ACCUMULATION PROVISIONS Sample Clauses
Accumulation provisions define how certain amounts, such as insurance benefits, liabilities, or deductible periods, are aggregated over a specified timeframe or across multiple events. In practice, these provisions might allow claims or losses from separate incidents within a policy period to be combined for the purpose of meeting a deductible or policy limit. This mechanism ensures that parties are not unfairly penalized for multiple small events and provides clarity on how thresholds are reached, ultimately streamlining claims processing and risk allocation.
ACCUMULATION PROVISIONS. SEPARATE ACCOUNT ACCUMULATION VALUE The Separate Account Accumulation Value under the Certificate shall be the sum of the values of the Accumulation Units held in the Variable Accounts for the Participant. NUMBER OF ACCUMULATION UNITS For each Variable Account, the number of Accumulation Units is the sum of: Each Purchase Payment and transfer allocated to the Variable Account, reduced by applicable premium taxes, if any: Divided by The Accumulation Unit Value for that Variable Account as of the Valuation Period in which the Purchase Payment or transfer amount is received. The number of Accumulation Units will be similarly adjusted for withdrawals, annuitizations, transfers, and charges. Adjustments will be made as of the end of the Valuation Period in which We receive all requirements for the transaction, as appropriate. ACCUMULATION UNIT VALUE (AUV) The AUV of a Variable Account for any Valuation Period is calculated by subtracting (2) from (1) and dividing the result by (3) where:
(1) is the total value at the end of the given Valuation Period of the assets attributable to the Accumulation Units of the Variable Account minus the total liabilities; (2) is the cumulative unpaid charge for assumption of mortality expense and distribution expense risks (See CHARGES AND DEDUCTIONS); (3) is the number of Accumulation Units outstanding at the end of the given Valuation Period. FIXED ACCOUNT ACCUMULATION VALUE Under a Certificate, the Fixed Account Accumulation Value shall be the sum of all monies allocated or transferred to the Fixed Account, reduced by any applicable premium taxes, plus all interest credited on the Fixed Account during the period that the Certificate has been in effect. This amount shall be adjusted for withdrawals, annuitizations, transfers, and charges. FIXED ACCOUNT GUARANTEE PERIOD OPTIONS For any amounts allocated to the Fixed Account, the Participant will select the duration of the Guarantee Period(s) from those listed on the Certificate Data Page. Such amounts will earn interest at the Current Interest Rate for the chosen duration, compounded annually during the entire Guarantee Period. In no event will the Current Interest Rate be less than the Subsequent Guarantee Rate specified on the Certificate Data Page. Each deposit allocated to the Fixed Account will have its own Guarantee Period and Current Interest Rate. You may allocate Purchase Payments, or make transfers from the Variable Account Options, to the Fixed Account at any time pr...
ACCUMULATION PROVISIONS. An Owner may not allocate Contract Values to more than eighteen Contract Options at any one time. The Company may waive this restriction at its discretion.
ACCUMULATION PROVISIONS. Before the Annuity Date, the Contract Value is the sum of the Separate Account Accumulation Value and the Fixed Account Accumulation Value. If Your Contract Value falls below $2,500 as a result of taking partial Withdrawals, subject to applicable state and federal laws, rules and regulations, We may terminate Your Contract and send You the remaining dollar amount.
ACCUMULATION PROVISIONS. Before the Annuity Date, the Contract Value is the sum of the Separate Account Accumulation Value and the Fixed Account Accumulation Value. If Your Contract Value falls below $2,500 as a result of taking partial Withdrawals, subject to applicable state and federal laws, rules and regulations, We may terminate Your Contract and send You the remaining dollar amount. FS-993-PPS7 (12/10) 8 The Separate Account Accumulation Value under the Contract is the sum of the Accumulation Unit Values held in the Variable Portfolios for You. The Company does not hold itself out to be a trustee of the Separate Account.
ACCUMULATION PROVISIONS. SEPARATE ACCOUNT ACCUMULATION VALUE The Separate Account Accumulation Value under the Certificate shall be the sum of the values of the Accumulation Units held in the Subaccounts for the Participant.
ACCUMULATION PROVISIONS. NET PURCHASE PAYMENT We may deduct from any purchase payment applicable premium taxes or we may defer deduction of the taxes until the Annuity Date, if permitted by state law. The remaining balance is the net purchase payment. ALLOCATION OF NET PURCHASE PAYMENTS The net purchase payments will be allocated among the Divisions of the Separate Accounts in the proportion shown in the application or as you may choose at a later date. You may date. You may elect an allocation to a Division in whole percents between zero percent and 100 percent totalling 100%. The minimum initial allocation to any Division must be at least $500. Such allocations may be changed at any time by Written Request submitted to us at our Annuity Service Office. Any allocation change will take effect with the first purchase payment received with or after our receipt of a Written Request for change and will continue in effect until subsequently changed. If any portion of purchase payments is received for allocation to a Division no longer offered by us, we will contact you to secure new allocations. If we are unable to contact you within 5 days of our receipt of your purchase payment we will return that portion to you. ACCUMULATION UNITS IN THE DIVISIONS We will establish an account in your name for each Division to which you allocate net purchase payments or transfer amounts. Net purchase payments and transfer amounts are allocated to Divisions and credited to your accounts in the form of Accumulation Units. The number of Accumulation Units that we will credit to each account is determined by dividing the portion of the net purchase payment or transfer amount for that account by the Accumulation Unit value for that Division at the end of the Valuation Period during which the net purchase payment or transfer request is received by us at our Annuity Service Office. The number of Accumulation Units credited in connection with the first net purchase payment is determined as of the end of the Valuation Period during which the Date of Issue falls. The number of Accumulation Units determined will not be affected by any subsequent changes in the values of the Accumulation Units. The Accumulation Unit value of the Divisions may increase or decrease from day to day based on investment results. The number of Accumulation Units in any account will be increased at the end of a Valuation Period by any net purchase payments allocated to the corresponding Division during that Valuation Period and by any ...
