Examples of Death Benefit Option in a sentence

If no Death Benefit Option is selected, the Guarantee of Principal Death Benefit will be the Death Benefit effective as of the Contract Date.
If, on the Contract Date, one of the below listed Death Benefit Option(s) has been selected, the Mortality and Expense Risk and Administrative Charge will be as indicated for the Death Benefit Option selected.
Death Benefit Option Level Increasing Displays Death Benefit Option in effect as of the policy date or most recent policy change date.
The client must choose Sum of Premium Death Benefit Option Percentage Rates: The available percentage rates are 0 through 12.
The employer agrees to adopt the guaranteed Minimum Death Benefit Option (Section 60-B) of the New York State Retirement Law.

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. 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. 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. [2] Face Amount [$243,169.00]

Death Benefit Option. Specified Amount (Option A)

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