Return of Premium definition

Return of Premium means an LTC insurance policy feature which provides for the return of a percentage of premium paid by the policyholder (such as 80%) if the policyholder does not make a claim (or has a limited amount of benefits paid) during a given period of time during which the policy was in force (such as ten years).
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Return of Premium. GMDB Total premiums paid less an adjustment for any partial withdrawals. GMDB is reduced dollar-for-dollar for any partial withdrawals. GMDB benefits are fully defined in the prospectus and related materials. CONTRACT TYPES reinsured under this Agreement Contract Description Form Number Issue Dates Medley 4888 January 1, 2003 Benefit Rider Forms with Medley Value+ Option VP 4901 January 1, 2003 GMDB -- 1-Yr Periodic Step-Up GMDB 4902 Rev. 2-01 January 1, 2003 GMDB -- 5% Roll-Up GMDB 4903 January 1, 2003 GMDB -- Greater of GMDB 0000 Xxxxxxx 0, 0000 XXX -- Xxxxxx Protection Benefit EPB 4901 January 1, 2003 EEB -- Expanded Estate Protection Benefit EEPB 4902 January 1, 2003 Acclaim 4882 January 1, 2003 Annuity III-Plus 4786 January 1, 2003 Benefit Rider Forms with Acclaim and Annuity III-Plus GMDB -- 7-yr Step-Up GMDB 4095 January 1, 2003 All state variations of the above listed contract and rider forms are reinsured under this Agreement. SCHEDULE B-2 Investment Funds under CONTRACT TYPES Reinsured under this Agreement FIXED ACCOUNT LOANED AMOUNT XXXXX Xxxxx American Balanced Xxxxx American Leveraged Al1Cap AMERICAN CENTURY VP Income & Growth AMERITAS PORTFOLIOS Ameritas Core Strategies effective 11/1/03 Ameritas Emerging Growth discontinued 10/30/03 Ameritas Growth Ameritas Growth With Income discontinued 10/30/03 Ameritas Income & Growth Ameritas Index 500 Ameritas MidCap Growth Ameritas Money Market Ameritas Research discontinued 10/30/03 Ameritas Select Ameritas Small Capitalization Ameritas Small Company Equity XXXXXXX PORTFOLIOS CVS Income CVS Social Balanced CVS Social Equity CVS Social International Equity CVS Social Mid Cap Growth CVS Social Small Cap Growth DREYFUS MidCap Stock - Service Shares FIDELITY (Initial Class for Acclaim, Annuity III-Plus; Service Class 2 for Medley) VIP Asset Manager VIP Asset Manager: Growth VIP Contrafund VIP Equity-Income VIP Growth VIP High Income VIP Investment Grade Bond VIP Overseas INVESCO FUNDS VIF- Dynamics MFS New Discovery Strategic Income Utilities XXXXXX XXXXXXX - referred to as XXX XXXXXX effective 5/1/03 Emerging Markets Equity renamed Emerging Markets Equity --Class I effective 5/1/03 Global Value Equity renamed Global Value Equity -- Class I effective 5/1/03 International Magnum renamed International Magnum -- Class I effective 5/1/03 renamed U.S. Real U.S. Real Estate Estate -- Class I effective 5/1/03 SALOMON BROTHERS Variable Capital- renamed Variable All Cap effective 5/1/03 SUMMIT PINNACLE SERIES Nas...
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Return of Premium means the option chosen by You and as specified under the Schedule, where on maturity of the Rider, You will be entitled to get the return of the Premiums paid in accordance with Clause 5 of Part C of the Rider;
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Examples of Return of Premium in a sentence

  • The Return of Premium Death Benefit coverage will be reduced by the amount of the requested decrease.

  • The initial annual Return of Premium Death Benefit Increase Rate is shown in the Policy Specifications page for this rider.

