Benefit Payments as referred to in this Agreement, means the sum of the following items:
Benefit Payments has the meaning ascribed to it in Section 6.3.
Benefit Payments. “Benefit Payments” begin on the Benefit Payment Start Date. The “Benefit Payment Start Date” is the date the Fund Account Value is reduced to zero by an Eligible Withdrawal from your Fund Account. After that date, we will pay the Maximum Annual Withdrawal amount each year, less applicable taxes, until the death of the last Annuitant. Benefit Payments will be made monthly starting the first month after the Benefit Payment Start Date. The amount of each Benefit Payment will be determined as follows: • In the Certificate Year in which the Payout Phase begins: ● If the Owner is a living person, the Benefit Payment will be equal to (a) divided by (b), where (a) is the Maximum Annual Withdrawal less withdrawals taken prior to the Benefit Payment Start Date during that Certificate Year, and (b) is the number of months left in the Certificate Year as of the Benefit Payment Start Date. Partial months will count as one full month for the purpose of this calculation; ● If the Owner is a non-living person, the amount of each monthly Benefit Payment will be equal to (a) divided by (b), where (a) is the Maximum Annual Withdrawal, and (b) is the number of months left in the Certificate Year as of the Benefit Payment Start Date. Partial months will count as one full month for the purpose of this calculation. • In subsequent Certificate Years, the Benefit Payment will be equal to the Maximum Annual Withdrawal divided by 12. No further withdrawals can be made after the Benefit Payment Start Date. If a payment frequency other than monthly is requested in a form acceptable to us and processed by us before the first Benefit Payment is made, then the payments as described in this section will be calculated and made in accordance with the request. If the Benefit Base is not large enough to provide a payment of $100, we reserve the right to change the payment frequency to annually, or to make the payment at least $100.
Examples of Benefit Payments in a sentence
Funds must remain in the Fixed Rate Option while the claim is reviewed and while Benefit Payments are being received.
Additional premium payments or loan repayments must also be allocated to the Fixed Rate Option while a claim is reviewed and while Benefit Payments are being received.
Fund transfers, dollar cost averaging, and automatic rebalancing will not be allowed while a claim is reviewed and while Benefit Payments are being received.
As of the date on which any Estimated Tax Benefit Payments are made, and as of the date on which any True-Up is made, all such payments shall be made in the same manner and subject to the same terms and conditions as otherwise contemplated by Section 3.1 and all other applicable terms of this Agreement.
The Present Values of Projected Benefit Payments table shows the development of the SDR.
More Definitions of Benefit Payments
Benefit Payments as used in this Agreement, shall mean the sum of (i) Claims (as defined in Xxxxxxxxx 0 xxxxx), (xx) Cash Surrender Values (as defined in Xxxxxxxxx 0 xxxxx), (xxx) Annuity Payments (as defined in Xxxxxxxxx 0 xxxxx), (xx) 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. Transfers from such separate accounts shall not include policy fees, mortality and expense charges, or charges for guaranteed minimum income benefit riders. The Ceding Company’s related separate accounts shall be maintained such that the separate account liabilities for the Annuities are equal to the market value of the assets in the variable subaccounts of such separate accounts.
Benefit Payments means payments that are required by the Workers’ Compensation Law and the rules, regulations and decisions of the Workers’ Compensation Board to be made to claimants, providers and other vendors with respect to a Tail Claim.
Benefit Payments are the payments issued for Valid Claims as determined by the Settlement Administrator and in accordance with this Agreement.
Benefit Payments means, with respect to any Accounting Period, the aggregate amount of payments that become due pursuant to Section 2.1(b) during such Accounting Period.
Benefit Payments means cash payments from retirement, survivors, or disability insurance or from supplemental security income programs, and includes, but is not limited to, payments from social security, railroad retirement, and the United States Department of Veterans Affairs.
Benefit Payments. Proceeds payable under a Reinsured Policy arising from: annuitization; death of a Policy owner or annuitant; full or partial withdrawal of amounts held in a Policy; or the maturity of a Policy. All such proceeds are net of surrender charges, market value adjustments and Premium Taxes recovered.
Benefit Payments means, with respect to any Accounting Period, the aggregate