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)].
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Accelerated Benefit means the amount of Supplemental 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.
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Accelerated Benefit means a benefit paid to an insured instead of a portion of a death benefit.
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Examples of Accelerated Benefit in a sentence

  • If you recover from your Qualifying Medical Condition after receiving an Accelerated Benefit, we will not ask you for a refund.

  • The Accelerated Benefit will be paid to you once in your lifetime in a lump sum.

  • For any purpose other than premium payment, the amount of your Insurance after payment of the Accelerated Benefit will be the greater of the amounts in (1) and (2) below; however, if you assign your rights under the Group Policy, the amount of your Insurance will be the amount in (2) below.

  • The minimum Accelerated Benefit is $5,000 or 10% of your Insurance, whichever is greater.

  • You may receive an Accelerated Benefit of up to 75% of your Insurance.

  • If the amount of your Insurance is scheduled to reduce within 24 months following the date you apply for the Accelerated Benefit, your Accelerated Benefit will be based on the reduced amount.

  • We may have you examined at our expense in connection with your claim for an Accelerated Benefit.

  • C = The number of days from payment of the Accelerated Benefit to the earlier of (1) the date you die, and (2) the date you have a Right To Convert.

  • The amount of your AD&D Insurance, if any, is not affected by payment of the Accelerated Benefit.

  • Note: If you assign your rights under the Group Policy, the amount of your Insurance after payment of the Accelerated Benefit will be the amount in (2) above.


More Definitions of Accelerated 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.
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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.
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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.
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Accelerated Benefit means a benefit paid to an insured in lieu of a portion of a death benefit.
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Accelerated Benefit means the Life Cover benefit will decrease by the same amount of any claim paid under this Living Assurance benefit.
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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.
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Related to Accelerated Benefit

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Accrued Benefit have the meanings specified in ERISA.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • SERP Benefit means the benefit described in Section 5.1.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Severance from Service Date means the earlier of:

  • Retirement Benefit means the benefit set forth in Article 5.

  • Termination Benefit means the benefit set forth in Article 7.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Excepted benefits means benefits under one or more (or any combination thereof) of the following:

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive’s employment for reasonable and necessary expenses incurred by the Executive on behalf of the Employer for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, but subject to any deferral election then in effect, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained at the target level (reduced, but not below zero, by amounts paid under all such contingent bonus or incentive compensation awards upon the Change in Control of the Company to the extent such amounts relate to the same period of time); and (v) all other payments and benefits to which the Executive (or in the event of the Executive’s death, the Executive’s surviving spouse or other beneficiary) may be entitled on the Termination Date as compensatory fringe benefits or under the terms of any benefit plan of the Employer, excluding severance payments under any Employer severance policy, practice or agreement in effect on the Termination Date. Payment of Accrued Benefits shall be made promptly in accordance with the Company’s prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits; provided that payments pursuant to clause (iv)(B) shall be paid on the first day of the seventh month following the month in which the Executive’s Separation from Service occurs, unless the Executive’s Separation from Service is due to death, in which event such payment shall be made within 90 days of the date of Executive’s death.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Disability Benefit means the benefit set forth in Article 8.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Disability Retirement Date means the first day of the month following the last day of paid employment;