OPTION A - LIFE ANNUITY definition

OPTION A - LIFE ANNUITY. An income payable during the lifetime of the Annuitant, ceasing with the last payment due prior to the death of the Annuitant, according to the Option Table, Life Only column. OPTION B - LIFE ANNUITY WITH 10 YEARS PERIOD CERTAIN: An income payable during the lifetime of the Annuitant with the guarantee that payments shall be made for a period of not less than 10 years according to the Option Table, 10 Year Period Certain column. Under Option B, if any Beneficiary dies while receiving payment, the present value of the current dollar amount on the date of death of any remaining guaranteed payments shall be paid in one sum to the executors or administrators of the Beneficiary unless otherwise provided in writing. Calculation of such present value shall be at 3%, which is the rate of interest assumed in computing the amount of Annuity Payments.
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OPTION A - LIFE ANNUITY. An income payable during the lifetime of the Annuitant, ceasing with the last payment due prior to the death of the Annuitant, according to the Option Table, Life Only column. OPTION B - LIFE ANNUITY WITH 10 YEARS PERIOD CERTAIN: An income payable during the lifetime of the Annuitant with the guarantee that payments shall be made for a period of not less than 10 years according to the Option Table, 10 Year Period Certain column. Under Option B, if any Payee dies while receiving payment, the present value of the current dollar amount on the date of death of any remaining guaranteed payments shall be paid in one sum to the executors or administrators of the Payee unless otherwise provided in writing. Calculation of such present value shall be at 3%, which is the rate of interest assumed in computing the amount of Annuity Payments. If you die on or after the annuity starting date and before the interest in the Contract has been distributed, the remaining payments will be distributed at least as rapidly as under the method of distribution being used as of the date of your death.
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OPTION A - LIFE ANNUITY. An income payable during the lifetime of the Payee, ceasing with the last payment due prior to the death of the Payee, according to the Option Table, Life Only column.
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Examples of OPTION A - LIFE ANNUITY in a sentence

  • Under this rider, You may elect one of the following annuity payment options: GMIB OPTION A - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN A fixed annuity payable monthly while the Annuitant named under this rider is living or, if later, until the end of the specified period certain.

  • GMIB ANNUITY PAYMENT OPTIONS Under this rider, You may elect one of the following annuity payment options: GMIB OPTION A - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN A fixed annuity payable monthly while the Annuitant named under this rider is living or, if later, until the end of the specified period certain.

  • OPTION A - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN A fixed payout annuity payable monthly while the Annuitant is living or, if later, the end of the specified period certain.

  • OPTION A -- LIFE ANNUITY -- An annuity payable monthly during the lifetime of an Annuitant, ceasing with the last monthly payment due prior to the death of the Annuitant.

  • OPTION A - LIFE ANNUITY An annuity payable monthly during the lifetime of an Annuitant, ending with the last payment due prior to the Annuitant's death.


More Definitions of OPTION A - LIFE ANNUITY

OPTION A - LIFE ANNUITY. An income payable during the lifetime of the Annuitant ceasing with the last payment due prior to the death of the Annuitant, according to the Option Table, Life Only column. Under Option B, if any Beneficiary dies while receiving payment, the present value of the current dollar amount on the date of death of any remaining guaranteed payments shall be paid in one sum to the executors or administrators of the Beneficiary unless otherwise provided in writing. Calculation of such present value shall be at 3%, which is the rate of interest assumed in computing the amount of Annuity Payments.
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Related to OPTION A - LIFE ANNUITY

  • 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;

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • Actuarial equivalent means a benefit of equal value when

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is fifty percent (50%) of the amount of the annuity which is payable during the joint lives of the Participant and the Spouse and which is the amount of benefit which can be purchased with the Participant's Vested Account Balance.

  • Structured settlement annuity means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.

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

  • Retirement Benefit means the benefit set forth in Article 5.

  • 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.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

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

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

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

  • Investment Option means any of the guaranteed investments and variable investment funds available under the Plan.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.