  • The amount of the Return of Premium Death Benefit coverage will not exceed the Maximum Benefit Amount shown in the Policy Specifications page for this rider.

  • The charts included in the sections of the prospectus entitled: "How a Type A (Fixed) Contract's Death Benefit Will Vary," "How a Type B (Variable) Contract's Death Benefit Will Vary," and "How a Type C (Return of Premium) Contract's Death Benefit Will Vary," are consistent with the provisions of the Contract.

  • After increases cease, we will not take into account any more premiums paid or apply the Return of Premium Death Benefit Increase Rate in determining the amount of the Return of Premium Death Benefit coverage.

  • If no option has been specified, the policy will be issued with the Return of Premium Death Benefit (Option C below).

  • After increases cease, on a prospective basis, we will not take into account any more premiums paid or apply the Return of Premium Death Benefit Increase Rate in determining the amount of the Return of Premium Death Benefit coverage.

  • If the Death Benefit Option in effect at the time of the withdrawal is Option A (Level Option) or Option C (Return of Premium Option), the Face Amount will be reduced by the amount equal to the reduction in the Account Value resulting from the withdrawal.

  • If the Death Benefit Option then in effect is Option A (Level Option) or Option C (Return of Premium Option), the Face Amount will be reduced by the amount equal to the reduction in the Account Value resulting from the withdrawal.

  • If no option is selected, the Return of Premium Death Benefit will apply.

Related to Return of Premium

  • Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.

  • Second Allocation of Principal means, with respect to any Payment Date, an amount equal to (1) the excess, if any, of (a) the sum of the Class A Note Balance and the Class B Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes and the Class B Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the First Allocation of Principal for such Payment Date; provided, however, that the Second Allocation of Principal on and after the Final Scheduled Payment Date for the Class B Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class B Notes to zero (after the application of the First Allocation of Principal).

  • Third Allocation of Principal means, with respect to any Payment Date, an amount equal to (1) the excess, if any, of (a) the sum of the Class A Note Balance, the Class B Note Balance and the Class C Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the sum of the First Allocation of Principal and the Second Allocation of Principal for such Payment Date; provided, however, that the Third Allocation of Principal on and after the Final Scheduled Payment Date for the Class C Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes to zero (after the application of the First Allocation of Principal and the Second Allocation of Principal).

  • Yield Maintenance Amount means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Called Principal of such Note over the sum of (i) such Called Principal plus (ii) interest accrued thereon as of (including interest due on) the Settlement Date with respect to such Called Principal. The Yield-Maintenance Amount shall in no event be less than zero.

  • Regular Allocation of Principal means, with respect to any Payment Date, an amount not less than zero equal to (1) the excess, if any, of (a) the Note Balance of the Notes as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date) over (b) (i) the Pool Balance as of the end of the related Collection Period less (ii) the Targeted Overcollateralization Amount minus (2) the sum of the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal, the Fourth Allocation of Principal and the Fifth Allocation of Principal for such Payment Date.

  • First Allocation of Principal means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Class A Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period; provided, however, that the First Allocation of Principal for any Payment Date on and after the Final Scheduled Payment Date for any Class of Class A Notes shall not be less than the amount that is necessary to reduce the Note Balance of that Class of Class A Notes to zero.

  • Deposit Premium means a provisional premium which is agreed upon in the event of it being impossible at the due date of the premium to determine the exact premium, and which represents a reasonable estimate of the premium;

  • Redemption Premium means (i) in the case of the Events of Default described in Section 4(a)(i) - (vi) and (ix) - (xii), 125% or (ii) in the case of the Events of Default described in Section 4(a)(vii) - (viii), 100%.

  • Make-Whole Premium means, with respect to a Note at any redemption date, the greater of:

  • Single Premium means the Premium amount specified in the Schedule payable in Lump Sum at the inception of the Policy. No further Premiums are payable under this Policy.

  • Auction Premium means the difference in price (if any) between the Starting Price and the Clearing Price;