Common use of Duration Fixed Account Option Clause in Contracts

Duration Fixed Account Option. The Short Duration Fixed Account Option is a limited purpose Fixed Account Option used only for Intra-Term Performance Lock amounts. The interest rate credited to amounts in the Short Duration Fixed Account Option is the rate currently declared for the Short Duration Fixed Account Option. The interest rate is guaranteed until the next Contract Anniversary. In no event will the interest rate credited by the Company to the Short Duration Fixed Account Option be less than the FAMIR, as shown on the Contract Data Pages, per annum. On each Contract Anniversary, any Fixed Account Value in the Short Duration Fixed Account Option will be automatically transferred out of the Short Duration Fixed Account Option. If no other instructions are provided by the Owner, Short Duration Fixed Account Option value from an Intra-Term Performance Lock, including interest, will be allocated to a new Index Account Option with the same Index Account Option term, Index, Crediting Method, and negative Index Adjustment protection as the Index Account Option the Intra-Term Performance Lock was executed on, if it is available and does not extend beyond the LID.

Duration Fixed Account Option. The Short Duration Fixed Account Option is a limited purpose Fixed Account Option used only for Intra-Term Performance Lock amounts and spousal continuation adjustment amounts. The interest rate credited to amounts in the Short Duration Fixed Account Option is the rate currently declared for the Short Duration Fixed Account Option. The interest rate is guaranteed until the next Contract Anniversary. In no event will the interest rate credited by the Company to the Short Duration Fixed Account Option be less than the FAMIR, as shown on the Contract Data Pages, per annum. On each Contract Anniversary, any Fixed Account Value in the Short Duration Fixed Account Option will be automatically transferred out of the Short Duration Fixed Account Option. If no other instructions are provided by the Owner, Short Duration Fixed Account Option value from an Intra-Term Performance Lock, including interest, will be allocated to a new Index Account Option with the same Index Account Option term, Index, Crediting Method, and negative Index Adjustment protection as the Index Account Option the Intra-Term Performance Lock was executed on, if it is available and does not extend beyond the LID. If no other instructions are provided by the Owner, Short Duration Fixed Account Option value from a spousal continuation adjustment will be reallocated to the 1-Year Fixed Account Option.