Flexible Premium Adjustable definition

Flexible Premium Adjustable. Variable Life Insurance Policies marketed under the name Park Avenue Survivorship Variable Universal Life - Millennium Series ("SVUL")* *Enhanced Cash Value versions of these products are also available. Where applicable herein, these versions are designated "eVUL" and "eSVUL" respectively. APPENDIX B PAL COMPENSATION
Sample 1Sample 2Sample 3
Flexible Premium Adjustable. Variable Life Insurance Policies marketed under the name Park Avenue Survivorship Variable Universal Life - Millennium Series ("SVUL")* *Enhanced Cash Value versions of these products are also available. Where applicable herein, these versions are designated "eVUL" and "eSVUL" respectively. APPENDIX B PAL COMPENSATION ---------------------------------------------------------- Policy Years Policy Premiums Unscheduled Payments ---------------------------------------------------------- 1 50% 3% ---------------------------------------------------------- 2 through 10 5% 3% ---------------------------------------------------------- The first policy year commission rate of 50% on policy premiums shall be reduced where policies are issued at ages over 70 with actual rates payable determined by deducting from the figure 120 ages of applicable insureds as of policy issue dates. No compensation shall be payable on PAL policy premiums skipped under the Premium Skip Option of PAL policies. If unscheduled payments are received when policies should be on the Premium Skip Option, renewal commissions on such payments shall be based on renewal rates of PAL policy premiums applied up to amounts of premium that correspond to renewal PAL policy premiums that would otherwise have been paid if not for the Premium Skip Option being in effect with standard renewal rates on unscheduled payments applied to any premiums received above such PAL policy premium levels. APPENDIX C VUL & SVUL COMPENSATION (Percentages of Premium) ------------------------------------------------------ Policy Years Target Premiums Excess Premiums ------------------------------------------------------ 1 55% 3% ------------------------------------------------------ 2 through 10 4% 3% ------------------------------------------------------ In addition, .0125% of unloaned account values shall be payable monthly policy years 11 and over as long as the producer contract shall remain active. The first policy year commission rate of 55% shall be reduced where policies are issued at ages over 70 with actual rates payable determined by deducting from the figure 125 ages of applicable insureds as of policy issue dates. APPENDIX D eVUL & eSVUL COMPENSATION (Percentages of Premium) ------------------------------------------------------ Policy Years Target Premiums Excess Premiums ------------------------------------------------------ 1 through 4 20% 3% ------------------------------------------------------ 5 through 10 7...
Sample 1Sample 2

Examples of Flexible Premium Adjustable in a sentence

  • The new policy will be an individual Flexible Premium Adjustable Life Insurance Policy that We regularly offer at the time of conversion.

  • For a Flexible Premium Adjustable Life Insurance Policy with a No Lapse Guarantee Requirement based on Accumulated Premiums exceeding Accumulated No Lapse Premiums, both the Accumulated Premiums and Accumulated No Lapse Premiums to date will be reduced by the percentage of the Death Benefit decreased.

  • For a Flexible Premium Adjustable Life Insurance Policy with a No Lapse Guarantee Requirement based on a No Lapse Guarantee Account, the No Lapse Guarantee Account value will be reduced by the percentage of the Death Benefit decreased.

  • The ABP is not less than the pro-rata reduction in the cash surrender value less outstanding loans for a Flexible Premium Adjustable Life Insurance Policy or reduction in the cash value less outstanding loans for a Whole Life Policy as described in the section below called Effect on the Policy.

  • Specified Amount: The term Specified Amount as used in this rider refers to the Specified Amount shown on page 3 of a Flexible Premium Adjustable Life Insurance Policy or the Face Amount shown on page 3 of a Whole Life Policy.

  • These pro rata reductions will be made to the Specified Amount, cash value, dividends, and paid-up additions for a Whole Life Policy, and the Specified Amount, policy value, cash surrender value, and surrender charge for a Flexible Premium Adjustable Life Insurance Policy.

  • The issuance and sale of the Last Survivor Flexible Premium Adjustable Variable Universal Life Insurance Policies (the “Policies”) have been duly authorized by the Company.

  • At any time within 24 months of the Policy's Policy Date, the Policyowner may exchange the Policy for a Flexible Premium Adjustable Whole Life Policy which provides for benefits that do not vary with the investment return of the Variable Account.

