Life Only definition

Life OnlyPeriodic payments are made to the designated payee during the Annuitant's lifetime. Payments stop when the Annuitant dies.

Examples of Life Only in a sentence

  • If your beneficiary dies before you, the monthly payments you receive after that will be increased to the amount that would have been payable as a Retiree Life Only Benefit.

  • The normal form of pension for unmarried participants is a Life Only Pension.

  • The Life Only and Joint Life Only Income Plans are only available on the Mandatory Annuity Payout Start Date.

  • If a pensioner retires after January 1, 1992, he or she may elect an Optional Lump Sum Death Benefit equal to 12 times the monthly normal form pension (Life Only annuity).

  • If your beneficiary dies before you, the monthly payments you receive after that will be increased to the amount that would have been payable as a Retiree Life Only Benefit.RETIREE LIFE – GUARANTEED TERM BENEFITS - A retirement benefit payable monthly as long as you live.

  • This reduced amount is an “actuarial equivalent” of the Life Only Pension.

  • ANNUITIZATION Prior to the maximum annuity commencement date, the company will provide you with lifetime income payments that are no less than your rider withdrawal amount if a Life Only Payment Option (No Period Certain) is elected.

  • ANNUITIZATION Prior to the maximum annuity commencement date, the company will provide you with lifetime income payments that are no less than your maximum annual withdrawal amount if a Life Only Payment Option (No Period Certain) is elected.

  • The Life Only Annuity form provides monthly payments to the Participant for life, ending with the payment due on the first day of the month in which the death of the Participant occurs.

  • Beginning with retirements in 1992, beneficiaries of retirees with recent coverage who elect a Life Only or Benefit Adjustment Option (without the Spouse Pension) receive a 4 Year Certain death benefit payment equal to 48 times the pensioner's Life Only benefit amount minus the total monthly payments already received by the pensioner.

Related to Life Only

  • life cycle means all consecutive and/or interlinked stages, including research and development to be carried out, production, trading and its conditions, transport, use and maintenance, throughout the existence of the product or the works or the provision of the service, from raw material acquisition or generation of resources to disposal, clearance and end of service or utilisation;

  • Life insurance means insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income and unless otherwise specifically excluded, includes individually issued annuities.

  • Life sciences means science for the examination or understanding of life or life processes, including, but not limited to, all of the following:

  • Life Insured means the person named in the Schedule, on whose life the Policy is effected;

  • Continuation Coverage means the temporary continuation of PEBB benefits available to enrollees under the Consolidated Omnibus Budget Reconciliation Act (COBRA), 42 U.S.C. Secs. 300bb-1 through 300bb-8, the Uniformed Services Employment and Reemployment Rights Act (USERRA), 38 U.S.C. Secs. 4301 through 4335, or the public employees benefits board's policies.

  • Life insurance producer means any person licensed in this state as a resident or nonresident insurance producer who has received qualification or authority for life insurance coverage or a life line of coverage pursuant to chapter 522B.

  • life policy means a contract in terms of which a person, in return for a premium, undertakes to -

  • Life-cycle cost means the expected total cost of ownership during the life of a product, including disposal costs.

  • Life-threatening means that the subject was at immediate risk of death from the AE as it occurred or it is suspected that use or continued use of the product would result in the subject’s death. ‘Life-threatening’ does not mean that had an AE occurred in a more severe form it might have caused death (eg, hepatitis that resolved without hepatic failure).

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Dental means of or relating to the teeth and the work of a dentist.

  • dependants for the purpose of definition, dependants are spouse, dependent children and anyone for whom the employee claims exemption on federal income tax returns;

  • Copayment means that you pay a fixed amount each time you fill a prescription.

  • COBRA Continuation Coverage means the health care benefit continuation coverage mandated by the Consolidated Omnibus Budget Reconciliation Act and similar provisions of state law.

  • Preschool age child means a child age three through five not yet attending kindergarten. If a child is older than age five and not attending kindergarten or a higher grade, OCCL considers that child in the preschool-age group.

  • Partial Dependant means a "dependant" as prescribed in paragraph (a) of this subclause who receives a location allowance which is less than the location allowance prescribed in subclause (1) of this clause or who, if in receipt of a salary or wage package, receives less than a full consideration for which the location allowance is payable pursuant to the provisions of this clause.

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Life Assured means the person named as the Life Assured in the Schedule whose life is assured under this Policy.

  • Covered Accident means an Accident that occurs while coverage is in force and results in a loss for which benefits are payable.

  • Mother plant means a marijuana plant that is grown or maintained for the purpose of generating clones, and that will not be used to produce plant material for sale to a processor or dispensary.

  • School-age child means a minor who is at least six years old but younger than 18 years old and who is not emancipated.

  • Retiree means any person who has begun accruing a retirement

  • Life-sustaining treatment means treatment that, based on reasonable medical judgment, sustains the life of a patient and without which the patient will die. The term includes both life-sustaining medications and artificial life support such as mechanical breathing machines, kidney dialysis treatment, and artificially administered nutrition and hydration. The term does not include the administration of pain management medication, the performance of a medical procedure necessary to provide comfort care, or any other medical care provided to alleviate a patient's pain.

  • 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;

  • Social Security Retirement Age means the age used as the retirement age under Section 216(l) of the Social Security Act, applied without regard to the age increase factor and as if the early retirement age under Section 216(l)(2) of such Act were 62.

  • DEPP means the Authority’s Decision Procedure and Penalties Manual;