Net Single Premium definition

Net Single Premium. The Single Premium less any Premium Tax Charge deducted from it.
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Net Single Premium for a benefit means the one payment that would be needed on a specific date to provide the benefit. It is computed from the Commissioners 1980 Standard Ordinary Mortality Table, and an assumed interest rate of 4%; it does not take into account the amount needed to cover our expenses.
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Net Single Premium means the Gross Single Premium less any other charges for expenses.
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Examples of Net Single Premium in a sentence

  • The Net Single Premium Payment initially allocated to the Separate Account will be applied within two (2) Valuation Dates from the later of the receipt of the Premium Payment or the date all requirements to put the contract in force are satisfied.

  • If the Annuitant's or Joint Annuitant's age or sex has been misstated, the Company will change the benefits to those which the Net Single Premium would have purchased had the correct age or sex been stated.

  • For Premium Payments in excess of [$1,000,000.00] the Company reserves the right to restrict the Investment Options and/or allocate the Net Single Premium Payment to the Money Market Division for a period of 15 days (or the end of the Right to Cancel period if longer).

  • On each policy anniversary it is applied as a Net Single Premium to increase (or decrease) the Variable Insurance Amount.

  • However, any Interim Value Adjustment attributable to variable benefit paid-up additions is applied as a Net Single Premium to increase (or decrease) such additions.

  • The initial allocation to the Fixed Account cannot be less than [5%] of the Net Single Premium Payment.

  • The Owner may choose to allocate the Net Single Premium Payment to all variable, all fixed or a combination of fixed and variable Income Payments.

  • If the information needed to issue the contract is not received within five (5) Valuation Dates, the Company will return the premium unless the Owner allows the Company to keep the Single Premium Payment until the necessary information is received, in accordance with the Initial Allocation of the Net Single Premium Payment (Article 3, section 3.06).

  • The Net Single Premium Payment allocated to the Fixed Account will be placed in the Company's general account.

  • We will allocate to each separate account as of the Register Date a percentage of the Net Single Premium Amount shown on page 3.


More Definitions of Net Single Premium

Net Single Premium means the amount calculated by an enrolled actuary selected by the Administrative Committee required to obtain the level death benefit promised in Table I calculated using the 1983 group annuity table male rates and employing continuous functions.
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