Common use of FIXED ACCOUNT Clause in Contracts

FIXED ACCOUNT. MINIMUM FIXED ALLOCATION The minimum allocation to the Fixed Account in any one Fixed Allocation is [$250.00]. MINIMUM GUARANTEED INTEREST RATE - [3%.] GUARANTEE PERIODS We currently offer Guarantee Periods of [1,2,3,4,5,6,7,8,9 and 10] year(s). We reserve the right to offer Guarantee Periods of durations other than those available on the Contract Date. We also reserve the right to cease offering a particular Guarantee Period or Periods. INDEX RATE The Index Rate is the average of the Ask Yields for the U.S. Treasury Strips as reported by a national quoting service for the applicable maturity. The average is based on the period from the 22nd day of the calendar month two months prior to the calendar month of Index Rate determination to the 21st day of the calendar month immediately prior to the month of determination. The applicable maturity date for these U.S. Treasury Strips is on or next following the last day of the Guarantee Period. If the Ask Yields are no longer available, the Index Rate will be determined using a suitable replacement method. We currently set the Index Rate once each calendar month. However, we reserve the right to set the Index Rate more frequently than monthly, but in no event will such Index Rate be based on a period less than 28 days. CREDIT ADDED TO PREMIUM A Credit will be added to each Premium Payment applied to the Accumulation Value. The Credit will be applied pro rata to each Variable Separate Account Division, Fixed Allocation or Guaranteed Interest Division in the same ratio as the applicable Premium Payment. The Credit is equal to [4%] of the Premium Payment applied to the Accumulation Value. In the following circumstances the Credit may not be payable: