Aggregate Premiums Paid definition
Aggregate Premiums Paid means, at any time, an amount equal to the cumulative premiums paid by the Corporation on the Policy.
Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Corporation on the Policy, less (ii) any policy loans to the Corporation and accrued and unpaid interest thereon. Notwithstanding the foregoing, Aggregate Premiums Paid shall not include extra benefit riders or agreements, other than those providing additional life insurance coverage on the Executive, and shall not include premiums waived pursuant to the terms of any disability waiver of a premium rider.
Aggregate Premiums Paid means, at any time, an amount equal to the Loans which are the cumulative premiums paid by the Corporation on the Joint Life Policy.
Examples of Aggregate Premiums Paid in a sentence
In the event of the termination of this agreement, the Company shall be entitled to receive an amount equal to the sum of (i) the Aggregate Premiums Paid (as defined below) by the Company at the time of the termination of the agreement, and (ii) the Non-Grandfathered Cash Surrender Value of the policy.
At the death of both the Director and his spouse, the Company shall be entitled to an amount equal to the sum of (i) the Aggregate Premiums Paid (as defined below) by the Company at the time of such death, and (ii) the “Non-Grandfathered Cash Surrender Value” (as defined below) of the policy.
More Definitions of Aggregate Premiums Paid
Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Company on the Policy, less (ii) any policy loans to the Company and accrued and unpaid interest thereon (excluding any loan under Section 6(e)(ii)), and less (iii) any amounts received by the Company from the Executive for life insurance coverage provided under this Agreement. Despite the foregoing, Aggregate Premiums Paid shall not include extra benefit riders or agreements, other than those providing additional life insurance coverage on the insured, and shall not include premiums waived pursuant to the terms of any disability waiver of a premium rider. In addition, no interest shall be deemed to be accrued on and no present value adjustment to the cumulative premiums paid by the Company shall be made in calculating Aggregate Premiums Paid.
Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Corporation on the Policy, less (ii) any Policy loans to the Corporation and accrued and unpaid interest thereon, less (iii) any amounts, if any, received by the Corporation from the Executive for life insurance coverage provided under this Agreement. Despite the foregoing, Aggregate Premiums Paid shall not include extra benefit riders or agreements, other than those providing additional life insurance coverage on the insured, and shall not include premiums waived pursuant to the terms of any disability waiver of a premium rider.
Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Corporation under the Policy, less (ii) the amount of any policy dividends or interest thereon paid in cash to the Corporation or used by the Corporation to make premium payments, less (iii) any policy loans to the Corporation and accrued interest thereon at such time. Despite the foregoing, Aggregate Premiums Paid shall not include extra benefit riders or agreements, other than those providing additional life insurance coverage on the insured.
Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Corporation on the Single Life Policy, plus (ii) the cumulative premiums paid by the Corporation on the Joint LifePolicy, plus (iii) in the case of the Joint Life Policy only, interest at the rate of 3.6%per annum compounded annually on the premiums on such Joint Life Policy. (b) "Benefit Measurement Date" shall mean the date on which the first of any of the following events occurs: (i) termination of this Agreement in accordance with Section 9 below; (1) for the Joint Life Policy, the ___________ (____) anniversary of the issuance of the Joint Life Policy; and (2) for the Single Life Policy, the _________ (___) anniversary of the issuance of the Single Life Policy; or (ii) the death of the Decedent. (c) "Cash Surrender Value" shall mean an amount that equals, at any specified time, the cash surrender value as determined under the terms of the Policy. (d) "Code" shall mean the Internal Revenue Code of 1986, as amended. (e) "Collateral Assignment" shall mean an assignment made by the Owner in favor of the Corporation in a form mutually agreed to by the Corporation and the Owner and accepted by the Insurer. (f) "Collateral Interest" shall mean the Corporation's interest in the Policy, which shall equal, at any time, the lesser of Aggregate Premiums Paid or Cash Surrender Value, and which shall be repaid to the Corporation in accordance with Section 6 below. (g) "Corporation's Death Benefit" shall mean the portion of the Policy's death benefit, if any, that exceeds the sum of the Collateral Interest and the Owner's Death Benefit. (h) "Decedent" shall mean, as to a Single Life Policy, the Participant, and, as to a Joint Life Policy, the second to die of the Participant and his or her spouse. (i) "Designated Beneficiary" shall mean the beneficiary designated under the Policy. (j) "Economic Income" shall mean taxable compensation income for that portion of the premiums paid by the Corporation that is equal in amount to the value of the "economic benefit" derived by the Participant from the Policy's life insurance protection, as determined for Federal income tax purposes under Revenue Rulings 64-328 and 66-110, plus any economic benefit derived from any reimbursement for tax liability under Section 3(c). Economic Income shall include any increase in economic benefit attributable to the death of the first to die under a Joint Life Policy. (k) "Insurer(s)" shall mean . (l) "Joint Life Po...