Prior Earnings definition

Prior Earnings. , under the Indemnity Option, means the life insured’s average monthly earnings (based on the definition of Earned Income) in the twelve consecutive months immediately preceding the commencement of Disability.
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Prior Earnings or “Pre-Disability Earnings” means the measurement of Earnings of an insured just before Disability began. In order to provide an accurate and fair measure of Earnings of an insured just before Disability began (which is generally used as one component in disability income policy language measuring an insured’s reduction of Earnings to arrive at certain disability policy benefit payment amounts), the company cannot consider Earnings of an insured which occurred in excess of five years just prior to the Disability for which claim is made. The insured’s Earnings just before Disability began may be considered on a periodic basis (for example, monthly) so long as the periodic basis is consistent with the treatment of other terms referring to an insured’s Earnings used in the policy and used to arrive at certain disability policy benefit payment amounts for a claim. If a company considers Earnings of an insured which occurred in excess of one year (but no more than five years) just prior to the Disability for which claim is made, the company shall include policy language which allows for use of the highest level of Earnings (during a calendar year or consecutive 12-month basis at the company’s option) of an insured occurring during the period in excess of one year (but no more than five years) just prior to the Disability for which claim is made. The Definition or Concept may provide that Prior Earnings or Pre-Disability Earnings may be increased at one or more specified times by a cost of living adjustment.
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Prior Earnings or “Pre-Disability Earnings” means the measurement of Earnings of an insured just before Disability began. In order to provide an accurate and fair measure of Earnings of an insured just before Disability began (which is generally used as one component in disability income policy language measuring an insured’s reduction of Earnings to arrive at certain disability policy benefit payment amounts), the company cannot consider Earnings of an insured which occurred in excess of five years just prior to the Disability for which claim is made. The insured’s Earnings just before Disability began may be considered on a periodic basis (for example, monthly) so long as the periodic basis is consistent with the treatment of other terms referring to
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Examples of Prior Earnings in a sentence

  • On each Change Date We will adjust the Prior Earnings by multiplying the Prior Earnings, as of the current Change Date, times the Index Factor.

  • The Definition or Concept may provide that Prior Earnings or Pre-Disability Earnings may be increased at one or more specified times by a cost of living adjustment.

  • If the reduction in Earnings of an insured for a claim time period (usually monthly) equals or exceeds 80% of average Prior Earnings (calculated for a comparable time period), then the insured shall be eligible for payment of the Total Disability benefits under the policy for the claim time period subject to satisfaction of all policy terms and conditions by the insured.

  • The reduction in Earnings of an insured for a claim time period (usually monthly) less than 20% of average Prior Earnings (calculated for a comparable time period) may result in no Residual Disability benefits being paid.

  • The amount we will pay is equal to the Loss of Earnings divided by the Prior Earnings.

  • The same method will be used to determine both Prior Earnings and Current Earnings throughout a Disability.

  • The percentage of the Total Disability periodic income benefit amounts paid for Residual Disability shall be calculated by subtracting current Earnings for a claim time period (usually monthly) from average Prior Earnings (calculated for a comparable period of time), and placing this difference as the numerator over average Prior Earnings (calculated for a comparable time period) as the denominator.

  • The reduction in Earnings of an insured shall be measured by comparing Earnings for a claim time period (usually monthly) to average Prior Earnings (calculated for a comparable time period).

  • BENEFITS PAYABLE UNDER THIS RIDER The benefit calculation is based on replacement of up to 100% of Your Prior Earnings, but not to exceed the Maximum Monthly Benefit plus any Social Insurance Substitute Benefit.

  • Members States shall consult the relevant local and regional authorities that act as managing authorities or intermediate bodies for EU funds in order to avoid any overlapping of funding.


More Definitions of Prior Earnings

Prior Earnings means the greater of the average of Your Monthly Earnings for:
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Prior Earnings means the greater of:
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Related to Prior Earnings

  • Base Earnings means base salary and wages payable by the Company or a Participating Subsidiary to an Eligible Employee, prior to pre-tax deductions for contributions to qualified or non-qualified (under the Code) benefit plans or arrangements, and excluding bonuses, incentives and overtime pay but including commissions.

  • Gross earnings means all monies earned by the Employee under the terms of this Collective Agreement.

  • total earnings means all of the dentist's gross earnings from the practice of dentistry by him in person, and "NHS earnings" means the dentist's gross earnings from the provision by him in person of general dental services under the National Health Service (Scotland) Act 1978, as amended, including where the dentist's name is included in sub-part A of the first part, or Part A prior to 2 July 2010, of two or more dental lists in Scotland, but neither his total earnings nor his NHS earnings shall be taken to include any remuneration by way of salary;

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Core Earnings means, with respect to any Person for any period, net income determined in accordance with GAAP of such Person and its consolidated subsidiaries and excluding (but only to the extent included in determining net income for such period) (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with the formation of the Sponsor and the offering in connection therewith, including the initial underwriting discounts and commissions, (iii) acquisition costs from successful acquisitions (other than acquisitions made in the ordinary course of business), (iv) real property depreciation and amortization, (v) any unrealized gains or losses or other similar non-cash items that are included in net income for the current quarter, regardless of whether such items are included in other comprehensive income or loss, (vi) extraordinary or non-recurring gains or losses and (vii) one-time expenses, charges or gains relating to changes in GAAP; provided that Core Earnings shall, solely with respect to the Core Earnings attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount.

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Weekly Earnings means your gross weekly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

  • Payoff Earnings For any Distribution Date with respect to each Mortgage Loan on which a Payoff was received by the Master Servicer during the Payoff Period, the aggregate of the interest earned by the Master Servicer from investment of each such Payoff from the date of receipt of such Payoff until the Business Day immediately preceding the related Distribution Date (net of investment losses).

  • Excess Earnings means, with respect to Mortgage Loans held in any subaccount of the Acquisition Account or the Loan Recycling Account established in connection with a Series of Tax- exempt Bonds, the "excess earnings," as defined in Treasury Regulations § 1.148-10T, with respect thereto.

  • net earnings means such earnings as are calculated in accordance with paragraph 42 or 52, as the case may be;

  • Retained Earnings means the retained earnings of an FHLBank calculated pursuant to GAAP.

  • Final Average Earnings means (a) divided by (b) as follows:

  • Company Matching Contributions means the Company contributions described in Section 3.4.

  • Matching Contributions are contributions made by the Employer on account of elective deferrals under a Code Section 401(k) arrangement or on account of employee contributions. Matching contributions also include Participant forfeitures allocated on account of such elective deferrals or employee contributions.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • Earnable compensation means the full rate of the

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Ordinary time earnings means the salary, wage or other remuneration regularly received by the employee in respect of the time worked in ordinary hours and shall include shift work penalties, payments which are made for the purpose of District or Location Allowances or any other rate paid for all purposes of the award to which the employee is entitled for ordinary hours of work. Provided that "ordinary time earnings" shall not include any payment which is for vehicle allowances, fares or travelling time allowances (including payments made for travelling related to distant work), commission or bonus.

  • Target Bonus Percentage means, with respect to any Executive, the target bonus percentage specified for such Executive in his or her Employment Agreement.

  • Highest Average Compensation means the average Compensation for the three (3) consecutive years of Service with the Employer that produces the highest average. A Year of Service with the Employer is the twelve (12) consecutive month period identical to the Plan Year.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Matching Contribution means Employer contributions made to this Plan or any other defined contribution plan by reason of Thrift Contributions or Elective Deferrals under this Plan.

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.