Period Certain Annuity definition
Period Certain Annuity means an annuity where the annuitant is guaranteed a specific payment amount for a set period of time. If the annuitant dies before the end of the period, the annuitant’s beneficiary or estate receives the remaining payments for the guaranteed period. For policies that offer a return of premium death benefit (e.g., cash refund or installment refund options), the income benefit payments made prior to the death benefit shall be considered period certain income.
Period Certain Annuity means an annuity not involving life contingencies issued by us which does not permit any prepayment of the unpaid principal (that is, you cannot elect to receive part of your payments as a single sum payment with the remainder paid in monthly annuity payments).
Period Certain Annuity means, in respect of a Covered Life, the Annuity Form having such payment terms as are specified in Section 2.3 for such Annuity Form. No Riders or Options apply to this Annuity Form.
Examples of Period Certain Annuity in a sentence
The Beneficiary(ies) may instead elect to receive the present value of the remaining Period Certain Annuity Payments in a lump sum.
If Life with Period Certain Annuity Option was chosen, after the guaranteed payments under the Period Certain have been paid, payments will stop when the Annuitant dies.
If you have selected an Income Stream that provides for a combination of Fixed Payments and Variable Payments, we will allocate your Net Purchase Payment accordingly.If you have selected a Lifetime Annuity with Period Certain Annuity Payment Option, the Period Certain portion and the Life Contingent portion of the Annuity Payment Option will be automatically split into separate Income Streams.
If the last Annuitant dies before the end of the Period Certain, Annuity Payments will continue to be paid at the same frequency then in effect until the end of the Period Certain.
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More Definitions of Period Certain Annuity
Period Certain Annuity means an annuity payable as follows. Equal monthly payments are made to a Participant’s beneficiary for a certain number of months (for purposes of this Subsection 10.5.4, the “period certain”) and end with the payment for the last month in such period certain. If the beneficiary dies before the end of the period certain, then the monthly payments due for the remaining months in the period certain after the month of the beneficiary’s death shall be paid to a contingent beneficiary. The beneficiary shall specify the period certain to be used and name the contingent beneficiary in his or her election of this form. The period certain may be any number of months, provided it is not less than 36 months and not more than 180 months.
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain Only” Annuity Form. “You” and “your” refers to each such Covered Life. We will make monthly payments to you equal to your Covered Life Amount. We owe the first monthly payment on the Annuity Commencement Date. We will pay subsequent monthly on the first day of each month. The total number of monthly payments will equal the Guaranteed Number of Payments specified for you in the Annuity Exhibits. Once such Guaranteed Number of Payments has been paid, no further payments are due. If you die after the Annuity Commencement Date, we will determine the number of monthly payments we made to you after the Annuity Commencement Date. If the number payment made is less than such Guaranteed Number of Payments, then we will pay the Covered Life Amount to the designated Beneficiary for your Annuity Form. These payments to such Beneficiary will stop when the total number of payments to you, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments.
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain Only” Annuity Form. “You” and “your” refers to each such Covered Life.
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain” Annuity Form. Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount. Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month. The total number of monthly payments will equal the Guaranteed Number of Payments specified for the Covered Life in the Annuity Exhibits. Once such Guaranteed Number of Payments has been paid, no further payments are due. If the Covered Life dies after the Annuity Commencement Date, Prudential will determine the number of monthly payments Prudential made to the Covered Life after the Annuity Commencement Date. If the number of monthly payments made is less than such Guaranteed Number of Payments, then Prudential will pay the present value of the remaining guaranteed payments payable to the Covered Life's executors or administrators. The “present value” of remaining Annuity Payments, as of any date of determination, means the single sum equivalent to the present value of such payments using the applicable interest rate set forth under Section 417(e)(3) of the Code (as such section may be amended or interpreted from time to time) for the month of October preceding the calendar year in which the lump sum payment is made.
Period Certain Annuity. This form of annuity pays the Participant a fixed amount each month beginning with the month in which the Annuity Starting Date occurs and ending when the specified number of monthly payments have been made to the Participant and, if he or she dies before receiving the specified number of payments, to the Participant's Beneficiary. The Participant may specify 60, 120 or 180 monthly payments. The Participant specifies the number of monthly payments and names his or her Beneficiary at the time he or she elects the annuity.
Period Certain Annuity means a single life annuity based on the applicable portion of a Prior Plan Member’s accounts under the Plan, providing equal monthly payments solely for the life of the Prior Plan Member; provided that if the Prior Plan Member dies before receiving 120 monthly payments, his designated Beneficiary shall receive monthly payments in the same amount payable to the Prior Plan Member for a period equal to the difference between 120 months and the number of months for which the Prior Plan Member received payments.
Period Certain Annuity means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain” Annuity Form. Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount. Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month. The total number of monthly payments will equal the Guaranteed Number of Payments. Once such Guaranteed Number of Payments has been paid, no further payments are due. After the Covered Life dies, Prudential will compare the number of monthly payments Prudential made in respect of the Covered Life on and after the Annuity Commencement Date to the Guaranteed Number of Payments. If the number of monthly payments is less than such guaranteed number, Prudential will pay the “present value” (as such term is defined in Section 3.14) of the remaining guaranteed payments to the Covered Life’s estate.