CONTINGENT DEFERRED SALES. CHARGE (CDSC) -- Charges assessed on premature surrender of the Contract, calculated according to the Contract provisions.
CONTINGENT DEFERRED SALES. CHARGE (CDSC): The following schedule of CDSC shall apply to all Withdrawal Amounts.
CONTINGENT DEFERRED SALES. CHARGE (CDSC): CDSC (as a percentage of withdrawal amount) [6]% [6]% [6]% [6]% [5]% [4]% [4]% [3]% [2]% [1]% [0]% There will be no CDSC after the contract has been in force for [10] complete contract years.
CONTINGENT DEFERRED SALES. Charge will not be assessed. You may not surrender the Certificate after the Annuity Commencement Date. ELECTION OF ANNUITY OPTION You may elect any one of the annuity options described below or under any of the settlement options offered by Us at that time. In the absence of your election, the Net Surrender Value, without deduction for any Contingent Deferred Sales Charge, will be applied on the Annuity Commencement Date under the Fifth Option to provide a Payment for a Designated Period for 5 years. The Net Surrender Value is determined on the basis of the value of the Fixed Account as of the Annuity Commencement Date, and of the Accumulation Unit Value of each Sub-Account no later than the fifth Business Day preceding the date annuity payments are to commence. DATE OF PAYMENT The first annuity payment under the Annuity Option shall be made one month, (or the period selected for periodic payments: annual, semi-annual, quarterly, or monthly), following the Annuity Commencement Date. Subsequent payments shall be made on the same calendar day of the month as was the first payment, or the preceding day if no such day exists (e.g. September 31), in accordance with the payment period selected. ALLOCATION OF ANNUITY You may further elect to have the Net Surrender Value applied to a variable annuity, a fixed dollar annuity or a combination of both. Once every 3 months, following the Annuity Commencement Date, You may elect, in writing, to transfer among any Sub-Account(s) on which variable annuity payments are based. No transfers may be made between the Sub-Accounts and the General Account after the Annuity Commencement Date. If no election is made to the contrary, the value of each Sub-Account shall be applied to provide a variable annuity based thereon, and the value of the Fixed Account shall be applied to provide a fixed dollar annuity. VARIABLE ANNUITY AND FIXED DOLLAR ANNUITY VARIABLE ANNUITY - A variable annuity is an annuity with payments increasing or decreasing in amount in accordance with the net investment results of the Sub-Account(s) of the Separate Account (as described in the Valuation Provisions). After the first monthly payment for a variable annuity has been determined in accordance with the provisions of this Certificate (see Description of Tables), a number of Annuity Units is determined by dividing that first monthly payment by the appropriate Annuity Unit Value on the Annuity Commencement Date. The value of an Annuity Unit for each Sub-Acc...
CONTINGENT DEFERRED SALES. CHARGE A contingent deferred sales charge may be assessed on withdrawals from your Contract. The charge is a percentage of the amount withdrawn and is shown on the contract data page. When the withdrawal is for only part of your contract value, the charge will be deducted from the remaining contract value, unless you tell us otherwise. You can withdraw 10% of your contract value each Contract Year without a contingent deferred sales charge. The determination of whether more than 10% of the contract value has been withdrawn is made at the time of withdrawal. If you take more than one withdrawal in a Contract Year, the previous withdrawals in the Contract Year are added to the current contract value to determine whether more than 10% of the contract value has been withdrawn in that Contract Year. Contingent deferred sales charges will not be assessed on the following: • withdrawals, if the total amount withdrawn during the Contract Year does not exceed 10% of the contract value; • withdrawals taken for payment of the annual administration maintenance charge, withdrawal charges, transfer charges, or premium taxes; • repetitive withdrawals, if the withdrawals are equal or substantially equal and are expected to deplete the contract value over your life expectancy or the joint life expectancy of you and your Beneficiary; • annuity payments; • withdrawals taken on account of your death; and • withdrawals taken after you have been confined to a hospital or nursing home for 30 consecutive days if the withdrawal is taken: • during confinement; or • within 60 days after confinement ends. If you are confined to a hospital or nursing home on the contract date, you are not eligible for this waiver of contingent deferred sales charges until after the first Contract Year. We may require proof of confinement. Proof of confinement may include a billing statement from the hospital or nursing home showing the dates of confinement and service or a certification of confinement signed by your attending physician. Hospital may be defined in one of two ways: (1) a lawfully operated institution that is licensed as a hospital by the Joint Commission of Accreditation of Hospitals; or (2) a lawfully operated institution that provides in-patient treatment under the direction of a staff of physicians and has 24-hour per day nursing services. Nursing home is defined as a facility operated pursuant to state law that provides convalescent or chronic care for in-patients who, by reason of ...
CONTINGENT DEFERRED SALES. Charges With respect to redemptions of those Shares held in an Account that are subject to a Contingent Deferred Sales Charge (“CDSC”) according to the then current prospectus for such Shares:
