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 agrees to recognize the Plan's right to Subrogation and reimbursement.

  • The Covered Person should include any additional information supporting the appeal or the information required by the Plan which was not initially provided and forward it to the Plan Supervisor within the 180-day time period.

  • The Covered Person must appeal the Adverse Benefit Determination before the Covered Person may exercise his or her right to bring a civil action.

  • The Covered Person must request the second review in writing and send it to the Plan Supervisor, not later than sixty (60) days after receipt of the Plan Supervisor’s decision from the first level of review.

  • The Covered Person must be Terminally Ill with an anticipated life expectancy of about six months.

  • The Covered Person must require treatment by skilled nursing personnel which can be provided only on an Inpatient basis in a Skilled Nursing Care Facility.

  • The Covered Person must wait 60 days from the date of the opening transaction before effecting the closing transaction.

  • The Covered Person must be under the regular care of a Physician.

  • The Covered Person agrees to fully cooperate with the Plan in any effort by the Plan to recover pursuant to its rights of subrogation and/or reimbursement, and the Covered Person further agrees to do nothing to prejudice such rights.

  • The Covered Person agrees to provide information to the Plan necessary for the Plan to pursue such rights, and further agrees, if requested by the Plan, to acknowledge in writing the rights of the Plan to recover following any injury or illness giving rise to any payments under the Plan.

Related to The Covered Person

  • Covered Person means: (a) any officer, director, shareholder, partner, member, representative, employee or agent of (i) the Trust or (ii) 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).

  • Director or officer means any of the following:

  • Insured Person s year” means a year from the date of commencement of the insured person’s policy, or from the anniversary date of the commencement of the insured person.

  • Insured Persons means the person/s named in the Schedule to the Policy, who is/are Indian Resident /s and for whom the insurance is also proposed and appropriate premium paid.

  • Indemnitee has the meaning assigned to such term in Section 9.03(b).

  • Insured Member means a member insured under this subdivision.

  • Company Indemnitee has the meaning set forth in Section 7.2(b).

  • Grandfathered Person means any Person who is the Beneficial Owner of 20% or more of the outstanding Voting Shares as determined at the Record Time; provided, however, that a Person shall cease to be a Grandfathered Person in the event that such Person ceases to Beneficially Own 20% or more of the outstanding Voting Shares at any time after the Record Time.

  • Liquidity Indemnitee means the Liquidity Provider, its directors, officers, employees and agents, and its successors and permitted assigns.

  • CPP Covered Period shall be limited by, and interpreted in a manner consistent with, 31 C.F.R. § 30.11 (as in effect on the Closing Date). • Provisions (1) and (2) of this letter are intended to, and will be interpreted, administered and construed to, comply with Section 111 of EESA (and, to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this letter).

  • Covered position means a position in which the employee must be a member of the retirement

  • Disinterested Person means a director who has not, during the period that person is a member of the Committee and for one year prior to commencing service as a member of the Committee, been granted or awarded equity securities pursuant to this Plan or any other plan of the Company or any Parent, Subsidiary or Affiliate of the Company, except in accordance with the requirements set forth in Rule 16b-3(c)(2)(i) (and any successor regulation thereto) as promulgated by the SEC under Section 16(b) of the Exchange Act, as such rule is amended from time to time and as interpreted by the SEC.

  • Indemnifiable Person means any person who is or was a director, officer, trustee, manager, member, partner, employee, attorney, consultant, member of an entity’s governing body (whether constituted as a board of directors, board of managers, general partner or otherwise) or other agent or fiduciary of the Company or a Subsidiary or Affiliate of the Company.

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • Indemnification means an agreement of indemnity or a release from liability where the intent or effect is to shift or limit in any manner the potential liability of the person or firm for failure to adhere to applicable auditing or professional standards, whether or not resulting in part from knowing of other misrepresentations made by the insurer or its representatives.

  • Indemnifiable Claim means any Claim based upon, arising out of or resulting from (i) any actual, alleged or suspected act or failure to act by Indemnitee in his or her capacity as a director, officer, employee or agent of the Company or as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit, as to which Indemnitee is or was serving at the request of the Company, (ii) any actual, alleged or suspected act or failure to act by Indemnitee in respect of any business, transaction, communication, filing, disclosure or other activity of the Company or any other entity or enterprise referred to in clause (i) of this sentence, or (iii) Indemnitee’s status as a current or former director, officer, employee or agent of the Company or as a current or former director, officer, employee, member, manager, trustee or agent of the Company or any other entity or enterprise referred to in clause (i) of this sentence or any actual, alleged or suspected act or failure to act by Indemnitee in connection with any obligation or restriction imposed upon Indemnitee by reason of such status. In addition to any service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, member, manager, trustee or agent of another entity or enterprise if Indemnitee is or was serving as a director, officer, employee, member, manager, agent, trustee or other fiduciary of such entity or enterprise and (i) such entity or enterprise is or at the time of such service was a Controlled Affiliate, (ii) such entity or enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or a Controlled Affiliate, or (iii) the Company or a Controlled Affiliate (by action of the Board, any committee thereof or the Company’s Chief Executive Officer (“CEO”) (other than as the CEO him or herself)) caused or authorized Indemnitee to be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.

  • Exculpated Party means, collectively, and in each case in its capacity as such: (a) the Debtors;

  • Company Covered Person means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

  • Covered Party has the meaning assigned to it in Section 9.21.

  • disabled person means an individual receiving monetary

  • Indemnitees has the meaning specified in Section 10.04(b).

  • Interested Person and “Principal Underwriter” shall have the meanings given them in the 1940 Act.