Life and Period Certain Annuity definition

Life and Period Certain Annuity means the following for [(A)] each [Immediate] Covered Life identified in the Annuity Exhibits under Part 1, Form B as receiving a “Life and Period Certain Annuity” Annuity Form [and (B) each Deferred Covered Life who has the right to receive, and elects to receive, a “Life and Period Certain Annuity” Annuity Form pursuant to Section 2.3]. During the Covered Life’s lifetime, the Company will make monthly payments to the Covered Life equal to the Covered Life Amount. The Company owes the first monthly payment on the Annuity Commencement Date. The Company will pay subsequent monthly payments on the first day of each month. The Company’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. If the Covered Life dies prior to the Date of Last Certain Payment specified for the Covered Life on the relevant Annuity Exhibit, the Company will make monthly payments of the Covered Life Amount to the Beneficiary from and including the first day of the month following the previous monthly payment to the Covered Life to and including the Date of Last Certain Payment. For purposes of this Section 2.2(a)(ii), “Remaining Period Certain” means the period from and including the first day of the month following the previous monthly payment to the Covered Life to and including the Date of Last Certain Payment, and “Remaining Guaranteed Payments” means, as of any date ofdetermination, the monthly payments of Covered Life Amounts that are payable during the Remaining Period Certain and that are unpaid as of such date. If neither the Covered Life nor the Beneficiary is living at the time any Remaining Guaranteed Payments are payable, the present value of such Remaining Guaranteed Payments as are unpaid after the second-to-die of the Covered Life and the Beneficiary will be paid to (i) the Covered Life's executors or administrators in case the Covered Life died after the Beneficiary or (ii) the Beneficiary's executors or administrators in case the Beneficiary died after the Covered Life. The “present value” of Remaining Guaranteed Payments, as of any date of determination, means the single sum equivalent to the present value of such payments using [the applicable interest rate set forth under Section 417(e)(3) of the Code (as such section may be amended or interpreted from time to time) for the month of [November] preceding the calendar year in which the lump sum payment is made] [an interest rate of [●]% per annum].]
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Life and Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Life and Period Certain” Annuity Form. During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount. Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month. Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. Prudential will then compare the number of monthly payments Prudential made to the Covered Life after the Annuity Commencement Date to the Guaranteed Number of Payments specified for the Covered Life in the Annuity Exhibits. If the number of monthly payments is less than such guaranteed number, Prudential will pay the Covered Life Amount each month to the designated Beneficiary. These payments Schedule 1 to Commitment Agreement, dated September 25, 2018 CONFIDENTIAL will stop when the total number of payments to the Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments.
Sample 1
Life and Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Life and Period Certain” Annuity Form. During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount. Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month. Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. Prudential will then compare the number of monthly payments Prudential made to the Covered Life after the Annuity Commencement Date to the Guaranteed Number of Payments specified for the Covered Life in the Annuity Exhibits. If the number of monthly payments is less than such guaranteed number, Prudential will pay the Covered Life Amount each month to the Beneficiary. These payments will stop when the total number of payments to the Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments. If any remaining Annuity Payments under a Life and Period Certain Annuity become payable to one or more Beneficiaries, and if the monthly amount of the payments payable to any Beneficiary is less than $50, then Prudential may change the frequency of payments to quarterly, semi-annually, or annually, so long as the payments are made in advance of the otherwise applicable due date for such payments. If neither the Covered Life nor the Beneficiary is living at the time remaining guaranteed payments are payable, the present value of the remaining guaranteed payments payable will be paid to (i) the Covered Life's executors or administrators in case the Covered Life died after the Beneficiary or (ii) the Beneficiary's executors or administrators in case the Beneficiary died after the Covered Life. [***] Confidential Treatment Requested Confidential portion omitted and filed separately with the Commission REDACTED VERSION The “present value” of remaining Annuity Payments, as of any date of determination, means the single sum equivalent to the present value of such payments using the applicable interest rate set forth under Section 417(e)(3) of the Code (as such section may be amended or interpreted from time to time) for the month of October preceding the calendar year in which the lump sum payment is made.
Sample 1

Examples of Life and Period Certain Annuity in a sentence

  • After the period of time prescribed by applicable state law, any payments under a Period Certain Annuity or Life and Period Certain Annuity or lump sum benefit that have been withheld under the terms of this Section 2.4 may be considered abandoned or escheatable property.

  • If a Covered Life (or Contingent Life) in respect of whom payments under a Period Certain Annuity or Life and Period Certain Annuity are payable at the time of his or her death or a lump sum death benefit is payable at the time of his or her death, dies without validly designating a Beneficiary, or if the Beneficiary is no longer living, Prudential may pay the “present value” (as such term is defined in Section 2.2) thereof in full settlement of its liability for such payments.

  • Supplemental Information: OCC-RL300-LifePeriodCertain 3 Single Life and Period Certain Annuity CONFIDENTIAL As a condition to making any payment, we may require a Payee to provide certain information not previously supplied.

  • ANNUITY EXHIBIT Covered Lives – Retired Annuity Commencement Date: January 1, 2015 Life and Period Certain Annuity Covered Life SocialSecurityNumber Sex Date ofBirth Number of Guaranteed Payments Covered Life Amount [***] Confidential Treatment Requested Confidential portion omitted and filed separately with the Commission GA-[XXXX] Clear Water, Inc.

  • Upon OCC-RL300-LifePeriodCertain 4 Single Life and Period Certain Annuity CONFIDENTIAL receipt by us of the request, the amount specified in the request shall, subject to our consent, be deducted each month.

  • OCC-RL300-LifePeriodCertain 2 Single Life and Period Certain Annuity CONFIDENTIAL All notices must be in writing.


More Definitions of Life and Period Certain Annuity

Life and Period Certain Annuity means the form of payment described in section 6.3(b)(5).
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Related to Life and Period Certain Annuity

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • Group Annuity Contract means a master contract providing annuities to a group of persons under a single con- tract.

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Qualified Joint and Survivor Annuity means an annuity for the life of the Participant with a survivor annuity for the life of his Spouse as described in Section 8.2.

  • 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.

  • Special Enrollment Period means a period of time allowed under this Plan, other than the eligible person’s Initial Enrollment Period or an Open Enrollment Period, during which an eligible person can request coverage under this Plan as a result of certain events that create special enrollment rights.

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Starting Date means the date referred to in Clause 3.3 hereof;

  • Annuity Commencement Date is the first day of the month an annuity begins under this contract. This date may not be later than the date a Participant's periodic benefits are required to commence under the Code.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

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

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

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

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

  • Initial Enrollment Period means one of the following periods during which you may first enroll for coverage under this plan:

  • Continuation Coverage means coverage under a COBRA continuation provision or a similar state program. Coverage provided by a plan that is subject to a COBRA continuation provision or similar state program, but that does not satisfy all the requirements of that provision or program, will be deemed to be continuation coverage if it allows an individual to elect to continue coverage for a period of at least 18 months. Continuation coverage does not include coverage under a conversion policy required to be offered to an individual upon exhaustion of continuation coverage, nor does it include continuation coverage under the Federal Employees Health Benefits Program.

  • Normal Retirement Age means the Executive's 65th birthday.

  • Extended benefit period means a period which:

  • Early Retirement Date means the Retirement, as defined below, of the Executive on a date which occurs prior to the Executive attaining sixty-two (62) years of age, but after the Executive has attained fifty-five (55) years of age.