Sentences with phrase «contingent event benefit»

Unpredictable Contingent Event Benefit (UCEB)(for Single - Employer Plans only)- Any pension benefit or benefit increase that is payable on account of a full or partial shutdown of a plant or facility, a permanent layoff, or a similar permanent workforce reduction.

Not exact matches

Most commonly, this provision defines whether the primary or the contingent (secondary) beneficiary is to receive the death benefit in the event that both the insured and primary beneficiary die as a result of a common disaster.

A contingent beneficiary is the individual (s) designated to receive a death benefit in the event the primary beneficiary (ies) is / are no longer living at the time the insured or annuitant dies.

So this is how riders work — Rider + insurance plan = enhanced cover As you would have understood by now — riders are contingent in nature.They are «activated» by specific events — the events they are meant to cover.If and when the event is triggered, the policyholder receives the rider benefit.