Calculating your Interim Value Sample Clauses

Calculating your Interim Value. Examples 2A and 2B are intended to show how an Interim Value is calculated. An Interim Value Calculation will be made if you annuitize, die, make a withdrawal or Surrender your Contract before the Term End Date. In both examples, assume Owner 1 purchased the Contract before January 1, 2023 and allocates her $50,000 Purchase Payment to a 3-Year Term / Shield 10 / S&P 500® Index with a Cap Rate of 60%. The same assumptions apply to Owner 2, except Owner 2 purchased the Contract on or after January 1, 2023, Example 2A will illustrate an Interim Value calculation with positive Index Performance and Example 2B will illustrate an Interim Value calculation with negative Index Performance. For purposes of these examples, assume the activity that triggers the Interim Value calculation occurs exactly 90 days through the Term and that there are no withdrawals made as of the date the Interim Value is calculated. To see how we calculate Investment Amount after a withdrawal, please see “WITHDRAWAL PROVISIONS” and Example 3A. Example 2A—Positive Index Performance: Term Start Date Owner 1(Issued Contract Before January 1, 2023) Owner 2(Issued Contract On or After January 1, 2023) Investment Amount $50,000 $50,000 Shield Rate Shield 10 Shield 10 Cap Rate 60% 60% Index Value 500 500 Index Value 600 600 Index Performance(1) 20% 20% Accrued Cap Rate(2) 4.93% 19.73% Performance Rate(3) 4.93% 19.73% Performance Rate Adjustment(4) $2,465 $9,865 (2) Index Performance is equal to the percentage change in the Index Value measured from the Term Start Date to the date of the Interim Value calculation. Index Performance is calculated as follows: Owner 1: The Accrued Cap Rate is equal to the Cap Rate multiplied by the number of days elapsed since the Term Start Date divided by the total number of days in the Term. The Accrued Cap Rate is calculated as follows: Owner 2: The Accrued Cap Rate is equal to the Cap Rate multiplied by the greater of: (i) the Vested Period divided by the total number of days in the Term; or (ii) the number of days elapsed since the Term Start Date divided by the total number of days in the Term. The Accrued Cap Rate is calculated as follows: 60% [Cap Rate] x greater of (i) 360 [the Vested Period] ÷ 1,095 [total number of days in the Term]; or