Policy Benefit definition

Policy Benefit means one or more sums of money, services or other benefits, including an annuity, but excluding a loan in respect of a policy or consideration upon the surrender of a policy;
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Policy Benefit means and includes the benefits payable as mentioned in Part C.
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Policy Benefit means, with respect to a Life Insurance Policy, the amount to be paid by the writing Insurance Company upon the mortality of the Insured.
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Examples of Policy Benefit in a sentence

  • The amount recoverable for Business Overhead Expenses per month shall not exceed 15% of the Monthly Benefit amount or £4,500, whichever is the lesser, and shall be payable for a maximum period of 12 months in all.All benefits payable under provision 7 above shall be paid monthly and will reduce the amount of the Maximum Policy Benefit that remains available to pay any other form of benefit under this Policy.

  • The Permanent Total Disability Benefit shall be equal to fifty percent (50%) of the unused portion (if any) of the Maximum Policy Benefit that remains under this policy at the time of the expiration of the Permanent Total Disablement Waiting Period.

  • Service Tax and other related taxes on premiums payable for the Basic Policy Benefit and Rider Benefits, if any, will be charged separately by the Company at the time of premium payment.

  • The Reinsurer shall accept the decision of the Cedent with respect to the determination and payment of Policy Benefit Payments.

  • In the event that any Policy Benefit becomes payable subsequent to or asa result of my death, I hereby provide an irrevocable authority for such Benefits to be paid directly to my surviving Spouse or failing such circumstance to the nominated guardians or trustees responsible for the future care of my minor Children or failing either of the preceding events to my estate.

  • If the Company does not receive the full amount of the refund due, the Company will have the right to offset future payments made to you or your Provider under this Policy/ Benefit Certificate or under any other Policy/Benefit Certificate you have with the Company now or in the future.

  • The most We will reimburse You for all periods of Total Disability is the Maximum Policy Benefit shown on the Schedule.We will reimburse You by paying the benefits of the policy when the Waiting Period has expired.

  • Compound Reversionary Bonuses are declared as a percentage rate, which apply to the sum assured in respect of the Basic Policy Benefit plus the reversionary bonuses already attaching on the Policy.

  • Service Tax and other related taxes on premiums payable for the Basic Policy Benefit and Rider Benefits, if any, will be charged by the Company, separately and in addition to the installment premium, at the time of premium payment.

  • End of BenefitsNo benefits will be provided by the policy after the Maximum Policy Benefit has been reached, or for all periods of Total Disability, after the Maximum Benefit Period has been reached other than the Permanent Total Disability Benefit if applicable.If the Insured Person dies or no longer meets the definition of Total Disability, benefits will end, except as described in subparagraph 3(b).Benefits will also end on the earliest of:1.


More Definitions of Policy Benefit

Policy Benefit means a lump sum or an annuity payable on a certain contingency;
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Policy Benefit. The benefits payable by way of Leave Encashment or Gratuity, as applicable, with respect to a Member for the period of service rendered by him/her with the Employer as per the rules of the Scheme from time to time and is subject to statutory requirements as may be applicable. The Policy Benefit opted under this Group Policy is as shown in the Schedule
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Policy Benefit means the amount we would pay under the Policy upon the death of the Insured. The "Policy Benefit" does not include any amount payable under an Accidental Death Benefit (ADB). Any amount payable under an ADB will not be affected by this rider.
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Related to Policy Benefit

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • 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.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Disability Benefit means the benefit set forth in Article 8.

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

  • Social Security Benefit means an amount received by a claimant as a monthly benefit in accordance with the Social Security Act, 42 U.S.C. Sec. 401 et seq.

  • SERP Benefit means the benefit described in Section 5.1.

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

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

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

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

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Policy Year means the period of time these Terms and Benefits are in force. The first Policy Year shall be the period from the Policy Effective Date to the day immediately preceding the first Renewal Date as specified in the Policy Schedule (both days inclusive) within one (1) year period; and each subsequent Policy Year shall be the one (1) year period from each Renewal Date.

  • Primary Social Security Benefit means, with respect to any member, the primary insurance amount

  • Accrued Benefit have the meanings specified in ERISA.

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

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

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

  • Social Security Benefits means any social insurance, pension insurance benefits, medical insurance benefits, work-related injury insurance benefits, maternity insurance benefits, unemployment insurance benefits and public housing reserve fund benefits or similar benefits, in each case as required by any applicable Law or contractual arrangements.

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

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Pecuniary benefit means benefit in the form of money, property, commercial interests or anything else the primary significance of which is economic gain. Expenses associated with social occasions afforded public servants shall not be deemed a pecuniary benefit.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.