Allocation of Premium Payments. Premium payments may be applied to various Investment Options, which we make available. For each premium payment, You must indicate what percentage to allocate to various Investment Options. Each percent may be either zero or any whole number; however, the allocation among all accounts must total 100%. You may change the allocation of premium payments to various Investment Options by providing us notice containing the facts that we need. Premium payments received after the date on which we receive Your notice will be applied on the basis of the new allocation.
Allocation of Premium Payments. Premium payments, minus any applicable Premium Tax We may deduct, will be allocated to each Account according to Your instructions subject to Our minimum amount(s) then in effect. Any subsequent premium payments will be allocated to Accounts in accordance with the most recent premium allocation instructions that We received.
Allocation of Premium Payments. The Contract Owner shall specify that portion of any premium payment to be allocated to each Account, provided, however, that the minimum allocation to any Account may not be less than the Company’s minimum amount then in effect.
Allocation of Premium Payments. Premium payments, minus any applicable Premium Tax We may deduct, will be allocated to each Account according to Your instructions subject to Our minimum amount(s) then in effect. Any subsequent premium payments will be allocated to Accounts in accordance with the most recent premium allocation instructions that We received. ACCOUNTS You may transfer Contract Values held in the Sub-Accounts into other Sub- PROVISIONS Accounts. We reserve the right to limit the number of transfers to no more than 12 per Contract Year with no two transfers being made on consecutive Valuation Days. The right to make transfers between Sub-Accounts is subject to modification if We determine, in Our opinion, that exercising that right by one or more Contract Owners is, or would be, to the disadvantage of other Contract Owners. Any modification could be applied to transfers to or from some or all of the Sub-Accounts and could include, but not be limited to:
Allocation of Premium Payments. The Contract Owner shall specify that portion of any premium payments to be allocated to each Account, provided, however, that the minimum allocation to any Account may not be less than the Company's minimum amount then in effect. PREMIUM PAYMENTS (Continued) The Contract Owner may transfer Contract Values held in the Accounts into other Accounts: however, the Company reserves the right to limit the number of transfer to no more frequently than 12 per Contract Year with no two transfers being made on consecutive Valuation Days. Subject to the following two paragraphs, any such limitations will apply to all Contract Owners. The right to reallocate Contract Values between the Accounts is subject to modification if the Company determines, in its sole opinion, that the exercise of that right by one or more Contract Owners is, or would be, to the disadvantage of other Contract Owners. Any modification could be applied to transfers to or from some or all of the Accounts and could include, but not be limited to, the requirement of a minimum time period between each transfer, not accepting transfer requests of an agent acting under a power of attorney on behalf of more than one Contract Owner, or limiting the dollar amount that may be transferred between the Accounts by a Contract Owner at any one time. Such restrictions may be applied in any manner reasonably designed to prevent any use of the transfer right which is considered by the Company to be to the disadvantage of other Contract Owners. The maximum amount transferable from the Fixed Account during any Contract Year is the greater of 30% of the Fixed Account balance as of the last Contract Anniversary or the greatest of any prior transfer from the Fixed Account. This limitation does not apply to Dollar Cost Averaging. However, if any interest rate is renewed at a rate at least one percentage point less than the previous rate, the Contract Owner may elect to transfer up to 100% of the Funds receiving that reduced rate within 60 days of notification of the interest rate decrease. Transfers may not be made from the Sub-Accounts into the Fixed Account for the six-month period following any transfer from the Fixed Account into the other Sub-Account. The Company reserves the right to defer transfers from the Fixed Account for up to six months from the date of request. CONTRACT CONTROL PROVISIONS ANNUITANT, CONTINGENT ANNUITANT, CONTRACT OWNER The Annuitant may not be changed. The designations of Contract Owner an...
