Accelerated Benefit Sample Clauses

Accelerated Benefit. The term “Accelerated Benefit” shall mean amounts requested and received pursuant to any Policy(ies) rider permitting the policyowner or Insured access to portions of the eligible death benefit in the event the Insured is diagnosed with a chronic or terminal illness [as required by the individual Policy(ies)].
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Accelerated Benefit. The amount of the death benefit we will pay if you are eligible under this policy rider. We will calculate the accelerated benefit amount by multiplying the death benefit by the accelerated benefit factor. PHYSICIAN An individual who is licensed to practice medicine or treat illness in the state in which treatment is received. This does not include you, the insured, or a member of your or the insured's immediate family. IMMEDIATE FAMILY The insured's or your spouse, child, parent, grandparent, grandchild, brothers and sisters and their spouses. TERMINAL CONDITION ------------------ ▇▇▇-▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Life 1 What is a terminal condition? A condition caused by sickness or accident which directly results in a life expectancy of twelve months or less. What evidence do we require of the insured's terminal condition? We must be given evidence that satisfies us that the insured's life expectancy, because of sickness or accident, is twelve months or less. That evidence must include certification by a licensed physician. We reserve the right to ask for independent medical verification of a terminal condition. Payment of Accelerated Benefit ------------------------------ How do we calculate the accelerated benefit factor? When we calculate this factor, we will consider the insured's age and sex, and the option applied for. We will also base our calculation on certain assumptions, which we may change from time to time, including but not limited to assumptions about:
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Accelerated Benefit. Regardless of the lien or non-lien approach to acceleration, if a reinsured accelerated benefit as a result of Terminal Illness or Cognitive Impairment is paid by the Company, the Reinsurer will reimburse its proportionate share of the accelerated benefit at the time of the Company's payment of the accelerated benefit and upon receipt of notification that the claim has been paid. Upon the death of the insured, the Reinsurer will reimburse the Company for its proportionate share of the reinsured net amount at risk, reduced by the Reinsurer's portion of the accelerated amount. Regardless of the lien or non-lien approach to acceleration, if an accelerated benefit is paid by the Company and that accelerated benefit is not reinsured, then upon the death of the insured, the Reinsurer will reimburse the Company for its proportionate share of the reinsured net amount at risk, as if there had been no acceleration paid by the Company.
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Accelerated Benefit. Accelerated Benefit, as a result of Terminal Illness or Cognitive Impairment, when such benefit is at no cost to the insured, is reinsured under this Agreement.
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Accelerated Benefit. Promptly upon termination of the SERP Agreement, the Executive will be paid $2,368,607.88 (the “Benefit Amount”) as set forth in Clause 5 below, owed from the general assets of AXIS Capital or AXIS as well as from the trust fund assets held for the benefit of the Executive under that certain Deed of Trust dated April 14, 2005 (the “Trust”) between AXIS and Codan Trust as Trustee.
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Accelerated Benefit. The amount of the death benefit we will pay if you are eligible under this certificate supplement. We will calculate the accelerated benefit amount by multiplying the death benefit by the accelerated benefit factor. PHYSICIAN An individual who is licensed to practice medicine or treat illness in the state in which treatment is received. This does not include you, the insured, or a member of your or the insured's immediate family. IMMEDIATE FAMILY The insured's or your spouse, child, parent, grandparent, grandchild, brothers and sisters and their spouses. TERMINAL CONDITION ------------------ 94-18678 Minnesota Mutual 1 WHAT IS A TERMINAL CONDITION? A condition caused by sickness or accident which directly results in a life expectancy of twelve months or less. WHAT EVIDENCE DO WE REQUIRE OF THE INSURED'S TERMINAL CONDITION? We must be given evidence that satisfies us that the insured's life expectancy, because of sickness or accident, is twelve months or less. That evidence must include certification by a licensed physician. We reserve the right to ask for independent medical verification of a terminal condition. PAYMENT OF ACCELERATED BENEFIT ------------------------------ HOW DO WE CALCULATE THE ACCELERATED BENEFIT FACTOR? When we calculate this factor, we will consider the insured's age and sex, and the option applied for. We will also base our calculation on certain assumptions, which we may change from time to time, including but not limited to assumptions about:
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Accelerated Benefit. Accelerated Benefit, as a result of Terminal Illness or Cognitive Impairment, when such benefit is at no cost to the insured, is reinsured under this Agreement. ... END OF ARTICLE V ARTICLE VI PREMIUM ACCOUNTING
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Accelerated Benefit. Accelerated Benefit, as a result of Terminal Illness or Cognitive Impairment, when such benefit is at no cost to the insured, is reinsured under this Agreement. (Effective May 29, 2019) Policy plans, riders and benefits issued on plans shown below and where the policy does not qualify for other inuring indemnity reinsurance may qualify for automatic reinsurance under the terms of this Agreement. B.1 Plan Identification Issue Ages Start Date
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Accelerated Benefit. The amount of the death benefit we will pay if you are eligible under this policy rider. We will calculate the accelerated benefit amount by multiplying the death benefit by the accelerated benefit factor. PHYSICIAN An individual who is licensed to practice medicine or treat illness in the state in which treatment is received. This does not include you, the insured, or a member of your or the insured's immediate family. IMMEDIATE FAMILY The insured's or your spouse, child, parent, grandparent, grandchild, brothers and sisters and their spouses. TERMINAL CONDITION ------------------
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Related to Accelerated Benefit

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wi▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.