Common use of EXCHANGES OF ANNUITY Clause in Contracts

EXCHANGES OF ANNUITY. UNITS The owner may exchange annuity units of one subaccount for those of another on a dollar equivalent basis. However, no annuity units in the subaccounts may be exchanged for annuity units in the fixed interest option. In addition, no annuity units in the fixed interest option may be exchanged for annuity units in the subaccounts. The following rules apply to exchanges: a) The exchange request may be by telephone or in writing on a form acceptable to us; b) The exchange will take effect as of the end of the valuation period during which we receive the request at our office; c) The owner may exchange annuity units among the subaccounts an unlimited number of times in a contract year.