Participant Premium definition

Participant Premium means, with respect to each Policy Year (or portion thereof) for a Participant, the Participant's Insurance Cost.
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Participant Premium means, with respect to each Policy Year (or portion thereof) for a Participant, the greater of (1) the Participant's Insurance Cost; or (2) the one year term cost for the Policy Year (or portion thereof) determined based on the Participant's age at the beginning of the Policy Year, the Insurer's published one year term rates in effect at the beginning of the Policy Year, and the Participant's Coverage Amount under the Plan. The one year term cost amount shall be determined pursuant to the guidelines set forth in Revenue Ruling 66-110, 1966-1 C.B. 12, and Revenue Ruling 67-154, 1967-1 C.B. 11, and shall be conclusively determined by the Plan Administrator.
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Participant Premium means the portion of the insurance premium for the life insurance benefit payable by the Participant or his/her surviving spouse (or, as appropriate, by a transferee of the incidents of ownership with respect to the life insurance coverage hereunder) as a condition of participation in the Plan.
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Examples of Participant Premium in a sentence

  • A Participant shall pay the Participant Premium for each Policy Year which is a Premium Payment Year for the Participant.

  • If a Participant terminates employment with the Employer, and the Employer has made such an advance payment of the Participant Premium to the Insurer, the Employer may withhold any uncollected portion of the advanced Participant Premium from any amount payable to the Participant by the Employer to the extent permitted by law.

  • The Employer shall pay the Participant Premium amount to the Insurer, and can do so as collected from the Participant or can advance payments to the Insurer for a Policy Year at any time during the Policy Year or up to thirty (30) days in advance of the Policy Year.

  • Notwithstanding the other provisions of this paragraph, no Participant Premium shall be required with respect to Survivorship Coverage after the death of the Participant.

  • The Independent Third Party has been directed to certify to the Company that, in accordance with Section A of the Procedures Manual, the Solicited Adjusted Annuity Premium is equal to the sum of the aggregate solicited annuity premium after applying [ *** ], as set forth on the Participant Premium Calculation Tab, which shall be completed in accordance with [ *** ].

  • Notwithstanding the other provisions of this paragraph, no Participant Premium shall be required with respect to Survivorship Coverage after the death of the Participant, and no Participant Premium shall be required after termination of the Participant's Agreement pursuant to Section 8.01.

  • For each Premium Payment Year, the Participant (or Assignee) shall pay a portion of the policy premium equal to the Participant Premium.


More Definitions of Participant Premium

Participant Premium means, with respect to each Premium Payment Year for each Policy, the one year term cost for such Premium Payment Year determined based on the age of the Participant (or on the ages of the Participant and Participant's spouse if a Survivorship Policy is used) at the beginning of such Premium Payment Year, the Insurer's published one year term rates in effect at the beginning of the Premium Payment Year, and the Coverage Amount provided under the Policy. The amount shall be determined pursuant to the guidelines set forth in Revenue Ruling 66-110 and Revenue Ruling 67-154, and shall be conclusively determined by the Employer.
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Participant Premium means the portion of the insurance premium for the life insurance benefit payable by the Participant or his/her surviving spouse as a condition of participation in the Plan.
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Participant Premium means, with respect to each Policy Year (or portion thereof) for a Participant, the greater of (1) the Participant's Insurance Cost; or (2) the one year term cost for the Policy Year (or portion thereof) determined based on the Participant's age at the beginning of the Policy Year, the Insurer's published one year term rates in effect at the beginning of the Policy Year, and the Participant's Coverage Amount under the Plan. The one year term cost amount shall be determined pursuant to the guidelines set forth in Revenue Ruling 66­-110, 1966-1 C.B. 12, and Revenue Ruling 67-154, 1967-1 C.B. 11, and shall be conclusively determined by the Plan Administrator.
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Related to Participant Premium

  • Participant ID means each unique identifier assigned to a Participant other than a DMA Customer by BSEF for access to the SEF operated by BSEF.

  • Participant Contributions means contributions made by the Participant pursuant to an executed Pay Reduction Agreement subject to the Participant Contribution limits contained in Article III.

  • Participant Group means you, each of your holding companies and subsidiaries and each subsidiary of each of your holding companies (as each such term is defined in the Companies Act 1985); and

  • Participant contract means a contract by which a sponsored captive insurance company insures the risks of a participant and limits the losses of the participant to the assets of a protected cell.

  • Discretionary Contribution means the contribution made by the Employer on behalf of a Participant as described in Section 4.4(b).