VARIABLE BENEFIT Clause Samples

The VARIABLE BENEFIT clause defines how the benefits provided under an agreement may fluctuate based on certain factors or conditions. Typically, this clause applies to financial products, insurance policies, or retirement plans where the amount paid out to the beneficiary can change depending on investment performance, market indices, or other predetermined variables. Its core practical function is to allocate both the potential for higher returns and the risk of lower payouts between the parties, ensuring that benefits are responsive to changing circumstances rather than fixed.
VARIABLE BENEFIT. PAID-UP INSURANCE Variable benefit paid-up insurance may be selected in place of fixed benefit paid-up insurance provided the cash value of the policy is at least $5,000 on the last day of the grace period. A written request must be received at the Home Office no later than the last day of the grace period. When the policy is in force as variable benefit paid-up insurance, the Minimum Guaranteed Death Benefit and Additional Protection will not be in effect. On the due date of the unpaid premium, the Policy Value is set equal to the cash value plus the policy debt. The cash value of variable paid-up additional insurance is set at zero. The amount of the death proceeds when this policy is in force as variable benefit paid-up insurance will be: o the Policy Value of variable benefit paid-up insurance divided by the net single premium using the basis of values on page 8; plus o the amount of any in force variable paid-up additional insurance purchased by dividends; plus o the amount of any dividend at death; less o the amount of any policy debt. These amounts will be determined as of the date of death. Any policy debt will continue on variable benefit paid-up insurance. Variable benefit paid-up insurance will share in divisible surplus.
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VARIABLE BENEFIT. PAID-UP INSURANCE Variable benefit paid-up insurance may be selected in place of fixed benefit paid-up insurance provided the cash value of the policy is at least $5,000 on the last day of the grace period. A written request must be received at the Home Office no later than the last day of the grace period. When the policy is in force as variable benefit paid-up insurance, the Minimum Guaranteed Death Benefit and Additional Protection will not be in effect. On the due date of the unpaid premium, the Policy Value is set equal to the cash value plus the policy debt. The cash value of variable paid-up additional insurance is set at zero. The amount of the death proceeds when this policy is in force as variable benefit paid-up insurance will be:
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VARIABLE BENEFIT. The variable benefit under this Section 2.1 (b) is an amount equal to seventy percent (70%) of the Executive’s Final Average Salary, less the Fixed Benefit detailed on Schedule A, payable annually for fifteen (15) years commencing upon the first month after attaining age 65. If the benefit due under this Section 2.1 (b) is less than zero (0), then no benefit is payable under this Section 2.1 (b).
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VARIABLE BENEFIT. The annual variable unit accrual is determined as follows:
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VARIABLE BENEFIT. This benefit consists of a portfolio of diversified investments and is expressed in terms of units rather than dollars. Retirement income from this fund depends on annual fund performance, your salary, and length of service. Benefits from this fund fluctuate with the market value of the portfolio of investments both before and after retirement. The dollar value of the units changes each year depending on investment gains and losses. The accrual process produces a monthly benefit at retirement.
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Related to VARIABLE BENEFIT

  • Flexible Benefits Insurance Program

  • Sole Benefit The rights and benefits set forth in this Agreement and the other Loan Documents are for the sole and exclusive benefit of the parties hereto and thereto and may be relied upon only by them.

  • Flexible Benefits Plan A flexible benefits plan, which is in accordance with Section 125 of the Internal Revenue Code, was implemented for eligible employees covered by this Agreement on October 1, 1990.

  • Equal and Ratable Benefit The Loans and Commitments established pursuant to this paragraph shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guarantees and security interests created by the Security Documents. The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien and security interests granted by the Security Documents continue to be perfected under the UCC or otherwise after giving effect to the establishment of any such Class of Term Loans or any such new Commitments.

  • Flexible Benefit Plan The District will maintain, at no cost to the employee, a flexible spending benefit plan pursuant to Section 125 of the Internal Revenue Code, with operating procedures determined by the District in accordance with IRS regulations. This plan may be used for favorable income tax treatment of the employee’s health and dental premium contributions, deductibles, co-insurance amounts, other unreimbursed medical expenses, and dependent care assistance.