Policy Death Benefit definition

Policy Death Benefit means at any point in time the total proceeds of the Policy payable when it becomes a claim at death.
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Policy Death Benefit. The death benefit payable on a policy reinsured under this Agreement. 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. The terminal reserve or cash value shall be disregarded if a policy is on either a level term plan of twenty (20) years or less or on a decreasing term plan. The basis for determining the Policy Net Amount at Risk may be modified with the consent of the Ceding Company and Reinsurer without the need for a formal amendment of the Agreement.
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Policy Death Benefit is herein clarified as the death benefit of the underlying policy reinsured under the Agreement) is initially less than the amount required to reach the Maximum Retention Per Life, and the policy’s Ultimate Amount is sufficient to exceed the Maximum Retention Per Life, then the Reinsurer will not participate in any increases in the Policy Death Benefit, such as but not limited to Death Benefit Option C, unless the Reinsurer participated in a portion of the policy from issue.
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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 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.

  • 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.

  • 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.

  • 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.

  • The Single Sum Benefit is equal to: The Policy Death Benefit in effect on the date the Single Sum Benefit is paid.

  • LTC Coverage amount is maintained separate from the Policy Death Benefit.

  • Whereas, under Policy Death Benefit Option B, the death benefit normally increases over time as it includes the Accumulated Value.


More Definitions of Policy Death Benefit

Policy Death Benefit is herein clarified as the death benefit of the underlying policy reinsured under the Agreement) is initially less than the amount required to reach the Maximum Retention Per Life, and the policy’s Ultimate Amount is sufficient to exceed the Maximum Retention Per Life, then the Reinsurer will not participate in any increases in the Policy Death Benefit, such as but not limited to Death Benefit Option C, unless the Reinsurer participated in a portion of the policy from issue. Issue Ages Not Rated Table 1–4 (A-D) Flat Extras Up to $[*] Table 5-16 (E-P) Flat Extras $[*] and up 0-65 [*] [*] [*] 66-75 [*] [*] [*] 76-80 [*] [*] [*]
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Policy Death Benefit. The death benefit of a policy on the reinsurance premium renewal date. 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. The terminal reserve or cash value shall be disregarded if a policy is on either a level term plan of twenty (20) years or less or on a decreasing term plan. The basis for determining the Policy Net Amount at Risk may be modified with the consent of the Ceding Company and Reinsurer without the need for a formal amendment of the Agreement. (Our methods of calculating the NAR vary by product. Do you want to put the details in the treaty or does the last sentence of this paragraph eliminate the need to do that?)
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Related to Policy Death Benefit

  • 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.

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

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

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

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

  • Accrued Benefit have the meanings specified in ERISA.

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

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

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

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

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

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

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

  • SERP Benefit means the benefit described in Section 5.1.

  • 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.

  • Actuarial equivalent means a benefit of equal value when

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • 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.

  • Last Monthly Benefit means the gross Monthly Benefit payable to the Insured Employee immediately prior to death. Any reductions for Other Income Benefits, or for earnings the Insured Employee received for Partial Disability Employment, will not apply.

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

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • 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;

  • Disability retirement for plan 1 members, means the period

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Termination Benefits means the benefits described in Section 4.1(b).

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;