Life Income Options definition

Life Income Options. Life Income Options are based on the age of the Payee on the Payee's birthday nearest the Option Date. The Company will require proof of age. The Life Income payments will be based: on the rates shown in the Life Income Tables (Section 19); or, if they are greater, on the Payment Option rates of the Company on the Option Date. If the rates at a given age are the same for different periods certain, the longest period certain will be used.
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Life Income Options. Guaranteed Life Income Options are based on the age of the Payee on the Payee's birthday nearest the Option Date. The Company will require proof of age. The Life Income payments will be based: on the rates shown in the Life Income Tables (Section 21); or, if they are greater, on the Payment Option rates of the Company on the Option Date. If the rates at a given age are the same for different periods certain, the longest period certain will be used. Purchase of Increased Payment Option Benefits On the Option Date, a one sum purchase payment can be made to the Company to be added to the proceeds being applied to any Payment Option. The portion of Life Income payments purchased in this way will be based on the Payment Option rates of the Company on the Option Date, which may not be the rates shown in the Life Income Tables (Section 21). The purchase payment will be limited to the Company's published maximum for single premium immediate annuities on the Option Date. A portion of the purchase payment may be used by the Company to pay premium taxes on the purchase payment. Death of Payee If a Payee under a Life Income Option dies within 30 days after the Option Date, the amount applied to the Option, less any payments made, will be paid in one sum, unless a Payment Option is chosen by the successor Xxxxx. Otherwise, amounts to be paid after the death of a Payee under a Payment Option will be paid as due to the successor Xxxxx. If there is no successor Xxxxx, amounts to be paid in one sum, or the commuted value of any unpaid payments certain, will be paid in one sum to the estate of the last Payee to die. Commutation Rate The interest rate used to compute the commuted value of any unpaid payments certain: . Under the First Option will be 3 1/2% per year; and . Under the Life Income Options will be the rate used by the Company in computing the amount of the monthly payments.
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Examples of Life Income Options in a sentence

  • Under the Life Income Options will be the rate used by the Company in computing the amount of the monthly payments.

  • Under the Life Income Options only payments certain can be commuted.

  • Payments under the Life Income Options cannot be commuted, except for payments certain.

  • Proceeds may not be withdrawn from any of the Payment of Life Income Options.

  • Life Income Options are based on the Annuitant's sex and age nearest birthday on the Annuity Date.

  • Life Income Options Life Income Options are based on the payee's age nearest birthday on the settlement option effective date.

  • Life Income Options Guaranteed Life Income Options are based on the age of the Payee on the Payee's birthday nearest the Option Date.

  • Guaranteed Life Income Options are based on the age of the Payee on the Payee's birthday nearest the Option Date.

  • Alternate Amount of If a fixed life income option is elected, the Installments Under Fixed Owner (or if the Owner has not elected a payment Life Income Options option, the Beneficiary) may elect life income payments equal to those provided by those fixed single premium immediate annuity option rates in use by American Xxxxxxxx when annuity payments begin.

  • Alternate Amount of If a fixed life income option is elected, the Installments Under Owner (or if the Owner has not elected a payment Fixed Life Income Options option, the Beneficiary) may elect life income payments equal to those provided by those fixed single premium immediate annuity option rates in use by American Xxxxxxxx when annuity payments begin.

Related to Life Income Options

  • Company Stock Options shall have the meaning given to such term in Section 3.3(a) hereof.

  • Stock Options means the collective reference to "Incentive Stock Options" and "Other Stock Options".

  • Non-Qualified Stock Option means any Stock Option that is not an Incentive Stock Option.

  • Parent Options means options or other rights to purchase shares of Parent Common Stock issued by Parent.

  • Vested Options means the Options that have vested in accordance with Section 2.2 of this Agreement.

  • Rollover Options has the meaning provided in Subsection 3.1(h).

  • Investment Options means the investment options, as determined from time to time by the Committee, used to credit earnings, gains and losses on Account balances.

  • Company Stock Option Plans shall have the meaning set forth in Section 3.07(a).

  • Vesting Percentage means the percentage by which the Target Total Award is multiplied as set forth in the chart in Section II below.

  • Company Equity Awards means the Company RSU Awards and the Company PSU Awards.

  • Company Equity Incentive Plan means the Company’s omnibus equity plan, last approved by Company Shareholders on November 6, 2018 and as proposed to be amended at the Company’s May 7, 2019 shareholders’ meeting.

  • non-equity incentive plan means an incentive plan or portion of an incentive plan that is not an equity incentive plan;

  • Compensation Options has the meaning ascribed in Section 8.1.

  • Initial Vesting Date means the date occurring one (1) year after the Date of Option Grant.

  • Parent Equity Awards means Parent Options, Parent DSU Awards and Parent PSU Awards.

  • Company Stock Option means any option to purchase one or more shares of the Company’s Common Stock granted under any of the Company Stock Plans.

  • Performance Option means an Incentive Stock Option or Nonqualified Stock Option, the grant of which or the exercisability of all or a portion of which is contingent upon the attainment of specified Performance Measures within a specified Performance Period.

  • Vested Company Option means each Company Option outstanding as of immediately prior to the Effective Time that is vested as of immediately prior to the Effective Time or will vest solely as a result of the consummation of the Merger.

  • Non-Vested Shares means any portion of the Restricted Stock subject to this Agreement that has not become vested pursuant to this Section 2.

  • Deferred Stock Units means the number of hypothetical Shares subject to an Election.

  • Company Stock Option Plan means each share option plan, share award plan, share appreciation right plan, phantom share plan, share option, other equity or equity-based compensation plan, equity or other equity based award to any employee, whether payable in cash, shares or otherwise (to the extent not issued pursuant to any of the foregoing plans), or other plan or contract of any nature with any employee pursuant to which any share, option, warrant or other right to purchase or acquire shares of the Company or right to payment based on the value of Company shares has been granted or otherwise issued.

  • Stock Option Plans means any stock option plan now or hereafter adopted by the Partnership or the General Partner.

  • Investment Option means any of the guaranteed investments and variable investment funds available under the Plan.

  • Nonqualified Stock Option means an Option that is not an Incentive Stock Option.

  • Deferred Stock Account means a bookkeeping account maintained by the Company for a Participant representing the Participant's interest in the shares credited to such Deferred Stock Account pursuant to Paragraph 7 hereof.

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.