ACCUMULATION PROVISIONS. SEPARATE ACCOUNT ACCUMULATION VALUE The Separate Account Accumulation Value under the Contract shall be the sum of the values of the Accumulation Units held in the Subaccounts for the Owner. NUMBER OF ACCUMULATION UNITS For each Subaccount, the number of Accumulation Units is the sum of each Purchase Payment and/or transfer amount allocated to the Subaccount: Divided by The Accumulation Unit value for that Subaccount for the NYSE business day on which the Purchase Payment or transfer amount is allocated. The number of Accumulation Units will be similarly adjusted for withdrawals, annuitizations, transfers and charges. Adjustments will be made as of the NYSE business day on which We receive all requirements for the transaction, as appropriate. ACCUMULATION UNIT VALUE (AUV) The AUV of a Subaccount for any NYSE business day is calculated by subtracting (2) from (1) and dividing the result by (3) where:
(1) is the total value for the given NYSE business day of the assets attributable to the Accumulation Units of the Subaccount, minus the total liabilities; (2) is the cumulative unpaid charge for assumption of Expense Risk, Mortality Risk and Guaranteed Death Benefit Risk charges (See CHARGES AND DEDUCTIONS); and (3) is the number of Accumulation Units outstanding at the end of the given NYSE business day. FIXED ACCOUNT ACCUMULATION VALUE Under the Contract, the Fixed Account Accumulation Value shall be the sum of all monies then invested in the Fixed Account Option(s) plus all interest credited thereto. This amount shall be adjusted for withdrawals, annuitizations, transfers and applicable charges. The Fixed Account Accumulation Value shall not be less than the minimum values required by law in the state where this Contract is issued. FIXED ACCOUNT GUARANTEE PERIOD OPTIONS AND INTEREST CREDITING Any amounts allocated to the Fixed Account Options from the initial Purchase Payment will earn interest at the Initial Interest Rate for the Fixed Account Option(s) selected for the duration of the Guarantee Period. Subsequent Purchase Payments allocated to the Fixed Account Options will earn interest at the Current Interest Rate for the Fixed Account Option(s) selected for the duration of the Guarantee Period.
ACCUMULATION PROVISIONS. SEPARATE ACCOUNT ACCUMULATION VALUE The Separate Account Accumulation Value under the Contract shall be the sum of the values of the Accumulation Units held in the Subaccounts for the Owner. NUMBER OF ACCUMULATION UNITS For each Subaccount, the number of Accumulation Units is the sum of each Purchase Payment and/or transfer amount allocated to the Subaccount: Divided by The Accumulation Unit value for that Subaccount for the NYSE business day on which the Purchase Payment or transfer amount is allocated. The number of Accumulation Units will be similarly adjusted for withdrawals, annuitizations, transfers and charges. Adjustments will be made as of the NYSE business day on which We receive all requirements for the transaction, as appropriate. ACCUMULATION UNIT VALUE (AUV) The AUV of a Subaccount for any NYSE business day is calculated by subtracting (2) from (1) and dividing the result by (3) where:
ACCUMULATION PROVISIONS. (Continued)
ACCUMULATION PROVISIONS. SEPARATE ACCOUNT ACCUMULATION VALUE The Separate Account Accumulation Value under the Contract shall be the sum of the values of the Accumulation Units held in the Subaccounts for the Owner. NUMBER OF ACCUMULATION UNITS Your Contract is credited with Accumulation Units of the Separate Account when Purchase Payments are allocated to the Subaccounts. For that portion of each Purchase Payment allocated to a Subaccount, the number of Accumulation Units credited is equal to the sum of each Purchase Payment, any Payment Enhancement and/or transfer amount allocated to that Subaccount, reduced by premium taxes, if any: DIVIDED BY The Accumulation Unit value for that Subaccount for the NYSE business day on which the Purchase Payment, Payment Enhancement or transfer amount is allocated. The number of Accumulation Units will be similarly adjusted for withdrawals, annuitizations, transfers, Contract Administration Charge and Withdrawal Charge. Adjustments will be made as of the end of the NYSE business day in which We receive all requirements for the transaction, as appropriate. ACCUMULATION UNIT VALUE (AUV) The AUV of a Subaccount for any NYSE business day is calculated by subtracting (2) from (1) and dividing the result by (3) where: