Basic Death Benefit definition

Basic Death Benefit means the benefit payable on death of the Insured Member as specified in the policy document.
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Basic Death Benefit. If the Owner dies prior to the Annuity Date, the Death Benefit equals the Net Certificate Value. The PAYMENT OF DEATH BENEFIT and PAYMENT OPTION provisions in Section 10 of this certificate also apply to this Death Benefit.] [ANNUAL RESET INCOME BENEFIT OPTION may be selected by the Owner in the application for the Certificate if the Owner also selects the Annual Reset Death Benefit Option.
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Basic Death Benefit. [The greatest of 1, 2 or 3 shown in the "Amount of Death Benefit" provision] Optional Death Benefit(s) [None] (Only available if Covered Person is age 79 or younger) [Or]
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Examples of Basic Death Benefit in a sentence

  • The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit.

  • The death benefit is one of the following: The Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit.

  • This benefit provides that the spouse or domestic partner of a deceased member, who was eligible to retire for service at the time of death, may elect to receive the Pre-Retirement Option 2W Death Benefit which is the highest monthly allowance a member can leave a spouse or domestic partner in lieu of the lump sum Basic Death Benefit.

  • The compensation to be used in computing this Basic Death Benefit shall be the compensation payable to the Member as of the Member's date of death.

  • Upon the death of a Member who has attained the minimum age for service retirement, applicable to him or her in the Member's last County Employment preceding death, and who is credited with five or more years of Pension Trust service credit, the death benefit provided by this Section 7.02 shall be paid in lieu of the Basic Death Benefit provided in Section7.01 above.

  • The death benefit is one of the following: the Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit.

  • No part of the Basic Death Benefit is paid if the Special Death Benefit is paid.

  • If no one is eligible for the 1957 Survivor Benefit or the Special Death Benefit (if applicable), your beneficiary for the Basic Death Benefit will be determined as follows:• Named beneficiary, or if none;• Spouse or registered domestic partner, or if none;• Children, or if none;• Parents, or if none;• Brothers and sisters, or if none;• Estate if probated, or if not;• Trust, or if none;• Next of kin, as provided by law.

  • Basic Death BenefitThe Basic Death Benefit will be paid if:• No one is eligible for a monthly allowance.• The person who is eligible for the monthly allowance chooses instead to receive the Basic Death Benefit.• A person other than a spouse or registered domestic partner is designated as beneficiary to receive all or a portion of the lump-sum death benefit.

  • If you pass away before you are eligible to retire, your beneficiary(ies) is entitled to the following benefits: Group Term Life InsuranceThis is a tax-free lump-sum benefit paid to the same beneficiary who will receive the Basic Death Benefit, the Alternate Death Benefit (if applicable), or the Special Death Benefit (if applicable).


More Definitions of Basic Death Benefit

Basic Death Benefit. The BASIC DEATH BENEFIT may be elected by the Owner in the application for the Certificate.
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Basic Death Benefit means the benefit payable under the Retirement Plan to the Beneficiary of a SERP Member on account of the death of the SERP Member.
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Related to Basic 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.

  • 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.

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

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

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

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

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

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • 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.

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

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

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

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

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

  • 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.

  • 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).

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.

  • Actuarial equivalent means a benefit of equal value when

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Service benefit means the credit toward retirement benefits as determined by the

  • Net Death Proceeds means the total death proceeds of the Policy minus the cash surrender value.