SELECTION OF AN ANNUITY OPTION definition

SELECTION OF AN ANNUITY OPTION. An Annuity Option may be selected by an Authorized Request of the Owner. If no Annuity Option is selected, Option 2 with 120 monthly payments guaranteed will automatically be applied. Prior to the Annuity Date, the Owner can change the Annuity Option selected by an Authorized Request. Any change must be requested at least thirty (30) days prior to the Annuity Date.
Sample 1Sample 2Sample 3
SELECTION OF AN ANNUITY OPTION. An Annuity Option is selected by the Owner on the forms provided by the Company. If no Annuity Option is selected, Option B with 120 months guaranteed will automatically be applied. Prior to the Annuity Date, the Owner can change the Annuity Option selected by Written Request. Any change must be requested at least fifteen (15) days prior to the Annuity Date. FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS: Annuity Payments may be paid in monthly, quarterly, semi-annual or annual installments. The Adjusted Contract Value is applied to the Annuity Table for the Annuity Options selected. If the Adjusted Contract Value to be applied under an Annuity Option is less than $2,000, the Company reserves the right to make a lump sum payment in lieu of Annuity Payments. If the Annuity Payment would be or becomes less than $200 where only a Fixed Annuity Payment or a Variable Annuity is selected, or if the Annuity Payment would be or becomes less than $100 on each basis when a combination of Fixed and Variable Annuities is selected, the Company will reduce the frequency of payments to an interval which will result in each payment being at least $200, or $100 on each basis if a combination of Fixed and Variable Annuities is selected.
Sample 1Sample 2
SELECTION OF AN ANNUITY OPTION. An Annuity Option may be selected by Written Request of the Certificate Owner. If no Annuity Option is selected, Option 2 with 120 monthly payments guaranteed will automatically be applied. Unless specified otherwise, that portion of the Certificate Withdrawal Value allocated to the Variable Account shall be used to provide a Variable Annuity and that portion of the Certificate Withdrawal Value allocated to the Fixed Account and the MVA Account will be used to provide a Fixed Annuity. Prior to the Annuity Date, the Owner can change the Annuity Option selected by Written Request. Any change must be requested at least thirty (30) days prior to the Annuity Date. FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS: Annuity Payments are paid in monthly installments. The Certificate Withdrawal Value is applied to the Annuity Table for the Annuity Option selected. If the Certificate Withdrawal Value to be applied under an Annuity Option is less than $5,000, the Company reserves the right to make a lump sum payment in lieu of Annuity Payments. If the Annuity Payment would be or become less than $40, the Company reserves the right to reduce the frequency of payments to an interval which will result in each payment being at least $50.
Sample 1Sample 2

Examples of SELECTION OF AN ANNUITY OPTION in a sentence

  • SELECTION OF AN ANNUITY OPTION: An Annuity Option may be selected by Formal Request of the Owner.

  • SELECTION OF AN ANNUITY OPTION A selection to receive annuity payments under an annuity option described below must be made at least 30 days prior to the Annuity Date.

  • SELECTION OF AN ANNUITY OPTION: An Annuity Option may be selected by Written Request of the Owner.

  • SELECTION OF AN ANNUITY OPTION: You can select an Annuity Option by Authorized Request.

  • SELECTION OF AN ANNUITY OPTION: An Annuity Option may be selected by an Authorized Request of the Owner.

  • SELECTION OF AN ANNUITY OPTION An Annuity Option may be selected by You.


More Definitions of SELECTION OF AN ANNUITY OPTION

SELECTION OF AN ANNUITY OPTION. An Annuity Option may be selected by Written Request of the Certificate Owner. If no Annuity Option is selected, Option B with 120 monthly payments guaranteed will automatically be applied. Unless specified otherwise, that portion of the Adjusted Certificate Value allocated to the Variable Account shall be used to provide a Variable Annuity and that portion of the Adjusted Certificate Value allocated to the Fixed Account and the MVA Account will be used to provide a Fixed Annuity. Prior to the Annuity Date, the Certificate Owner can change the Annuity Option selected by Written Request. Any change must be requested at least thirty (30) days prior to the Annuity Date.
Sample 1Sample 2
SELECTION OF AN ANNUITY OPTION. You can select an Annuity Option by Authorized Request. You may, by Authorized Request, 30 days prior to the Income Date, select and/or change the Annuity Option.
Sample 1

Related to SELECTION OF AN ANNUITY OPTION

  • Payment Election means an election pursuant to Section 5.1.

  • Early Opt-in Election means the occurrence of:

  • qualifying age for state pension credit means (in accordance with section 1(2)(b) and (6) of the State Pension Credit Act 2002)—

  • Qualified Election means a Participant's waiver of a Qualified Joint and Survivor Annuity or a Qualified Pre-Retirement Survivor Annuity. Any such waiver must be consented to in writing by the Participant's Spouse. The Spouse's consent must: designate a specific Beneficiary (including any class of Beneficiaries or any contingent Beneficiaries, which may not be changed without spousal consent) or expressly permits designations by the Participant without any further spousal consent; acknowledge the effect of the election; and be witnessed by a member of the Committee or a Notary Public. Additionally, a Participant's waiver of the Qualified Joint and Survivor Annuity shall not be effective unless the election designates a form of benefit payment which may not be changed without spousal consent (or the Spouse expressly permits designations by the Participant without any further spousal consent). Notwithstanding this consent requirement, if the Participant establishes to the satisfaction of a member of the Committee that there is no Spouse or the Spouse cannot be located, a waiver will be deemed a Qualified Election. Any spousal consent (or deemed spousal consent) obtained under this provision will be valid only with respect to such Spouse. A consent that permits designations by the Participant without further consent by such Spouse must acknowledge that the Spouse has the right to limit consent to a specific Beneficiary and, where applicable, a specific form of benefit, and that the Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the commencement of benefits. The number of revocations shall not be limited. No consent obtained under this provision shall be valid unless the Participant has received notice as provided in paragraph (b) below.

  • Deferral Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the amount of the Deferrals.

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

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Replacement Option has the meaning ascribed thereto in Section 2.2(c).

  • Random selection basis means a mechanism for selection of employees that:

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Settlement Method Election Date With respect to any Settlement of any Transaction, the 2nd Scheduled Trading Day immediately preceding (x) the Valuation Date for such Transaction, in the case of Physical Settlement, or (y) the First Unwind Date for such Transaction, in the case of Cash Settlement or Net Share Settlement.

  • Qualified Election Period means the six Plan Year period beginning with the Plan Year in which the Participant first becomes a Qualified Participant.

  • life annuity means “life annuity contract” as defined in Pension Legislation that conforms with the Act and Pension Legislation;

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is fifty percent (50%) of the amount of the annuity which is payable during the joint lives of the Participant and the Spouse and which is the amount of benefit which can be purchased with the Participant's Vested Account Balance.

  • Adoption Agreement means the written agreement pursuant to which the Employer adopts the Plan. The Adoption Agreement is a part of the Plan as applied to the Employer.

  • Election Form means the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.

  • Tandem SAR means an SAR that is granted in connection with a related Option pursuant to Article 7 herein, the exercise of which shall require forfeiture of the right to purchase a Share under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall similarly be canceled).

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Optional Deferral Provision means, as to any Qualifying Capital Securities, a provision in the terms thereof or of the related transaction agreements to the effect that:

  • Investment Election means an election, made in such form as the Administrative Committee may direct, pursuant to which a Participant may elect the Investment Funds in which the amounts credited to his Account will be deemed to be invested.

  • 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.

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.