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Common use of AMOUNT OF VARIABLE Clause in Contracts

AMOUNT OF VARIABLE. PAYMENTS The amount of the first payment under a variable payment option is equal to: a) the number of thousands of dollars of proceeds applied to the option;

Appears in 4 contracts

Samples: Settlement Agreement (Equitrust Life Annuity Account), Settlement Agreement (American Equity Life Annuity Account), Settlement Agreement (Farm Bureau Life Annuity Account)

AMOUNT OF VARIABLE. PAYMENTS The amount of the first payment under a variable payment option is equal to: : a) the number of thousands of dollars of proceeds applied to the option;; TIMES b) the factor per $1,000 for the option, from the "Variable Payment Option" tables. The amount of each later payment is equal to the number of annuity units times the applicable annuity unit value as of the end of the valuation period on the payment date selected.

Appears in 1 contract

Samples: Settlement Agreement (Farm Bureau Life Annuity Account)