  • On Flexible Premium Adjustable Life Insurance Series II, III, IV and Juvenile-Issue and Flexible Premium Variable Life contracts which terminate during the first contract year, First Year Commissions based on premiums up to target will be the product of the First Year Commission rate and the lesser of (1) premiums paid and credited on the contract, and (2) one-twelfth of the Target Premium times the number of full months the contract remained in force.

  • The issuance and sale of the Individual Flexible Premium Adjustable Variable, Fixed, and Index-Linked Universal Life Policies (the "Policies") have been duly authorized by the Company.

Related to Flexible Premium Adjustable

  • Base premium rate means, for each class of business as to a rating period, the lowest premium rate charged or that could have been charged under the rating system for that class of business by the small employer carrier to small employers with similar case characteristics for health benefit plans with the same or similar coverage.

  • Single Premium means the Premium amount specified in the Schedule payable in Lump Sum at the inception of the Policy. No further Premiums are payable under this Policy.

  • Insurance Premium means the amount that each Debtor shall pay on a monthly basis to Agos pursuant to the relevant Consumer Loan Agreement, in relation to the insurance premium paid by Agos to the relevant Insurance Company under any Financed Insurance Policy.

  • Premium Rate has the meaning assigned to such term in the Premium Letter.

  • Premium Payment Date in respect of any Option, means the date on which the Premium is due and payable, as agreed to at the time the Option is entered into, as evidenced in a Confirmation.

  • Standard Premium means the basic premium for the coverage under this Certified Plan, as charged by the Company to the Policy Holder on an overall Portfolio basis, which may be adjusted in accordance with the Age, gender and/or lifestyle factors of the Insured Person.

  • Collateral Senior Minimum Monthly Interest shall have the meaning specified in subsection 4.02(d).

  • Premium Due Date means date specified in the Schedule on which the Instalment Premium will become due.

  • Special Primary Insurance Premium With respect to any Special Primary Insurance Policy, the monthly premium payable thereunder. Statutory Trust Statute: Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. §3801 et seq., as the same may be amended from time to time.

  • Make-Whole Premium means, with respect to a Note at any redemption date, the greater of:

  • Interest Coverage means as of the last day of any fiscal quarter, the quotient, expressed as a percentage (which may be in excess of 100%), determined by dividing EBITDA by Interest Expense; all of the foregoing calculated by reference to the immediately preceding four fiscal quarters of the Company ending on such date of determination.

  • Premium Amount The amount of premium due to the Note Insurer in accordance with the terms of the Insurance Agreement.

  • Weighted Average Net Mortgage Interest Rate As to any Distribution Date, a rate per annum equal to the average, expressed as a percentage of the Net Mortgage Interest Rates of all Mortgage Loans that were Outstanding Mortgage Loans as of the Due Date in the month preceding the month of such Distribution Date, weighted on the basis of the respective Scheduled Principal Balances of such Mortgage Loans.

  • Capitation rate means the fee the department pays monthly to a participating health or dental plan for each enrollee for the provision of covered medical or dental services whether or not the enrollee received services during the month for which the fee is intended.

  • S&P Recovery Rate With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 4 using the Initial Rating of the most senior Class of Secured Notes Outstanding at the time of determination.

  • Class C Coverage Tests means the Class C Interest Coverage Test and the Class C Par Value Test.

  • Class D Coverage Tests means the Class D Interest Coverage Test and the Class D Par Value Test.

  • AMPS Basic Maintenance Amount, as of any Valuation Date, means the dollar amount equal to (i) the sum of (A) the product of the number of shares of AMPS and Other AMPS Outstanding on such Valuation Date multiplied by the sum of (a) $25,000 and (b) any applicable redemption premium attributable to the designation of a Premium Call Period; (B) the aggregate amount of cash dividends (whether or not earned or declared) that will have accumulated for each share of AMPS and Other AMPS Outstanding, in each case, to (but not including) the end of the current Dividend Period that follows such Valuation Date in the event the then current Dividend Period will end within 49 calendar days of such Valuation Date or

  • Prepayment Premium Period means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period.

  • Class A/B Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class A/B Interest Coverage Ratio is at least equal to 120.0 per cent.

  • Mortgage-backed security means a security issued by the authority which is secured by residential mortgage loans owned by the authority.