THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK
RETURN OF PURCHASE PAYMENT DEATH BENEFIT RIDER
Notwithstanding any provision in the Contract to the contrary, this Rider is a part of the Contract to which it is attached. Should any provision in
this Rider conflict with the Contract, the provisions of this Rider will prevail.
Capitalized terms within this Rider that are not defined in this Rider are
defined or otherwise described in the Contract to which this Rider is attached, including any endorsements or other riders attached to such Contract.
This Rider replaces the “AMOUNT OF DEATH BENEFIT” and “SPOUSAL BENEFICIARY CONTINUATION” provisions under the
“DEATH BENEFIT PROVISIONS” section in the Contract.
TABLE OF CONTENTS
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| Rider Data Page: |
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[2] |
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| Definitions: |
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[3] |
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| Amount of Return of Purchase Payment Death Benefit: |
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[4-5] |
DEFINITIONS
For the purposes of this Rider, the following Definitions apply:
NET PURCHASE PAYMENT
Net Purchase Payment is a factor
used to calculate the Return of Purchase Payment Death Benefit.
SPOUSAL BENEFICIARY CONTINUATION CONTRIBUTION (“CONTINUATION CONTRIBUTION”) AMOUNT
The Continuation Contribution Amount is an amount by which the death benefit that would have been paid to the Spousal Beneficiary upon the
death of the original Owner exceeds the Contract Value as of the date the Required Documentation is received by Us. We will apply this amount, if any, to the Contract Value upon spousal continuation.
RETURN OF PURCHASE PAYMENT DEATH BENEFIT PROVISIONS
CALCULATION OF NET PURCHASE PAYMENT
Net Purchase Payment
equals the Purchase Payment received, reduced proportionately by the percentage by which each Withdrawal reduced the Contract Value.
CALCULATION OF THE RETURN
OF PURCHASE PAYMENT DEATH BENEFIT AMOUNT
At the time of Your death, We will pay a death benefit to the Beneficiary upon Our receipt of all
Required Documentation.
The return of purchase payment death benefit is the greater of (1) or (2) where:
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1. |
is the Contract Value; or |
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2. |
is the Net Purchase Payment. |
SPOUSAL BENEFICIARY CONTINUATION CONTRIBUTION
If
eligible, the Spousal Beneficiary may elect to continue the Contract to which this Rider is attached. On the Continuation Date, We will contribute to the Contract Value, an amount by which the death benefit that would have been paid to the Spousal
Beneficiary exceeds the Contract Value, if any, as of the Business Day on which We receive all Required Documentation.
If the Spousal Beneficiary
continues the Contract to which this Rider is attached, no death benefit is paid out to the Spousal Beneficiary on the Continuation Date. Upon the Spousal Beneficiary’s death, We will pay a death benefit to the Beneficiary upon Our receipt of
all Required Documentation.
Any applicable Continuation Contribution Amount will be applied to the Contract Value proportionally according to the
current Allocation Account(s) on the day of the credit.
The Continuation Contribution Amount attributed to the Strategy Account Option(s) will
result in a dollar for dollar increase to the Interim Value for each Strategy Account Option. Additionally, the Strategy Base for each Strategy Account Option will increase in the same proportion as the increase to the Interim Value.
CALCULATION OF NET PURCHASE PAYMENT UPON SPOUSAL CONTINUATION
On the Continuation Date, if the Spousal Beneficiary is younger than the Spousal Beneficiary Continuation Age shown on the RIDER DATA PAGE and
the Return of Purchase Payment Death Benefit Amount is greater than the Net Purchase Payment, the Net Purchase Payment will increase to the Return of Purchase Payment Death Benefit Amount.
CALCULATION OF DEATH BENEFIT UPON SPOUSAL CONTINUATION
If the Spousal Beneficiary is younger than the Spousal Beneficiary Continuation Age shown on the RIDER DATA PAGE, on the Continuation Date, this
Rider will continue and the death benefit is equal to the greater of (1) or (2), where:
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1. |
the Contract Value on the Business Day during which We receive all Required Documentation; or |
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2. |
the Net Purchase Payment as of the Continuation Date, reduced proportionately for any withdrawals taken after the
Continuation Date by the percentage by which each such Withdrawal reduced the Contract Value. |
If the Spousal Beneficiary is the
Spousal Beneficiary Continuation Age, as shown on the RIDER DATA PAGE, or older on the Continuation Date, the Rider is terminated on the Continuation Date and the amount of the death benefit is the Contract Value on the Business Day during
which We receive all Required Documentation.
PERIODIC REPORTS
Before this Rider terminates and at least once during each Contract Year, We will send You a statement of the account activity of the Contract. Upon
Your request, we will provide You with additional status statements at no additional charge. The statement shall contain (1) the beginning and the end date of the report period, (2) the Contract Value, and the Interim Values, if any, at
the beginning and end of the period, (3) the Cash Value at the end of the report period, (4) a reconciliation of all financial transactions that occurred during the report period, and (5) the value of the Return of Purchase Payment
Death Benefit Amount at the end of the report period.
TERMINATION OF THIS RIDER
This Rider will terminate upon the occurrence of one of the following:
(1) Payment of the death benefit resulting in the termination of the Contract;
(2) the Contract Value is reduced to zero;
(3)
beginning an Income Plan; or
(4) on the Continuation Date, the Spousal Beneficiary’s Age meets or exceeds the Spousal Beneficiary
Continuation Age.
Signed for the Company to be effective on the Contract Date.
THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK
© The United States Life Insurance Company in the City of New York. All Rights Reserved.