Policy Death Benefit definition
Examples of Policy Death Benefit in a sentence
Policy Net Amount at Risk - On the reinsurance premium renewal date, the Policy Death Benefit less either the terminal reserve or, in the case of interest sensitive policies, the accumulation account or cash value on the policy, such difference taken to the nearest dollar.
On the reinsurance premium renewal date, the Policy Death Benefit less either the terminal reserve or, in the case of interest sensitive policies, the accumulation account or cash value on the policy, such difference taken to the nearest dollar.
The Ceding Company has the responsibility to clearly identify the Ultimate Amount as the face amount to be reinsured at the time a request for coverage is made so that the Reinsurer’s underwriters are aware of the highest projected Policy Death Benefit amount.
The Ultimate Amount is the projected maximum Policy Death Benefit that a policy could achieve based on reasonable assumptions made about the operation of certain characteristics of the policy form, including any contractual increases, as well as applicable riders and additional benefits.
Additionally, to be eligible for Automatic reinsurance, the total Policy Death Benefit in force and currently applied for on the life with all companies, which includes both single and joint life coverage and any coverage to be replaced, plus the Ultimate Amount in force and currently applied for with the Ceding Company and its affiliates, which also includes both single and joint life coverage and any external coverage to be replaced, may not exceed the Jumbo Limit shown above.
Ultimate Amount – The projected maximum Policy Death Benefit that a policy could achieve based on reasonable assumptions made about the operation of certain characteristics of the policy form.
LTC Coverage amount is maintained separate from the Policy Death Benefit.
If the benefit requested under this Rider is less than 100% of the Policy Death Benefit, then future Policy Values will be calculated according to the methods described in the Policy using the reduced amounts described above.
Ultimate Amount - The projected maximum Policy Death Benefit that a policy could achieve based on reasonable assumptions made about the operation of certain characteristics of the policy form.
The Single Sum Benefit is equal to: The Policy Death Benefit in effect on the date the Single Sum Benefit is paid.