No Death Benefit definition

No Death Benefit is payable upon the Annuitant's death during the Accumulation Period if the Owner is an entity and a Contingent Annuitant has been designated. In this event, the Contingent ▇▇▇▇▇▇▇▇▇ becomes the Annuitant and the Annuity continues. The Death Benefit is determined as of the date we receive Due Proof of Death of the decedent. Unless Spousal Continuation occurs, on the date we receive Due Proof of Death we transfer all amounts due each Beneficiary from whom we do not have payment instructions to a money market Investment Option until we receive such instructions in Good Order. The amount of the Death Benefit is equal to the Account Value on the date we receive Due Proof of Death of the decedent. We call this the "Basic Death Benefit." In the event of death before the Annuity Date, the Death Benefit must be distributed within: (a) five years of the date of death of the decedent; or (b) as to each Beneficiary, over a period not extending beyond the life expectancy of the Beneficiary or over the life of the Beneficiary. Except as noted below in the "Spousal Continuation" section, we assume that the Death Benefit is to be paid out under (a), above, unless we receive a different election. The Owner(s) may elect the method of payment to each Beneficiary, subject to our then current rules, prior to the date of death of the decedent. When no such election is made as to a specific Beneficiary, such Beneficiary must elect the method of payment within 60 days of the date we receive all required documentation in Good Order in order to pay the Death Benefit to that Beneficiary. If no election is made within 60 days, the default will be distribution within five years of the date of death of the decedent as noted in (a) above. In addition, distribution after a decedent's death to be paid over the life expectancy or over the life of the Beneficiary under (b), above, must commence within one year of the date of death. The Owner may elect to have any amount of the proceeds due to a Beneficiary applied under any of the Annuity Payout Options described in the "Annuity Payment Options" section, or any other option we then make available. If you made such election, a Beneficiary may not alter such election. However, if you have not previously made such election, a Beneficiary may make such an election as to the proceeds due that Beneficiary. The Beneficiary will be the "measuring life" for determining the amount of any annuity payments dependent on the continuation of life. We may...
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No Death Benefit is payable upon the Annuitant's death during the Accumulation Period if the Owner is an entity and a Contingent Annuitant has been designated. In this event, the Contingent ▇▇▇▇▇▇▇▇▇ becomes the Annuitant and the Annuity continues. P-CR/IND(2/10)-NY
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Examples of No Death Benefit in a sentence

  • No Death Benefit provided by this Agreement upon Executive’s death prior to Executive’s attainment of Normal Retirement Age.

  • No Death Benefit will be paid until we receive Due Proof of Death.

  • No Death Benefit shall be paid on behalf of any Participant if a Retirement Benefit has been or will be paid to or on behalf of such Participant.

  • No Death Benefit shall be paid in respect of any Participant who does not have a Spouse at the time of his death.

  • No Death Benefit is payable under this rider if the contract is surrendered and the Contract Value is equal to zero.

  • No Death Benefit will be payable on your death if your spouse becomes successor owner of this Contract.

  • No Death Benefit is payable and the surviving Joint Owner/spouse must continue this Contract.

  • No Death Benefit is payable if this contract is surrendered before the Owner’s death.

  • No Death Benefit applies at or after the Maturity Date, at which point the Contract is annuitized.

  • No Death Benefit shall be payable to the surviving beneficiary of a Participant with a Deferred Vested Benefit.

Related to No Death Benefit

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Termination Benefit means the benefit set forth in Article 7.