PAYMENTS OF A SPECIFIED AMOUNT definition

PAYMENTS OF A SPECIFIED AMOUNT. Monthly payments of a specified amount until the proceeds and interest are fully paid. CAN A BENEFICIARY REQUEST A PAYMENT UNDER A SETTLEMENT OPTION?
View Source
PAYMENTS OF A SPECIFIED AMOUNT. Monthly payments of a specified amount until the proceeds and interest are fully paid. Can a beneficiary request a payment under a settlement option? Yes. A beneficiary may select a settlement option, but only after the insured's death. However, an owner may provide that the beneficiary will not be permitted to change the elected settlement option. When and how often are premiums due? A premium must be paid to put this policy in force. This initial premium must be of an amount that, after the deduction of percentage-of-premium charges, will cover the first month's deductions plus $20. A premium must also be paid at such time when there is insufficient net cash value to pay the monthly deductions necessary to keep this policy in force. Premiums paid after the initial premium may be in any amount of $20 or greater. Is there a grace period for the payment of premiums? Yes. This policy has a 61-day grace period. The grace period will start on the day we mail the owner a notice of lapse. This policy will lapse if the premium amount specified in the notice is not paid by the end of the grace period and the net cash value is insufficient to cover the monthly deductions. We will mail this notice on any policy monthly anniversary date when the net cash value for the insured under this policy is insufficient to cover the monthly deductions. This policy of insurance will remain in effect during the 61-day grace period. If sufficient premium is not paid by the end of the grace period, the insured's coverage will lapse. The grace period does not apply to the first premium payment. What is the amount of the death benefit during the grace period? The death benefit amount provided under this policy will be paid if death occurs during the grace period. Policy Charges -------------- What type of charges are there under this policy? Charges under this policy are those which we assess against the premiums and the account value under this policy and the separate account assets attributable to this policy. What charges are assessed against premiums? Against premiums paid, we will assess: (1) a sales load, (2) a federal tax charge, and (3) a state premium tax charge as percentage-of-premium charges.
View Source

Examples of PAYMENTS OF A SPECIFIED AMOUNT in a sentence

  • OPTION H - PAYMENTS OF A SPECIFIED AMOUNT Equal income installments of a specified amount are paid until the principal sum remaining under this option from the amount applied is less than the amount of the installment.

  • PAYMENTS OF A SPECIFIED AMOUNT: Monthly payments of a specified amount until the proceeds and interest are fully paid.

  • FEMALE 22-4061 TABLE 3 EQUAL PAYMENTS OF A SPECIFIED AMOUNT Equal monthly payments of at least $4.71 per month for each $1,000 of proceeds.

Related to PAYMENTS OF A SPECIFIED AMOUNT

  • Specified Amount of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the relevant currency unit on the Conversion Date. If after the Conversion Date the official unit of any Component Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed in such single currency, and such amount shall thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified Amount of such Component Currency shall be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement equal to the Dollar Equivalent of the Specified Amount of such former Component Currency at the Market Exchange Rate immediately before such division, and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If, after the Conversion Date of the relevant currency unit, a Conversion Event (other than any event referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency of such currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion Date of such Component Currency.

  • Annual Specified Amount means $400,000 escalated on each Anniversary Date by the percentage by which the CPI last published prior to such Anniversary Date has increased over the CPI last published prior to the grant of the Burswood Casino Licence.

  • Transaction Notional Amount means (A) in respect of any Transaction that is a cross currency hedge, the Base Currency Equivalent of the Currency Amount applicable to Party A’s payment obligations and (B) in respect of any other Transaction, the Base Currency Equivalent of the Notional Amount.

  • Calculation Amount means the Calculation Amount as specified in § 1 of the Product and Underlying Data.

  • Gross Settlement Amount means $950,000.00 which is the total amount Defendant agrees to pay under the Settlement except as provided in Paragraph 9 below. The Gross Settlement Amount will be used to pay Individual Class Payments, Individual PAGA Payments, the LWDA PAGA Payment, Class Counsel Fees, Class Counsel Expenses, Class Representative Service Payment and the Administrator’s Expenses.