Base Death Benefit definition

Base Death Benefit depends on the death benefit type you choose. Under Type A, the Base Death Benefit is the greater of the Stated Death Benefit or a multiple of the Accumulation Value on the date of the Insured's death. Under Type B, the Base Death Benefit is the greater of the Stated Death Benefit plus the Accumulation Value on the date of the Insured's death, or a multiple of the Accumulation Value on the date of the Insured's death.
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Base Death Benefit. The death benefit under the Policy exclusive of the Supplemental Insurance Death Benefit or any other supplemental benefits.
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Base Death Benefit. The death benefit under the Policy, exclusive of any APN or any other supplemental benefits. Beneficiary: The person or entity entitled to receive the Policy Proceeds as they become due after the death of the Insured. Business Day: Any day that We are open for business. Cash Surrender Value: The Gross Cash Surrender Value decreased by the balance of any outstanding Policy Debt. Class: The risk, underwriting and substandard table rating, if any, classification of the Insured. See Section 1. Company:Sun Life Insurance and Annuity Company of New York Daily Risk Percentage: The daily rate for deduction of the mortality and expense risk charge as specified in Section 1.
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Examples of Base Death Benefit in a sentence

  • The net amount at risk is the difference between the Base Death Benefit and your Account Value.

  • The Stated Death Benefit is not reduced by a Partial Withdrawal taken when the Base Death Benefit has been increased to qualify your Policy as life insurance under the Federal income tax laws and the amount withdrawn is no greater than that which reduces your Account Value to the level which no longer requires the Base Death Benefit to be increased for Federal income tax law purposes.

  • Base death benefit - The base death benefit is defined in the Base Death Benefit provision of the policy.

  • For a Policy under an Option 2 or Option 3 death benefit, a Partial Withdrawal reduces the Base Death Benefit by the amount of the withdrawal.

  • This is defined in the Base Death Benefit provision of the policy.

  • Under any death benefit option, if the Base Death Benefit has been increased in order to qualify your Policy as a life insurance contract under the Federal income tax laws, the Partial Withdrawal reduces the Base Death Benefit by an amount greater than the withdrawal.

  • The Base Death Benefit is the greater of the Specified Face Amount plus the Account Value, or the Account Value multiplied by the applicable Death Benefit Percentage.

  • The Base Death Benefit is the greater of the Specified Face Amount plus Gross Cash Surrender Value, or the Gross Cash Surrender Value multiplied by the applicable Death Benefit Percentage specified in Section 1.

  • We may limit the amount of such unscheduled premium payments if the payment would result in an increase in the Base Death Benefit.

  • The amount of the Base Death Benefit depends on the Base Face Amount, the Policy Value on the date of the Insured's death, and the Death Benefit Option in effect at that time.

Related to Base Death Benefit

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

  • 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.

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

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

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

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

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

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

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

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

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

  • Actuarial equivalent means a benefit of equal value when

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • Severance from Service Date means the earlier of:

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

  • Compensation Accrued at Termination means the following:

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

  • Termination Benefits means the benefits described in Section 4.1(b).

  • 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 Company and its Affiliates 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, 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; 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 as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer'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.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • 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).

  • Qualifying Termination means a termination of the Executive’s employment either (i) by a Company Group member without Cause (excluding by reason of Executive’s death or Disability) or (ii) by the Executive for Good Reason, in either case, during the Change in Control Period (a “Qualifying CIC Termination”) or outside of the Change in Control Period (a “Qualifying Non-CIC Termination”).