Death benefit amount means an amount equal to the full monthly salary received by a deceased member prior to death, minus an amount equal to the benefit received under section 145.45, 742.37, 742.3714, or 5505.17 of the Revised Code or the benefit received from a retirement system operated by a municipal corporation, plus any increases in salary that would have been granted the deceased member.
Death benefit amount. The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:
Death benefit amount. The Death Benefit Amount as of any Business Day prior to your Annuity Date is equal to the greater of: (a) your Contract Value as of that day; or (b) your aggregate Purchase Payments reduced by (i) an amount for each withdrawal that has occurred, which is calculated by multiplying the aggregate Purchase Payments received prior to each withdrawal by the ratio of the amount of the withdrawal, including any withdrawal charge, to your Contract Value immediately prior to the withdrawal; and (ii) any applicable charges and/or fees on or before that day. GUARANTEED MINIMUM DEATH BENEFIT ("GMDB") AMOUNT - The GMDB Amount will be calculated only when a death benefit becomes payable as a result of the death of the sole Annuitant, and is determined as follows: First, we calculate what the Death Benefit Amount would have been as of the first Contract Anniversary and each subsequent Contract Anniversary that occurs while the Annuitant is living and before the Annuitant reaches his or her 81st birthday (each of these Contract Anniversaries is a "Milestone Date"). We then adjust the Death Benefit Amount for each Milestone Date by: (i) adding the aggregate amount of any Purchase Payments received by us since that Milestone Date; (ii) subtracting an amount for each withdrawal that has occurred since that Milestone date, which is calculated by multiplying the Death Benefit Amount by the ratio of the amount of each withdrawal that has occurred since that Milestone Date, including any withdrawal charge, to the Contract Value immediately prior to the withdrawal; and (iii) subtracting the aggregate amount of any previous charges, fees, and/or taxes, since that Milestone Date.
Examples of Death benefit amount in a sentence
The Accidental Death benefit amount set out under Event 1 shall become payable, subject to a signed undertaking by the beneficiary that if the Insured Person is subsequently found alive, such Accidental Death benefit amount will be refunded to Us.
If the adjustment is made at the time of a death claim, the Death benefit amount will reflect the amount provided by the most recent mortality charge according to the correct age.
If the adjustment is made when the Insured dies, the Death benefit amount will reflect the amount provided by the most recent mortality charge according to the correct age.
In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary the Death benefit amount shown on Schedule A for the Plan Year ending immediately prior to the Executive’s death in lieu of any other benefit hereunder.
The Accidental Death benefit amount set out under Event 1 shall become payable, subject to a signed undertaking by the beneficiary that if You are subsequently found alive, such Accidental Death benefit amount will be refunded to Us.
More Definitions of Death benefit amount
Death benefit amount. The annual amount which the Director’s Beneficiary is entitled to receive pursuant to this Agreement in the event of the Director’s death before his Normal Retirement Date. The annual amount is $18,513.
Death benefit amount is the Account Value determined as of the end of the Business Day on which we have received both due proof of death and an election by a Beneficiary for the payment method. The death benefit amount in the Separate Account remains in the Separate Account until distribution begins. From the time the death benefit is determined until complete distribution is made, any amount in the Separate Account will continue to be subject to investment risk. This risk is borne by the Beneficiary(ies).
Death benefit amount. (Cont'd): (1) The sum of all Purchase Payment(s) made to the Account (as of the date of death) minus the sum of all amounts surrendered, applied to an Annuity, or deducted from the Account;
Death benefit amount. During The Accumulation Period" section of the "Death Benefit Provisions:" DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD - The "Death Benefit Amount" will be the greater of:
Death benefit amount. DURING THE ACCUMULATION PERIOD The "Death Benefit Amount" will be the greater of:
Death benefit amount. The Death Benefit Amount as of any Business Day prior to your Annuity Date is equal to the greater of: (a) your Contract Value as of that day; or (b) your aggregate Purchase Payments reduced by an amount for each withdrawal that has occurred, which is calculated by multiplying the aggregate Purchase Payments received prior to each withdrawal by the ratio of the amount of the withdrawal, including any withdrawal charge, to your Contract Value immediately prior to the withdrawal. DEATH OF ANNUITANT - If an Annuitant dies before the Annuity Date, the Death Benefit Amount will be equal to the Death Benefit Amount as of the Notice Date. Unless there is a surviving Joint or Contingent Annuitant, we will pay the death benefit proceeds to the Owner, if living; otherwise to the Beneficiary, if living; otherwise to the Owner's estate. If an Annuitant dies and there is a surviving Joint Annuitant, the surviving Joint Annuitant becomes the Annuitant. If there is no surviving Joint Annuitant and there is a Contingent Annuitant, the Contingent Annuitant becomes the Annuitant. Death benefit proceeds are payable only for the death of the sole surviving Annuitant prior to the Annuity Date. If you are the Annuitant and you die, we will determine the Death Benefit Amount and to whom it will be paid under the Death of Annuitant provisions; and, if your Contract is a Non-Qualified Contract, we will distribute any death benefit proceeds under the Death of Owner Distribution Rules.
Death benefit amount. (Cont'd):
(d) Death of the spousal beneficiary of a Contract Holder who was not the Annuitant and who continued the Contract: The death benefit amount equals the Adjusted Current Value on the claim date. A Surrender Fee may apply to any full or partial surrender (see 3.14 and Contract Schedule I).
3.11 Death Benefit Options available Prior to any election, or until amounts must be otherwise distributed under this to Beneficiary: section, the Current Value will be retained in the Contract. The Beneficiary has the right to allocate or reallocate any amount to any of the available investment options (subject to an MVA, if applicable). The following options are available to the Beneficiary:
(a) When the Contract Holder is the Annuitant: If the Annuitant dies, (or when the Contract Holder is a nonnatural person):
(1) If the Beneficiary is the surviving spouse, the spousal Beneficiary will be the successor Contract Holder and may exercise all Contract Holder rights under the Contract and continue in the Accumulation Period, or may elect (i) or (ii) below. Under the Code, distributions from the Contract are not required until the spousal Beneficiary's death. The spousal Beneficiary may elect to:
(i) Apply some or all of the Adjusted Current Value to an Annuity option (see 4.07); or
(ii) Receive, at any time, a lump sum payment equal to the Adjusted Current Value.
(2) If the Beneficiary is other than the surviving spouse, then options (i) or (ii) above apply. Any portion of the death benefit not applied to an Annuity option within one year of the Contract Holder's death, must be distributed within five years of the date of death.
(3) If no Beneficiary exists, a lump sum payment equal to the Adjusted Current Value must be made to the Contract Holder's estate within five years of the date of death. If the Contract Holder is a nonnatural person, the death benefit is paid in one lump sum to the Contract Holder.
(4) If the Beneficiary is an entity, a lump sum payment equal to the Adjusted Current Value must be made within five years of the date of death.
(b) When the Contract Holder is not the Annuitant when the Contract Holder dies: I-MP2(5/97)