Group contractholder definition
Group contractholder means the person to which a group contract has been issued.
Group contractholder means the person to whom a group contract has been issued.
Group contractholder. The entity with ownership rights under the Group Contract as shown on the Contract Data Page. Guaranteed Annual Withdrawal (▇▇▇) – The annualized withdrawal amount that is guaranteed for the lifetime of the Covered Person(s), subject to the terms of this Certificate. Guaranteed Annual Withdrawal Percentage (▇▇▇%) – The percentage of the Benefit Base that determines the amount of the ▇▇▇. This percentage is based on the age of the Covered Person(s) at the time of the first Installment determined by calculating the 10 Year Treasury Yield multiplied by the Age Adjustment, subject to the maximum and minimum percentages described in Section 5.01. If there are two Covered Persons the percentage is based on the age of the younger Covered Person and the Joint Withdrawal Adjustment, pursuant to Section 5.01. Guarantee Benefit Fee – The fee described in Section 8. Guaranteed Lifetime Withdrawal Benefit (GLWB) – A payment option offered by Certificate that pays Installments during the life of the Covered Person(s). The Covered Person(s) will receive periodic payments in either monthly, quarterly, semiannual, or annual Installments that in total over a twelve month period equal the ▇▇▇. Initial Calculation – The calculation used to determine the ▇▇▇% on the Initial Installment Date pursuant to Section 5.01. Initial Installment Date – The date of the first Installment under the GLWB, which must be a Business Day. Installments – Periodic payments of the ▇▇▇ made pursuant to Section 5.03. Installment Frequency Options – The options listed in Section 5.03.