Settlement Option means a facility made available under the policy to receive the maturity proceeds in installments in accordance with the terms and conditions of the policy.
Settlement Option means a facility made available to the policyholder to receive the maturity or death proceeds in instalments in accordance with the terms and conditions stated in advance at the inception of the contract.
Settlement Option in relation to a policy, means an arrangement where a policyholder or a person entitled to payment of the policy moneys under a policy (“entitled person”), as the case may be, has the option at any time, upon the surrender or maturity of, or where a claim has been made under the policy, to leave the policy moneys ascertained to be due and payable under the policy, with the insurer which issued the policy, to further accrue interest on or invest, the payments or convert the otherwise lump sum payment to instalment payments over a fixed period of time, when the policy no longer provides for any payment of policy moneys on the happening of any subsequent contingency;
Examples of Settlement Option in a sentence
Allows the policy owner to designate a Settlement Option to be used for the payment of Death Proceeds.
This rider allows the policy owner to designate a Settlement Option to be used for the payment of Death Proceeds.
Any other Annuity or Settlement Option acceptable to us may be selected.
SEVENTH OPTION - Annuity Proceeds Settlement Option - Proceeds from the Death Benefit can be left with Us for a period not to exceed five years from the date of the Contract Owner's or the Annuitant's death prior to the Annuity Commencement Date.
The amount of the first monthly payout for each $1,000 of account value applied is shown in Settlement Option Table II in the policy.
More Definitions of Settlement Option
Settlement Option means the option of each Holder of a Current GST Asbestos Claim, Future GST Asbestos Claim, and Pre-Petition Judgment GST Asbestos Claim to elect to have his or her Claim evaluated by the Settlement Facility under the processes and procedures established by the CRP.
Settlement Option means a facility made available under the Policy to receive the Maturity Benefit in installments in accordance with the terms specified in Part F of this Policy.
Settlement Option means an option exercised by Claimant as per Clause 2.1.2 of Part C.
Settlement Option means the facility made available to the Policyholder to receive the Maturity Benefit in periodic installments extending over a period not exceeding 5 (Five) years and “Settlement Period” refers to the period during which the Settlement Option is effective, if opted by the Policyholder in accordance with Section 13.1.
Settlement Option means a facility made available to the Policyholder to receive the Policy Fund Value on Maturity Date in installments in accordance with the terms and conditions.
Settlement Option means a facility made available to receive the maturity or death proceeds in instalment in accordance with the terms and conditions stated in advance at the inception of the Policy.
Settlement Option is the method by which annuity income payments are made to the payee at the Maturity Date or the Annuitant's death. See settlement option tables for guaranteed rates.