The Covered Person definition

The Covered Person means the Owner. The Covered Person will mean the Primary Annuitant if the contract is not owned by a natural person. The Covered Person must be less than age 91 at the time the Qualification Period expires in order to qualify for the AE. THE QUALIFICATION PERIOD The Qualification Period is 120 consecutive days of confinement to a Nursing Home or Assisted Care Living Facility which commences anytime after the first Contract Year has expired but prior to the Maturity Date and prior to the Covered Person attaining age 91. Any day the Covered Person is confined during the first Contract Year will not count towards satisfaction of the Qualification Period. The Nursing Home or Assisted Care Living Facility must be located within the 50 jurisdictions of the United States. CALCULATION OF ACCUMULATION ENHANCEMENT (AE) AND CREDIT TO CONTRACT VALUE The AE is calculated only once. The AE is calculated as of the first Valuation Date after the Qualification Period has expired, regardless of when We receive Written Notice that the Qualification Period has expired. If the Owner has not attained age 70 on the Contract Date, the AE will equal 40% of the Relief Amount. If the Owner has attained age 70 but not yet attained age 76 on the Contract Date, the AE will equal 25% of the Relief Amount. The Relief Amount is defined above. For all contracts issued by the Us or an affiliated company, the maximum AE (or similar enhancement) amount We will pay with respect to a Covered Person is $750,000. Each month for 50 consecutive months, two percent (2%) of the AE will be credited to the Contract Value, provided the Covered Person is still living. This monthly amount credited to the Contract Value is called the Monthly Benefit. Since the AE is calculated as of the first Valuation Date after the Qualification Period has expired, there could be a retroactive Monthly Benefit(s) credited to the Contract Value. At the end of the 50 consecutive months, the entire AE amount will have been credited and Monthly Benefits will cease TERMINATION OF ACCUMULATION ENHANCEMENT (AE) The AE terminates on the earliest of the following: the date the AE maximum amount (as described above) is exhausted; the date the contract terminates for any reason; the date of the Covered Person's death; the date the Annuitant changes if the Covered Person is the Annuitant; the Maturity Date.
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Examples of The Covered Person in a sentence

  • The Covered Person shall not be required to mitigate the amount of any payment contemplated by this Agreement (whether by seeking new employment or in any other manner), nor shall any such payment be reduced by any earnings that the Covered Person may receive from any other source.

  • The Covered Person shall be liable to repay such amount if it is determined that the Covered Person is not entitled to be indemnified as authorized in this Agreement.

  • The Covered Person shall fully cooperate with the Company's efforts to recover its benefits paid.

  • The Covered Person acknowledges that he or she has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon him or her pursuant to this Agreement.

  • The Covered Person shall not be responsible for obtaining Prior Authorization and shall not be liable for any penalty.

  • The Covered Person shall do nothing to prejudice the Company's subrogation or recovery interest or to prejudice the Company's ability to enforce the terms of this Plan provision.

  • The Covered Person shall not be entitled to benefits for any Services for the Terminal Illness except for palliative care.

  • The Covered Person and Company shall provide additional information or documentation, as applicable, if requested in writing.

  • The Covered Person and his or her agents shall provide all information requested by the Company or the Plan, or its representative including, but not limited to, completing and submitting any applications or other forms or statements as the Company may reasonably request.

  • The Covered Person presently serves as an employee or officer of the Company in a role that is important to the continued conduct of the Company’s business and operations.

Related to The Covered Person

  • Covered Person means: (a) any Administrator, officer, director, shareholder, partner, member, representative, employee or agent of (i) the Trust or (ii) any of the Trust’s Affiliates; and (b) any Holder of Securities.

  • Injured Person under this section means a Member covered by the EOC who sustains an injury or illness and any spouse, dependent or other person or entity that may recover on behalf of such Member including the estate of the Member and, if the Member is a minor, the guardian or parent of the Member. When referred to in this section, "KFHPWA's Medical Expenses" means the expenses incurred and the value of the benefits provided by KFHPWA under this EOC for the care or treatment of the injury or illness sustained by the Injured Person.

  • Covered Persons has the meaning set forth in Section 20(a).

  • Covered Personnel means any Person who is or was an employee, consultant or independent contractor of the Covered Parties as of the date of the relevant act prohibited by this Section 2(a) or during the one (1) year period preceding such date.

  • Issuer Covered Person shall have the meaning ascribed to such term in Section 3.1(oo).