Settlement Age definition
Settlement Age. The settlement age is the payee's age nearest birthday on the date payments begin, minus an age adjustment from the table below. The age adjustment cannot exceed the age of the payee.
Settlement Age. The settlement age is the payee's age nearest birthday on the date payments begin, minus an age adjustment from the table below. The age adjustment cannot exceed the age of the payee. -------------------------------------------------------------------------------- Year Payments Begin Age After Prior To Adjustment -------------------------------------------------------------------------------- ---- 2001 0 2000 2026 3 2025 2051 7 2050 ---- 10 -------------------------------------------------------------------------------- FLEXIBLE PREMIUM VARIABLE JOINT AND LAST SURVIVOR LIFE INSURANCE POLICY --------------------------------------------------------------------------------
Settlement Age. The settlement age is the Payee's age last birthday on the date payments begin, minus an age adjustment from the table below. The actual age adjustment may be less than the numbers shown.
Examples of Settlement Age in a sentence
Each Annuitant's Settlement Age must be at least 35 when payments begin.
Each Annuitant/Payee's Settlement Age must be at least 35 years old when payments begin.
More Definitions of Settlement Age
Settlement Age. The settlement age is the Payee's age last birthday on the date payments begin, minus an age adjustment from the table below. The actual age adjustment may be less than the numbers shown. ----------------------------------------------------------------- Year Payments Begin Maximum Age After Prior To Adjustment ----------------------------------------------------------------- ---- 2001 0 2000 2026 5 2025 2051 10 2050 ---- 15 ----------------------------------------------------------------- GE LIFE AND ANNUITY ASSURANCE COMPANY SURRENDER CHARGE ENDORSEMENT -------------------------------------------------------------------------------- The Contract to which this endorsement is attached is amended as follows: Definition of Surrender Value The definition of Surrender Value is deleted and replaced by the following: SURRENDER VALUE - The Contract Value on the date we receive your written request for surrender at our Home Office less any premium tax and any applicable charges. These charges include any surrender charge and any optional benefit charges. The Withdrawal provision is deleted and replaced by the following:
Settlement Age. The settlement age is the payee's age nearest birthday on the date payments begin, minus an age adjustment from the table below. The age adjustment cannot exceed the age of the payee. -------------------------------------------------------------- Year Payments Begin Age After Prior To Adjustment -------------------------------------------------------------- ---- 2001 0 2000 2026 3 2025 2051 7 2050 ---- 10 -------------------------------------------------------------- FLEXIBLE PREMIUM VARIABLE JOINT AND LAST SURVIVOR LIFE INSURANCE POLICY -------------------------------------------------------------------------------- . Death Proceeds payable at the death of the last Insured . Adjustable Death Benefit . Flexible premiums payable until the death of the last Insured . Some benefits reflect investment results . No dividends -------------------------------------------------------------------------------- GE LIFE AND ANNUITY ASSURANCE COMPANY GE LIFE AND ANNUITY ASSURANCE COMPANY DEATH BENEFIT ENHANCEMENT RIDER -------------------------------------------------------------------------------- The Death Benefit of the Policy to which this rider is attached is modified to include the amount of insurance for this rider. The Death Benefit at the death of the last Insured will be determined by the Death Benefit option that you have chosen as follows: Cash Value Accumulation Test: Under option A for Attained Ages less than 100, the Death Benefit is the greater of (1) and (2), where: (1) is the Specified Amount plus this rider's amount of insurance plus the Account Value; and (2) is (a) divided by (b), where: (a) is the Account Value minus the rider net single premium; and (b) is the base Policy net single premium factor. Under option B for Attained Ages less than 100, the Death Benefit is the greater of (1) and (2), where: (1) is the Specified Amount plus this rider's amount of insurance; and (2) is (a) divided by (b), where: (a) is the Account Value minus the rider net single premium; and (b) is the base Policy net single premium factor. Under option C for Attained Ages less than 100, the Death Benefit is the greater of (1) and (2), where: (1) is (a) plus (b) minus (c) minus (d), where: (a) is the Specified Amount plus this rider's amount of insurance; (b) is the sum of all premiums paid before Attained Age 75 of the younger Insured; (c) is the charges for additional benefits, other than qualified additional benefits as specified in Internal Revenue Code Section 7702(f...