Accelerated Benefit definition

Accelerated Benefit means amounts requested and received pursuant to any Policy(ies) rider permitting the policyowner or Insured access to portions of the eligible death benefit in the event the Insured is diagnosed with a chronic or terminal illness [as required by the individual Policy(ies)].

Accelerated Benefit means amounts requested and received pursuant to any Policy(ies’) rider permitting the policy owner or Insured access to portions of the eligible death benefit in the event Insured is diagnosed with a “Terminal” or “Chronic” illness. An Accelerated Benefit may be received through either a “Terminal Illness Rider” (generally requiring that an Insured’s life expectancy is less than 12 months) or a “Chronic Illness Rider” (generally requiring that an Insured is unable to care for themself or requires substantial assistance and that the condition either has/is expected to last for a specified duration). In order to receive any Accelerated Benefit under this Agreement, Insured must qualify as “Terminally” or “Chronically” ill under the terms of and as required by the individual Policy(ies).

Accelerated Benefit means the amount of life insurance that will be paid in advance of a Covered Person's death if the Covered Person is Terminally Ill. The amount of the Accelerated Benefit will be determined as shown in the Benefit Amount and Benefit Cost section below.

Examples of Accelerated Benefit in a sentence

• In order to receive any Accelerated Benefit under this Agreement, Insured must qualify as “Terminally” or “Chronically” ill under the terms of and as required by the individual Policy(ies).

• An Accelerated Benefit may be received through either a “Terminal Illness Rider” (generally requiring that an Insured’s life expectancy is less than 12 months) or a “Chronic Illness Rider” (generally requiring that an Insured is unable to care for themself or requires substantial assistance and that the condition either has/is expected to last for a specified duration).

• If Insured has either requested an Accelerated Benefit prior to Separating From Service or if they have retained the right to receive an Accelerated Benefit after Separating From Service, then this Agreement shall terminate in its entirety only upon either (i) the mutual written agreement of the Bank and Insured, or (ii) upon Insured requesting and receiving an Accelerated Benefit in the full amount they are (or may be) entitled to receive pursuant to the provisions of Section 7 above.

• Notwithstanding the forgoing, this Agreement shall immediately terminate in its entirety in the event Insured is Terminated For Cause at any time or in the event Insured is no longer entitled to receive a Death benefit or an Accelerated Benefit.

• Any Accelerated Benefit paid to the Insured hereunder shall be deducted from any amounts to which Insured or their Beneficiary(ies) is (or may be) entitled pursuant to the provisions of Paragraph 6 of the Split Dollar Agreement.

More Definitions of Accelerated Benefit

Accelerated Benefit means a benefit paid to an insured instead of a portion of a death benefit.

Accelerated Benefit means the amount of life insurance that will be paid in accordance with the terms and conditions of the Policy prior to a Person’s death if the conditions of the Accelerated Life Insurance Benefit provision are met.

Accelerated Benefit means the amount of life insurance that may be paid in advance of an Insured's death if the Insured is certified as Terminally Ill by a Physician. The amount of the Accelerated Benefit will be determined as shown in the Benefit Amount and Benefit Cost section below.

Accelerated Benefit means the Life Cover benefit will decrease by the same amount of any claim paid under this Living Assurance benefit.

Accelerated Benefit means amounts requested and received pursuant to any Policy(ies) rider permitting the policy owner or Insured access to portions of the eligible death benefit in the event the Insured is diagnosed with a chronic or terminal illness as required by the individual Policy(ies). Provided Insured’s right to receive benefits under this Agreement has not terminated pursuant to the provisions of Section 9 herein, and provided the Policy(ies) provides for such option through an Accelerated Benefit or living benefit rider, Insured shall have the right to request, in writing, the full amount to which he is entitled under this Agreement, and subject to any further limitation on dollar amounts imposed by the Policy(ies). Any Accelerated Benefit paid to the Insured hereunder shall be deducted from any amounts to which Insured or his Beneficiary(ies) is (or may be) entitled pursuant to the provisions of Section 6 above. Neither Employer nor Cxxxxxxx & Company (PFIS) make any representations or warranties about the tax consequences of such a request for accelerated or living benefits. In addition, and subject to the foregoing, at all times prior to the Insured’s death, the Bank shall be entitled to an amount equal to the Policy(ies)’s cash value, as that term is defined in the Policy(ies) contract, less any Policy loans, accelerated benefits and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender or death as the case may be.

Accelerated Benefit means the portion of the Policy Benefit that you choose to have paid under this rider. The Accelerated Benefit must be at least $25,000 or 50% of the Policy Benefit, whichever is smaller. The Accelerated Benefit may not be more than $250,000 or 50% of the Policy Benefit, whichever is smaller. Also, if there is more than one policy, under all the policies the Accelerated Benefit may not be more than $250,000 regarding any one Insured.

Accelerated Benefit means a benefit paid to an insured in lieu of a portion of a death benefit.