MAXIMUM ANNIVERSARY definition

MAXIMUM ANNIVERSARY. VALUE The Maximum Anniversary Value is based on a series of calculations on Contract Anniversaries, of Contract Values, premium payments and partial surrenders. As of the date We receive notification of Due Proof of Death, We will calculate an Anniversary Value for each Contract Anniversary prior to the decedent's death and 81st birthday. The Anniversary Value is equal to the Contract Value as of a Contract Anniversary, increased by the dollar amount of any premium payments made since that anniversary and reduced by the dollar amount of any partial surrenders since that anniversary. The Maximum Anniversary Value is equal to the greatest Anniversary Value attained from this series of calculations. OPTIONAL DEATH BENEFIT If this contract has an Optional Death Benefit, a charge for the benefit will appear on page 3. The benefit must be applied for at the time of applying for the contract and cannot be discontinued once the contract has been issued. The Optional Death Benefit is the greatest of: a) the Contract Value; or b) 100% of all premium payments made under the Contract, reduced by the dollar amount of any partial surrenders since the Contract Issue Date; or c) the Maximum Anniversary Value, as described above, or d) the Interest accumulation value, as described below. INTEREST ACCUMULATION VALUE Prior to the decedent's death or 81st birthday, the interest accumulation value is equal to total premium payments, less proportional adjustments for partial surrenders, compounded daily at an annual interest rate of 5.0%. The proportional adjustment for partial surrenders is calculated by: a) dividing the gross amount of the partial surrender by the prior day's Contract Value, and b) multiplying the result of (a) by the prior Valuation Day's interest accumulation value. On or after the decedent's date of death or 81st birthday, the interest accumulation value will no longer compound. After that date, the interest accumulation value will be adjusted by adding any subsequent payments and subtracting proportional adjustments, as described above, for partial surrenders. The interest accumulation value will be limited to 200% of all premium payments minus proportional adjustments for partial surrenders. CALCULATION SETTLEMENT OF THE DEATH BENEFIT OF THE DEATH The Death Benefit may be taken in one sum or under any of the BENEFIT settlement options then being offered by Us subject, however, PROVISIONS to the Distribution Requirements below. (CONTINUED) As of the date ...
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MAXIMUM ANNIVERSARY. Value"; and (2) "Premiums Compounded at Benefit Base Rate".
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Examples of MAXIMUM ANNIVERSARY in a sentence

  • ADJUSTMENTS FOR PARTIAL SURRENDERS FOR MAXIMUM ANNIVERSARY VALUES AND PREMIUM PAYMENTS are calculated as follows: For cumulative partial surrenders during each Contract Year that are equal to or less than 10% of premium payments, the adjustment is the dollar amount of the partial surrender.

  • MAXIMUM ANNIVERSARY VALUE -- A value used in determining the death benefit.

  • MAXIMUM ANNIVERSARY VALUE (MAV) The MAV equals the ROPP value prior to the first Contract Anniversary after the effective date of this rider.

  • Enter the foreign nation or country to which the applicant owes legal allegiance.

  • MAXIMUM ANNIVERSARY VALUE - The highest attained Anniversary Value (defined below) prior to the earlier of the date of death or the decedent's 81st birthday.

  • MAXIMUM ANNIVERSARY VALUE (MAV) The MAV is set equal to the initial Purchase Payment (not including any applicable bonus) on the Issue Date.

  • MAXIMUM ANNIVERSARY VALUE - The highest attained Anniversary Value prior to the earlier of the date of death or the decedent's 81st birthday.

  • SPECIMEN ML077 MAXIMUM ANNIVERSARY VALUE FOR VARIABLE ACCOUNT A: To determine the Maximum Anniversary Value for Variable Account A, we will calculate an anniversary value for the Date of Issue and for each Contract Anniversary through the earlier of the Benefit Base Limitation Date shown on the GMIB Schedule and the date you exercise GMIB.

  • MLNY077 SPECIMEN MAXIMUM ANNIVERSARY VALUE FOR VARIABLE ACCOUNT A: To determine the Maximum Anniversary Value for Variable Account A, we will calculate an anniversary value for the Date of Issue and for each Contract Anniversary through the earlier of the Benefit Base Limitation Date shown on the GMIB Schedule and the date you exercise GMIB.

  • MAXIMUM ANNIVERSARY VALUE ("MAV") EVALUATION PERIOD The period of time over which Anniversary Values are considered in determining the Benefit Base.

Related to MAXIMUM ANNIVERSARY

  • First Anniversary means the first anniversary of the Closing Date.

  • Second Anniversary means the second yearly anniversary after the Effective Date.

  • Policy Anniversary means the annual anniversary of the Date of Commencement of Risk;

  • Anniversary Each anniversary of the Cut-off Date.

  • CONTRACT ANNIVERSARY The anniversary of the Contract Date.

  • Relevant Anniversary See "Bankruptcy Loss Amount."

  • Applicable Anniversary of the Commencement Date means the fifth (5th) anniversary of the Commencement Date.

  • Anniversary Date means each anniversary of the Closing Date.

  • Anniversary Year The one-year period beginning on the Closing Date and ending on the first anniversary thereof, and each subsequent one-year period beginning on the day after the end of the preceding Anniversary Year and ending on next succeeding anniversary of the Closing Date.

  • One year means 365 calendar days as required in federal regulations.

  • Initial Optional Termination Date The first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is equal to or less than 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

  • First Year means the intake group of Students for the most junior class or year in a school.

  • Grant Period means the period between Effective Date and Expiration Date of the Grant Award Agreement during which time expenditure of all grant funds and all contributions to match must be made.

  • Base Period means (i) the test period ending December 31, 2010 (or, if the Commission has elected to stagger its biennial reviews of utilities as provided in subdivision 1, the test period ending December 31, 2010, for a Phase I Utility, or December 31, 2011, for a Phase II Utility), or (ii) the most recent test period with respect to which credits have been applied to customers' bills under the provisions of this subdivision, whichever is later.

  • Initial Expiration Date is defined in Section 1.1(c) of the Agreement.

  • Option Date means, with respect to any Stock Option, the date on which the Stock Option is awarded under the Plan.

  • Range During Month or "(RDM)" as a sample type means the lowest and the highest values of all of the monitoring data for the reporting month.

  • Expiration Date shall have the meaning set forth in Section 7(a) hereof.

  • Base Period Income Base Period Income" is an amount equal to Executive's "annualized includable compensation" for the "base period" as defined in Sections 280G(d)(1) and (2) of the Code and the regulations adopted thereunder. Generally, Executive's "annualized includable compensation" is the average of Executive's annual taxable income from Company for the "base period," which is the five calendar years prior to the year in which the Change of Control occurs. These concepts are complicated and technical and all of the rules set forth in the applicable regulations apply for purposes of this Agreement.

  • Period 2 Two hundred eleven (211) days to one year after the Effective Date.

  • Start-up period means up to a maximum of 7 Academy Financial Years and covers the period up to and including the first Academy Financial Year in which all age groups are present at the Academy (that is, all the pupil cohorts relevant to the age-range of the Academy will have some pupils present).

  • Trigger Date shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Ramp-Up Period means the period from and including the Effective Date to, but excluding, September 23, 2016.

  • Market Value per Share means, as of any particular date, the closing price of a Common Share as reported for that date on the New York Stock Exchange or, if the Common Shares are not then listed on the New York Stock Exchange, on any other national securities exchange on which the Common Shares are listed, or if there are no sales on such date, on the next preceding trading day during which a sale occurred. If there is no regular public trading market for the Common Shares, then the Market Value per Share shall be the fair market value as determined in good faith by the Committee. The Committee is authorized to adopt another fair market value pricing method provided such method is stated in the applicable Evidence of Award and is in compliance with the fair market value pricing rules set forth in Section 409A of the Code.

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

  • Grant Year has the same meaning as in subclause 1(1) of Schedule 1 of HESA;