Covered Life Clause Samples
The "Covered Life" clause defines which individuals are included under the protections or benefits of an insurance policy or benefits agreement. Typically, this clause specifies that the insured person, and sometimes their dependents or family members, are entitled to receive coverage for specified events such as medical expenses or life insurance payouts. By clearly identifying who is considered a covered life, the clause ensures there is no ambiguity about eligibility for benefits, thereby preventing disputes and ensuring that only those intended by the policy receive coverage.
Covered Life. The Contract Owner (provided the Contract Owner is a person) and the Contract Owner’s spouse (provided the spouse is a joint owner or Beneficiary who is eligible for spousal continuance). The Annuitant (provided the Contract Owner is not a person) and the Annuitant's spouse (provided the spouse is a Beneficiary who is eligible for spousal continuance).
Covered Life. The Contract Owner (provided the Contract Owner is a person) and the Contract Owner’s spouse (provided the spouse is a joint owner or Beneficiary who is eligible for spousal continuance). The Annuitant (provided the Contract Owner is not a person) and the Annuitant's spouse (provided the spouse is a Beneficiary who is eligible for spousal continuance). Eligible Withdrawal Year. A Contract Year in which You are eligible to withdraw the Lifetime Benefit Payment. Every Contract Year that begins after the youngest Covered Life’s [60th] birthday is an Eligible Withdrawal Year. Guaranteed Minimum Death Benefit (DB). The minimum amount payable upon the death of any Contract Owner or Annuitant. Lifetime Benefit Payment (LBP). The maximum guaranteed withdrawal available during any Eligible Withdrawal Year until the death of any Covered Life or until the withdrawal feature is revoked, as described in this rider. The LBP may be continued after the death of any Covered Life if spousal continuation is elected.
Covered Life. Any Contract Owner, if a person or, if the Contract Owner is not a person, the Annuitant.
Covered Life. Any Contract Owner, if a person or, if the Contract Owner is not a person, the Annuitant. Eligible Withdrawal Year. A Contract Year in which You are eligible to withdraw the Lifetime Benefit Payment. Every Contract Year that begins after the oldest Covered Life’s [60th] birthday is an Eligible Withdrawal Year. Guaranteed Minimum Death Benefit (DB). The minimum amount payable upon the death of any Contract Owner or Annuitant. Lifetime Benefit Payment (LBP). The maximum guaranteed withdrawal available during any Eligible Withdrawal Year until the death of any Covered Life or until the withdrawal feature is revoked, as described in this rider. Partial Surrender. A withdrawal of a portion of the Contract Value including Contingent Deferred Sales Charges, if applicable. Payment Base (PB). The basis for determining the Lifetime Benefit Payment and Rider Charge.
Covered Life. A Covered Life is a person upon whose age / lifetime the features and benefits of the Rider are based. The Rider only covers natural persons named in the Contract, and the Covered Life(ves) (up to two) must be designated at Contract issue or the Rider Effective Date. The Annuitant must be a Covered Life. If a Joint Annuitant is named in the Contract, the Joint Annuitant must also be a Covered Life and only a Joint Life Guarantee is available. If there is only one Annuitant, a Joint Life Guarantee is available with a Contingent Annuitant designated as the second Covered Life. Covered Life(ves) under the Rider will be listed in Additional Contract Specifications. Covered Life(ves) cannot be changed after the Rider Effective Date, except under conditions outlined in “Replacing a Covered Life under a Joint Life Guarantee” provision below.
Covered Life. The Annuitant and the lifetime over which the lifetime guaranteed minimum withdrawal benefits will be effective for.
Covered Life. The Annuitant and the Annuitant’s spouse (provided the spouse is a Contract Owner, a joint Contract Owner or the sole primary Beneficiary who is eligible for spousal continuation). We reserve the right to allow the designation of the Annuitant’s spouse as a Covered Life without being Contract Owner, a joint Contract Owner or the sole primary Beneficiary provided that the non-natural custodial Contract Owner may elect spousal continuation on behalf of the Annuitant’s spouse. Deferral Bonus - A percentage of the Deferral Bonus Base that We add to Your Anniversary Payment Base on each Contract Anniversary during the effective Deferral Bonus Period.
Covered Life. The Contract Owner (provided the Contract Owner is a natural person) and the Contract Owner’s spouse (provided the spouse is a joint Contract Owner or Beneficiary who is eligible for spousal continuance). The Annuitant (provided the Contract Owner is not a natural person) and the Annuitant's spouse (provided the spouse is a Beneficiary who is eligible for spousal continuance). We reserve the right to allow the designation of the Annuitant’s spouse as a Covered Life without being a Beneficiary provided that the non-natural custodial Contract Owner may elect spousal continuance on behalf of the Annuitant’s spouse. Signed for Hartford Life Insurance Company [ ] HL-GMWBE-12 Printed in U.S.A. This rider is issued as part of the Contract to which it is attached, and is effective on the Rider Effective Date. Except where this rider provides otherwise, it is subject to all of the conditions and limitations of the Contract. This rider has no cash surrender value. This rider provides lifetime guaranteed minimum withdrawal benefits with possible Market Increases and a Deferral Bonus to the Payment Base.