Death Benefit Payment definition

Death Benefit Payment means a payment of an amount equal to the amount by which (x) the sum of the death benefit paid to the Company under the Policy, the amount of any Unanticipated Indebtedness existing on the Date of Death and the amount of Unanticipated Withdrawals made prior to such Date, exceeds (y) the aggregate amount of Premiums paid by the Company on or before such Date (or due and owing on such Date).
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Death Benefit Payment. [$x] Guideline Single Payment: [$x] Guideline Level Payment: [$x] Final Payment Date: [01/01/1999] Maturity Date: [01/01/2059] Initial Payment Allocation: Variable Sub-Accounts Advisers: [30% Transamerica VIF Growth Portfolio Transamerica Occidental Life Insurance Company 20% Alliance VPF Premier Growth Alliance Capital Management L.P. 20% Dreyfus VIF Capital Appreciation The Dreyfus Corporation 20% OCC Accumulation Trust Managed OpCap Advisors 5% Janus Aspen Worldwide Growth Janus Capital Corporation] Fixed Account [5%] Initial Interest Rate: [4%]
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Death Benefit Payment. The Death Benefit payable will be reduced by outstanding Policy loans and accrued loan interest. Subject to the provisions of any rider or endorsement, the Death Benefit payable on the Insured’s death will be paid in a lump sum unless the Owner elects to receive all or a portion of the Death Benefit Proceeds under a settlement option that the Company is then offering. The Company will pay interest on the Death Benefit Proceeds from the date of death, to the date of settlement at the rate applicable to proceeds of life insurance left on deposit with the Company. Interest will accrue at an additional interest rate of 10% annually beginning 31 calendar days from the latest of the following dates:
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Examples of Death Benefit Payment in a sentence

  • Thereafter, for the remainder of the Death Benefit Payment Period, the annual salary continuation benefit shall be fifty percent (50%) of the Employee’s Base Salary in effect hereunder as of the Employee’s death.

  • Such benefits shall (i) be payable in equal monthly installments to the Employee’s Beneficiary; (ii) commence within thirty (30) days of the Employee’s death (with the date of the initial payment within such period determined by the Corporation in its sole discretion) and (iii) shall continue until the expiration of the Death Benefit Payment Period.

  • The Product Fee is assessed as a percentage of the Charge Base as an annualized rate that we accrue each day during the Accumulation Phase and when paying the Death Benefit as noted under Death Benefit Payment Options.

  • Such procedures include, identifying the appropriate claimant and notifying the claimant of applicable steps necessary to resolve any issue and permit completion or correction of the surrender instructions.Other Factors That May Affect Calculation Or The Timing of Death Benefit Payment State insurance law provides for certain instances when an insurer may delay payment of the Death Benefit or adjust the amount of such payment based on particular circumstances.

  • This benefit will be paid as per Death Benefit Payment mode mentioned in the Policy Schedule.b) No more future Premiums will be required to be paid.

  • The amount paid to the Owner is referred to as the Accelerated Death Benefit Payment.

  • Including reinvested distributions, investors earned a total return of 35.5% for the year.

  • In the case of People PAC (MN), that calculation is straightforward.

  • It is determined as of the date of the first Accelerated Death Benefit Payment under this rider.

  • Accelerated Death Benefit Payment has the meaning set forth in Section 4 (Accelerated Death Benefit For Chronic Illness) of this rider.

Related to Death Benefit Payment

  • 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.

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

  • SERP Benefit means the benefit described in Section 5.1.

  • Retirement Benefit means the benefit set forth in Article 5.

  • 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;

  • Accrued Benefit have the meanings specified in ERISA.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

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

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

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

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

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

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

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

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

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

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

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

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • life annuity means “life annuity contract” as defined in Pension Legislation that conforms with the Act and Pension Legislation;