the surviving spouse at the time of election of spousal continuance. After the new business facility expires, as described under Article XX, the REINSURER reserves the right to declare new rates. [redacted]
Spousal Continuances. The Reinsurer will indemnify the Cedent for the Reinsurer's Percentage of the GMDB present with Spousal Continuance Benefit. The Reinsurer shall indemnify the Cedent for the Reinsurer's Percentage of surrender charges indemnified by the Cedent, if any, arising from additional premium deposits contributed by the spouse to the contract on or after the spousal continuance date. In no event will the Reinsurer indemnify surrender charges arising from the same premium deposits more than once.
Spousal Continuances. The Reinsurer will indemnify the Cedent for the Reinsurer's Percentage of the SCNAR realized upon death, consistent with the Cedent's indemnification, if any, of a Cedent as a result of the Cedent's waiver of surrender charges when the death benefit is paid out. The Reinsurer shall indemnify the Cedent for the Reinsurer's Percentage of surrender charges indemnified by the Cedent, if any, arising from additional premium deposits contributed by the spouse to the contract on or after the spousal continuance date; provided, however, that the attained age of the surviving spouse, as of the date of continuance, was less than age 81. In no event will the Reinsurer indemnify surrender charges arising from the same premium deposits more than once.
B. The death benefit and the surrender charges will be as described in the variable annuity contract forms specified in Schedule A. GMIB
C. The IBNAR (Income Benefit Net Amount at Risk) for each variable annuity contract ceded hereunder shall be equal to the following: IBNAR = Maximum [(IBB * (MAPR/SAPR) - Account Value), 0] * Reinsurer's Percentage where: - The INCOME BENEFIT BASE (IBB) is as defined in Schedule A - The MINIMUM ANNUITY PURCHASE RATE (MAPR) per $1000 is calculated using the following assumptions: Mortality Table Annuity 2000 (Exhibit I) Age Setback 7 Years Mortality Improvement None Unisex Blend: Sex distinct only Interest Rate: 2.5% all years Expenses: None Premium Taxes: Applied by state of residence and market Age: Attained age on exercise date Frequency of payment Monthly Annuity form:
Spousal Continuances. A Spousal Continuation occurs if the deceased owner's spouse is the beneficiary. The surviving spouse continues the contract (including any optional benefits if these benefits had been elected by the deceased owner) as the new owner (referred to as a spousal continuation). In such a case, the distribution rules applicable when a contract owner dies will apply when the spouse, as the owner, dies. In addition, a death benefit will be paid upon the death of the spouse. For purposes of calculating the Death Benefit payable upon the death of the surviving spouse, the death benefit paid upon the first owner's death will be treated as a payment to the contract. In addition, all payments made and all amounts deducted in connection with partial withdrawals prior to the date of the first owner's death will not be considered in determination of the Death Benefit. In