Accelerated benefits definition

Accelerated benefits means benefits payable under an indi- vidual or group life insurance policy. They are primarily mortality risks, rather than morbidity risks. Accelerated benefits may also mean optional modes of settlement of proceeds under life insurance poli- cies. Accelerated benefits are benefits:

Accelerated benefits means benefits payable under a life insurance contract to a policyowner or certificateholder, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or catastrophic conditions as defined by the policy or rider that reduce the death benefit otherwise payable under the life insurance contract and that are payable upon the occurrence of a single qualifying event that results in the payment of a benefit amount fixed at the time of acceleration. Accelerated benefits do not include benefits payable to an insured under a long-term care insurance policy.

Accelerated benefits means benefits that meet the following conditions:

Examples of Accelerated benefits in a sentence

• Accelerated benefits are not permitted if you have assigned your life insurance benefit to another individual or to a trust.

• Accelerated benefits are not permitted if you have assigned your life insurance benefit to another individual or to a trust.The ABO is intended to qualify for favorable tax treatment under the Internal Revenue Code such that the benefits will be excludable from your U.S. federal income and not subject to U.S. federal taxation.

• Accelerated benefits are not permitted if you have assigned your life insurance benefit to another individual or to a trust.The accelerated life insurance benefits are intended to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended.

• If the policy is surrendered, the amount of cash value greater than premiums paid is taxable as income.• Accelerated benefits are tax-free as long as the distribution is qualified, meaning the insured is terminally ill or expected to die within two years.

• Accelerated benefits are unemployment or sickness benefits that are payable to a railroad employee before the regular July 1 beginning date of a benefit year if an employee has 10 or more years of service and is not qualified for benefits in the current benefit year.

More Definitions of Accelerated benefits

Accelerated benefits means benefits payable under a life insurance policy sold in this state: (A) During the lifetime of the insured, in a lump sum or in periodic payments, as specified in the policy, (B) upon the occurrence of a qualifying event, as defined in the policy, and certified by a physician or an advanced practice registered nurse who is licensed under the laws of a state or territory of the United States, or such other foreign or domestic jurisdiction as the Insurance Commissioner may approve, and (C) which reduce the death benefits otherwise payable under the life insurance policy.

Accelerated benefits means benefits payable under a life insurance contract that:

Accelerated benefits means benefits payable under a life insurance contract to a policyowner or certificateholder, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or

Accelerated benefits means the benefits that are payable under a policy and that meet all of the following criteria:

Accelerated benefits means amounts payable in advance of the time life insurance benefits would otherwise be payable because of the occurrence of a terminal illness or a qualified covered condition.

Accelerated benefits means benefits payable under an individual or group life insurance policy. They are primar- ily mortality risks, rather than morbidity risks. Accelerated benefits may also mean optional modes of settlement of pro-

Accelerated benefits means the amount of life insurance that will be paid in accordance with the terms and conditions of this Plan prior to your death if the conditions of this Accelerated Life Insurance Benefit provision are met.