Unit Refund Life Annuity Sample Clauses
Unit Refund Life Annuity. The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant. If, at the death of the annuitant, the sum of the monthly payments previously received is less than the amount applied to provide the annuity, monthly payments of the same amount shall continue to the annuitant's beneficiary until the total of the monthly payments received equals such amount.
Unit Refund Life Annuity. Variable Annuity Payments will be made for the lifetime of the Annuitant with the guarantee that upon death, if:
1. the number of Annuity Units initially purchased (determined by dividing the total dollar amount applied to purchase this option by the Annuity Unit value on the Annuity Commencement Date) is greater than;
2. the number of Annuity Units paid as part of each Variable Annuity Payment multiplied by the number of annuity payments paid prior to death; then a refund payment equal to the value of the number of Annuity Units determined by (1) minus (2) will be made. The refund payment value will be determined using the Annuity Unit value on the Valuation Date on which the refund payment is approved by Us, after We are in receipt of Due Proof of death and all claim forms fully completed.
Unit Refund Life Annuity. A variable annuity payable monthly while the payee is alive. Upon due proof of the payee's death, an additional payment may be made. The additional payment is determined by calculating the excess, if any, of (a) over (b).
(a) The accumulated value divided by the value of an annuity unit on the date annuity payments begin.
(b) The number of annuity units under this contract times the number of monthly payments made. The excess, if any, is multiplied by the value of an annuity unit on the date the additional payment is made.
Unit Refund Life Annuity. An annuity payable monthly during the lifetime of the Annuitant, terminating with the last payment due prior to the death of the Annuitant, provided that, at such death, the Beneficiary will receive an additional payment of the then dollar value of the number of Annuity Units equal to the excess, if any of (a) over (b) where (a) is the total amount applied under the option divided by the Annuity Unit Value at the Annuity Commencement Date and (b) is the product of the number of Annuity Units represented by each payment and the number of payments made.
Unit Refund Life Annuity. We will pay a monthly income during a person's lifetime that will cease with the last installment due prior to the death of that person, with the guarantee that, at the death of the payee, the Beneficiary will receive an additional payment of the dollar value of the number of annuity units equal to the excess, if any, of (a) over (b) where (a) is the total applied under the option divided by the annuity unit value at the annuity commencement date and (b) is the number of annuity units represented by each installment multiplied by the number of installments made. Such dollar value shall be determined by multiplying the above number of annuity units by the annuity unit value on the Business Day coincident with or next following the date on which written notice of death is received by us at our Home Office.