Continuation Beneficiary definition

Continuation Beneficiary. For any beneficiary who does not timely elect to continue his or her portion of the interest under the Contract, we will pay that beneficiary's share of the Death Benefit pursuant to Section 3.11 of the Contract in a lump sum.
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Continuation Beneficiary means an individual beneficiary who elects to keep the Contract in force following the death of the Annuitant for the purpose of receiving required minimum distributions after the death of the original Annuitant in accordance with Part IV.
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Examples of Continuation Beneficiary in a sentence

  • Payments will continue to be made to the Continuation Beneficiary as described in accordance with the One Year Rule, from his/her share of the interest in the Contract, as reduced by the withdrawal.

  • If the Continuation Beneficiary has elected to take distribution of his/her share of the interest in the Contract in accordance with the Five Year Rule, the Continuation Beneficiary may withdraw any portion of his/her share of the interest in the Contract at any time, with any amount of his/her share of the interest in the Contract remaining to be paid fully on the fifth anniversary of your death.

  • If the Continuation Beneficiary has elected to take distribution of his/her share of the interest in the Contract in accordance with the One Year Rule, the Continuation Beneficiary may withdraw any portion of his/her share of the interest in the Contract at any time.

  • Your Certificate may be continued by one or more beneficiaries (collectively, the "Continuation Beneficiary").

  • Each such Beneficiary electing to continue his or her portion of the interest under this Contract is a "Continuation Beneficiary".

  • Your Contract may be continued by one or more beneficiaries (collectively, the "Continuation Beneficiary").

  • There are two types of Continuation Beneficiary: 1) a Spousal Continuation Beneficiary, who is the spouse of the deceased Owner, and 2) a Non-Spousal Continuation Beneficiary.

  • Each Beneficiary electing to continue his or her interest under the Contract is a Continuation Beneficiary.

  • If you have designated multiple Beneficiaries under the Contract and a Spousal Continuation Beneficiary is included in such designation, the Spousal Continuation Beneficiary's portion of the GWB Benefit Base, in accordance with the previous sentence, is forfeited.

  • Each such Beneficiary electing to continue his or her portion of the interest under the Contract is a "Continuation Beneficiary".

Related to Continuation Beneficiary

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

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

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

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

  • 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.

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • SERP Benefit means the benefit described in Section 5.1.

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

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

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

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

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

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

  • 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;

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • Continuation Coverage means the temporary continuation of PEBB benefits available to enrollees under the Consolidated Omnibus Budget Reconciliation Act (COBRA), 42 U.S.C. Secs. 300bb-1 through 300bb-8, the Uniformed Services Employment and Reemployment Rights Act (USERRA), 38 U.S.C. Secs. 4301 through 4335, or the public employees benefits board's policies.

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

  • COBRA continuation provision means any of the following:

  • Surviving beneficiary or "surviving descendant" means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • Beneficiary(ies means the individual or individuals designated in the Application by the Subscriber(s) to whom, or on whose behalf, Educational Assistance Payments are agreed to be paid, provided such individual qualifies under the Applicable Legislation and the Plan at the time such payments are made;

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Severance Benefit means the payment of severance compensation as provided in Article III.