Allocation of Premium Payments. Upon receipt by the Company at its Servicing Office, each Premium Payment will be added to the Annuity Account established under the contract. The Annuity Account is described under the "Annuity Account" provision and is comprised of Fixed Account Sub-Account(s) and Variable Account Sub-Account(s). The Initial Premium Payment will be allocated to one or more such Sub-Accounts in accordance with the allocation percentages specified by the Owner and shown in the Contract Specifications, provided such allocations to Fixed and/or Variable Accounts conform to the Company's minimum deposit requirements in effect as of the Date of Issue. (The Dollar Cost Averaging Option may be utilized with the Initial Premium Payment). Subsequent Premium Payments will be allocated as directed by the Owner. If no direction is given, the allocation percentages will be that which has been most recently directed for payments by the Owner. If a portion of the most recent previous Premium Payment was allocated to the Fixed Account and the allocation percentages when applied to a Subsequent Premium Payment does not produce an amount which meets the Fixed Account minimum requirements, the Company will promptly seek further instructions from the Owner regarding allocation of the premium or otherwise return the applicable portion of such Premium Payment as provided by law. (The Dollar Cost Averaging Option may be utilized with a Subsequent Premium Payment if it is sufficient). Each Premium Payment allocated to the Fixed Account is treated separately for purposes of guaranteed interest rates, withdrawal charges, specified time intervals, and guaranteed benefit dates.
Allocation of Premium Payments. We will invest the net premium payments in the fixed account and the sub-accounts you selected on the application. Allocations are made according to the selections you made on the application unless you have changed your allocations in accordance with this provision. Your allocation selections must be in whole percentages from 0% to 100%. The total allocation must equal 100%. You may change your allocation percentages at any time by making a written request in a form satisfactory to us. We will establish a maximum number of sub-accounts to which you may allocate net premium payments. All net premium payments not requiring underwriting will be allocated to the fixed account and the sub-accounts as of the date payments are received by us. Premium payments requiring underwriting will not be credited with interest or earnings. Net premium payments requiring underwriting will be allocated to the sub-accounts and fixed account as of the date underwriting approval is received and all outstanding requirements have been completed. We reserve the right to allocate premium payments to the fixed account during the Right to Examine Your Policy period. Transfer of premiums from the fixed account at the end of the Right To Examine Your Policy period will not be considered one of your free transfers and will not be subject to the fixed account transfer restrictions described in the Transfer and Transfer Fee provision.
Allocation of Premium Payments. This Contract allows You to allocate Net Premium Payments to any Subaccount of the Separate Account and the Fixed Account subject to any minimum allocation amounts established by the Company. The initial Premium Payment will be allocated as specified in Your application. The same allocations will be made for each subsequent payment unless You change the allocations by Written Request or, at the time of a Premium Payment, You instruct Us to allocate that payment differently.
Allocation of Premium Payments. You shall specify that portion of any premium payment to be allocated to each Sub-Account, provided, however, that the minimum allocation to any Sub-Account is not less than Our minimum amount then in effect. Any subsequent premium payments will be allocated to Sub-Accounts in accordance with the most recent premium allocation instructions that We received.
Allocation of Premium Payments. A. On or before the due date of each Policy premium, or within the grace period provided therein, the Bank shall pay the full amount of the premium to the issuer, and shall, upon request, promptly furnish the Executive evidence of timely payment of such premium.
B. Executive shall reimburse the Bank through payroll deduction for that portion of the total annual premiums payable on the Policy which is equal to the amount (as determined under Subparagraph C, below) that would be includible in the Executive's gross income for federal income tax purposes if the Bank had paid the entire annual premium. For purposes of this Agreement, therefore, the portion of the annual premium equal to this amount shall be treated as paid by the Executive, and the balance of the annual premium shall be treated as paid by the Bank.
C. For purposes of this Agreement, the amount that would be taxable to Executive from payment of the annual premiums by the Bank shall be equal to the annual cost of current life insurance protection on the life of Executive, measured by the lower of the PS 58 rate, set forth in Rev. Rul. 55-747, 1955-2 C.B. 228 (or the corresponding applicable provision of any future Revenue Ruling), or the issuer's current published premium rate for annually renewable term insurance for standard risks.
D. Executive shall receive supplemental cash compensation from the Bank for each regular payroll period for which an amount is deducted from his salary pursuant to Subparagraph A, above. The amount of such supplemental compensation shall be equal to the quotient obtained by dividing the amount required to be deducted from his salary pursuant to Subparagraph A, above, by sixty-four one-hundredths (0.64).
