Additional Death Benefit definition
Examples of Additional Death Benefit in a sentence
Where under an Annuity the Ceding Company is required by applicable state law to pay additional interest from the date of death or the date of proof of death (“Additional Death Benefit Interest Payments”), the Reinsurer shall pay to the Ceding Company the Quota Share Percentage of any such Additional Death Benefit Interest Payments.
The term “Benefit Payments,” as used in this Agreement, shall mean the sum of (i) Claims (as defined in ▇▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇), (▇▇) Cash Surrender Values (as defined in ▇▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇), (▇▇▇) Annuity Payments (as defined in ▇▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇), (▇▇) Additional Death Benefit Interest Payments (as defined in Paragraph 5 below), and (v) the Quota Share Percentage of the net of the transfers to the Ceding Company’s related separate accounts less the transfers from such separate accounts.
The Total Required Death Benefit will equal (i) the Account Value multiplied by (ii) the applicable Required Additional Death Benefit Factor shown in Section 2.
With respect to Option A, the Required Additional Death Benefit on any date will be equal to the amount, if any, by which the Total Required Death Benefit as of such date, as defined below, exceeds the Sum Insured.
With respect to Option B, the Required Additional Death Benefit on any date will be equal to the amount, if any, by which the Total Required Death Benefit as of such date, as defined below, exceeds the sum of the Sum Insured and the Account Value.
With respect to determining the death benefit of the policy under Death Benefit Option A, an amount equal to any withdrawal and its related charge will be deducted from the Account Value until the Account Value multiplied by the appropriate Corridor Factor or Required Additional Death Benefit Factor becomes equal to the Sum Insured.
The amount of any such increase is the Required Additional Death Benefit.
If you have elected the Cash Value Accumulation Test (as shown in "Definition of Life Insurance Elected" in Section 1), we reserve the right to modify the Required Additional Death Benefit Factors, retroactively if necessary, to ensure or maintain qualification of this policy as a life insurance contract for federal tax purposes, notwithstanding any other provisions of this policy to the contrary.
As a result of such changes, the Death Benefit of this policy will thereafter be equal to the Account Value, and the applicable Required Additional Death Benefit Factor will be 1.00.
Long Term Total Disability Plan and Optional Additional Death Benefit during the strike or of and the Union agrees to reimburse the Corporation for such premium costs.