Examples of Death Benefit Option in a sentence

A partial withdrawal will not change the face amount of a Policy on which the owner has selected Death Benefit Option B or Death Benefit Option C.
Under Death Benefit Option C, the death benefit could be less than the face amount if the total withdrawals are greater than the total premiums paid.
The excess of any withdrawal over this amount may cause a reduction in Face Amount if the Death Benefit Option is Option A, as described below.
The death benefit will be the greater of the Guideline Minimum Death Benefit or one of the following three options: (1) Death Benefit Option A — the face amount of the Policy; (2) Death Benefit Option B — the face amount of the Policy plus the accumulated value; or (3) Death Benefit Option C — the face amount of the Policy plus the total premiums paid minus total withdrawals.
Only You may revoke or change a Pre-selected Death Benefit Option.

More Definitions of Death Benefit Option

Death Benefit Option. [1] SUBACCOUNT FEES Daily Mortality and Expense Risk Fee: Option 1: .004178% (Based on an annual rate of 1.525%) Option 2: .004589% (Based on an annual rate of 1.675%) Option 3: .005000% (Based on an annual rate of 1.825%) Daily Administrative Fee: .00034% (Based on an annual rate of .125%) CONTRACT FEES AND CHARGES Premium Tax: .000% of each premium paid Annual Administrative Charge: $35. Charge is waived if Contract Value exceeds $50,000.

Death Benefit Option. Specified Amount (Option A)

Death Benefit Option. CHANGES: After the first policy year, you may change the death benefit option under your Policy. If the change is from Option 1 to Option 2, the Specified Amount will be decreased by the amount of the Cash Value. We will decrease the Basic and Supplemental coverages proportionally. If the change is from Option 2 to Option 1, the Specified Amount will be increased by the amount of the Cash Value. We will increase the Basic and Supplemental coverages proportionally. We reserve the right to require evidence of insurability of both Insureds for a change from Option 2 to Option 1. The effective date of change will be the Monthly Anniversary Day on or next following the date we approve the request for change. We will also allow death benefit option changes from Option 3 to Option 1 or Option 2. We will not allow death benefit option changes from Option 1 to Option 3 or Option 2 to Option 3. Only one change of option is permitted in a policy year. We will refuse a death benefit option change which would reduce the Specified Amount to a level where the total premiums already paid to date exceed the premium limit established by law to qualify your Policy as a contract for life insurance. In order for a death benefit option change to become effective, the Cash Surrender Value, after the change, must be sufficient to keep the Policy in force for at least 3 months.

Death Benefit Option. CHANGES: After the first policy year, you may change the death benefit option under your Policy from Option 1 to Option 2 or from Option 2 to Option 1. You may not make a change from or to Option 3. We will adjust the Specified Amount such that the Net Amount At Risk remains constant before and after the death benefit option change. The effective date of change will be the Monthly Anniversary Day on or next following the date we approve the request for change. Only one change of option is permitted in a policy year. We will refuse a death benefit option change which would reduce the Specified Amount to a level where the total premiums already paid exceeds the premium limit, if any, established by law to qualify your Policy as a contract for life insurance. In order for a death benefit option change to become effective, the Cash Surrender Value, after the change, must be sufficient to keep the Policy in force for at least 3 months.

Death Benefit Option. [2] Face Amount [$243,169.00]

Death Benefit Option. [1 - Return of Premium] Maximum Guaranteed Interest Account Percentage: [5%]