Covered Fund Value Sample Clauses
The "Covered Fund Value" clause defines how the value of a covered fund is determined for the purposes of the agreement. Typically, this involves specifying the method of valuation, such as using the most recent net asset value or another agreed-upon metric, and may outline the frequency and timing of such valuations. This clause ensures both parties have a clear and consistent basis for calculating obligations, fees, or limits related to the covered fund, thereby reducing disputes and promoting transparency in financial dealings.
Covered Fund Value. The value of assets allocated to a Variable Account invested in a Covered Fund. The Covered Fund Value reflects a return based upon the investment experience of the Covered Funds and will increase or decrease accordingly. Covered Person(s) - For purposes of this Contract, the person(s) whose age determines the Guaranteed Annual Withdrawal Percentage and on whose life the Guaranteed Annual Withdrawal will be based. If there are two Covered Persons, the Guaranteed Annual Withdrawal Percentage will be based on the age of the younger life and the Installments can continue until the death of the second life. A joint Covered Person must be the Plan Participant’s spouse and the sole designated beneficiary under the Plan. Distribution - An amount paid to a GLWB Participant from a Covered Fund pursuant to the terms of the Plan and the Code. ERISA - Employee Retirement Income Security Act of 1974, as amended. Excess Withdrawal - An amount either distributed or transferred from the Covered Fund(s) during the Accumulation Phase, or any amount combined with all other amounts that exceeds the ▇▇▇ during the Withdrawal Phase. An Excess Withdrawal reduces the Benefit Base, pursuant to Section 8.04 and Section 9.06. Neither the Guarantee Benefit Fee nor any other fees and charges assessed against the Covered Fund Value will be treated as a Distribution or Excess Withdrawal for this purpose. General Account - Great-West’s assets other than those held in the Separate Account or any other segregated investment account. GLWB Participant - A Plan Participant, Alternate Payee or Beneficiary who is: (i) eligible to enroll under the Contract and purchase the GLWB; (ii) invested in Covered Fund(s); and (iii) a Covered Person. GLWB Participant Account Value - The sum of the values of each division of the Variable Annuity-8 Series Account held under the Contract on behalf of a GLWB Participant. The GLWB Participant Account Value reflects a return based upon the investment experience of each of the Variable Accounts selected and will increase or decrease accordingly.
Covered Fund Value. The aggregate value of assets allocated to Variable Accounts invested in Covered Funds. The Covered Fund Value reflects a return based upon the investment experience of the Covered Funds and will increase or decrease accordingly. The Covered Fund Value is only used to calculate the Benefit Base. [SecureFoundation VA] ▇▇▇ - 1 - Covered Person(s) – For purposes of this Contract, the person(s) whose age determines the Guaranteed Annual Withdrawal Percentage and on whose life the Guaranteed Annual Withdrawal Amount will be based. If there are two Covered Persons, the Guaranteed Annual Withdrawal Percentage will be based on the age of the younger life and the Installments can continue until the death of the second life. A joint Covered Person must be the Owner’s spouse and the sole designated beneficiary under the Contract.