MONTHLY DEDUCTION. The monthly deduction for each policy month shall be calculated as:
MONTHLY DEDUCTION is the total amount of deduction taken from the Accumulation Value on each Monthly Processing Date and includes the initial Policy charge (during the first 12 months), the Monthly Administrative Charge, the cost of insurance charge and any charges for additional benefits provided by riders.
MONTHLY DEDUCTION means, in relation to each Policy Month,
Examples of MONTHLY DEDUCTION in a sentence
THE CASH VALUE LESS ANY LOANS, LOAN INTEREST DUE, AND ANY SURRENDER CHARGE IS INSUFFICIENT TO COVER THE MONTHLY DEDUCTION; AND 2.
AGE OF DEPENDENT MAXIMUM MONTHLY DEDUCTION Under Age 2 $200 Age 2 or Over $175 Only payments made from the client's own funds are deductible.
NO-LAPSE PERIOD IF, ON A MONTHLY ANNIVERSARY DAY PRIOR TO THE NO LAPSE PREMIUM DATE, THE SUM OF ALL PREMIUMS PAID ON THIS POLICY, REDUCED BY ANY PARTIAL WITHDRAWALS AND ANY OUTSTANDING LOAN BALANCE, IS GREATER THAN OR EQUAL TO THE SUM OF THE NO LAPSE MONTHLY PREMIUMS FOR THE ELAPSED MONTHS SINCE THE ISSUE DATE, THIS POLICY WILL NOT LAPSE AS A RESULT OF A CASH VALUE LESS ANY LOANS, LOAN INTEREST DUE, AND ANY SURRENDER CHARGE BEING INSUFFICIENT TO PAY THE MONTHLY DEDUCTION.
THERE WILL BE A FULL MONTHLY DEDUCTION FOR THE POLICY MONTH WHICH INCLUDES THIS DATE.
THE MONTHLY DEDUCTION FOR A POLICY MONTH WILL BE ALLOCATED AMONG THE GENERAL ACCOUNT AND THE DIVISIONS OF SEPARATE ACCOUNT ELEVEN IN THE SAME PROPORTION THAT THE CASH VALUE IN THE GENERAL ACCOUNT AND THE CASH VALUE IN EACH DIVISION BEARS TO THE TOTAL CASH VALUE OF THE POLICY, MINUS THE CASH VALUE IN LOAN ACCOUNT ON THE MONTHLY ANNIVERSARY.
More Definitions of MONTHLY DEDUCTION
MONTHLY DEDUCTION is a monthly deduction made from the Policy Account Value. This deduction includes the Cost of Insurance, an administrative expense charge and charges for supplemental riders or benefits, if applicable (See PART 4 POLICY VALUES PROVISIONS). The first Monthly Deduction is made as of the Issue Date. Monthly Deductions will be made thereafter on each Monthly Anniversary Day. "MORTALITY AND EXPENSE RISK (M&E)" is a daily charge assessed by us during each Valuation Period for the assumption of mortality and expense risks. This charge is expressed as a percentage of the value of the Variable Sub-Account(s). The annual -------------------------------------------------------------------------------- VL-2020AA(01/00) Page 4 -------------------------------------------------------------------------------- effective M&E rate is shown in the Policy Schedule. "NET POLICY ACCOUNT VALUE" is the Policy Account Value less the Loan Account value.
MONTHLY DEDUCTION. A Monthly Deduction for a policy month is due on each Monthly Payment Date prior to the Insured’s Age 100 and is equal to the sum of the following: · the Cost of Insurance Charge; · the Mortality and Expense Risk Charge; · the Administrative Charge; and · rider or benefit charges, if any. Unless you have made a Written Request to the contrary, the Monthly Deduction will be charged proportionately to the Accumulated Value in each Investment Option. Beginning at Age 100, there is no Monthly Deduction whatsoever.
MONTHLY DEDUCTION means a charge made under this policy each month against the policy's cash value. The charge is equal to:
MONTHLY DEDUCTION. A monthly charge we deduct from the Accumulation Value.
MONTHLY DEDUCTION. ADJUSTMENT AT DEATH The portion of any Monthly Deduction made for a period beyond the date of death will be added to the policy proceeds unless this amount has already been included in the Death Benefit as described in (c) in Section 10. If the Insured dies during the grace period, an amount will be deducted from the policy proceeds to cover Monthly Deductions to the date of death. GRACE PERIOD Unless either Minimum Guaranteed Death Benefit is in effect or the Policy meets the Monthly Minimum Premium test, if the Net Cash Value on the first day of a policy month is not enough to cover the Monthly Deduction for that month, the Company will mail a premium notice to you and any assignee at the addresses on record with the Company. There is a grace period of 62 days from the date when the Monthly Deduction was due in which to pay the Amount Due. The Amount Due is the lesser of : a premium large enough to permit the Monthly Deduction to be made; and a premium large enough to meet the Monthly Minimum Premium test. The insurance remains in force during the grace period. If the premium remains unpaid at the end of its 62-day grace period, the Policy will lapse without value. Any riders will also lapse without value unless otherwise stated in the rider. MONTHLY MINIMUM PREMIUM The Company will do the following comparison on the first day of each policy month during the first three policy years unless: the Face Amount has been increased; or the Policy has been lapsed; or this Policy is the result of the exercising of a Change to a New Insured rider. The Company will compare (a) to (b), where: (a) equals the total of the Monthly Minimum Premiums for the Policy from the Policy Date to that policy month; and (b) equals the total premiums paid to date less all partial surrenders and any Policy Loan Balance at that time. If (b) is greater than or equal to (a), the Policy will not be lapsed if the Net Cash Value on the first day of the policy month is not enough to cover the Monthly Deduction due for that month.
MONTHLY DEDUCTION. We will deduct a Monthly Deduction from the Account Value on each Monthly Anniversary Day. (See the CREDITS AND DEDUCTIONS provision.) The Monthly Deduction includes an Administrative Fee charge, Cost of Insurance charges and charges for any supplemental riders and optional benefits. The current Monthly Deduction is [$6.00]. The maximum Monthly Deduction is $8.00. CHARGES AND FEES ASSOCIATED WITH THE VARIABLE SUB-ACCOUNTS: We will deduct a Mortality and Expense (M&E) charge from each Variable Sub-Account at the end of each Valuation Period. This charge is equal to the value of each Variable Sub-Account at the end of a Valuation Period multiplied by an annual effective rate of [1%]. Fund operating expenses may be deducted from each fund as set forth in its prospectus.
MONTHLY DEDUCTION. A Monthly Deduction for a policy month is due on each Monthly Payment Date prior to the younger Insured's Age 100 and is equal to the sum of the following items: