Initial Purchase Payment. The Initial Purchase Payment is all Purchase Payments we receive on the Issue Date and is shown on the Contract Schedule. The Initial Purchase Payment cannot be greater than the Maximum Total Purchase Payments shown on the Contract Schedule without our approval. Additional Purchase Payments are Purchase Payments we receive during the Accumulation Phase and before the first Valid Claim. Additional Purchase Payments must be greater than or equal to the Minimum Additional Purchase Payment shown on the Contract Schedule. We may decline any Additional Purchase Payment. Each Index Year during the Accumulation Phase total Purchase Payments cannot be greater than the total amount of Purchase Payments received before the first Quarterly Contract Anniversary. You may pay Additional Purchase Payments up to that amount for the remainder of the first Index Year. Total Purchase Payments cannot be greater than the Maximum Total Purchase Payments without our prior approval. This contract is not in default if you do not make Additional Purchase Payments.
Appears in 3 contracts
Samples: Individual Flexible Purchase Payment Variable Deferred Annuity Contract (Allianz Life Insurance Co of North America), Individual Flexible Purchase Payment Variable Deferred Annuity Contract (Allianz Life Variable Account B), Individual Flexible Purchase Payment Variable Deferred Annuity Contract (Allianz Life Variable Account B)
Initial Purchase Payment. The Initial Purchase Payment is all Purchase Payments we receive on the Issue Date and is shown on the Contract Schedule. The Initial Purchase Payment cannot be greater than the Maximum Total Purchase Payments shown on the Contract Schedule without our prior approval. Additional Purchase Payments are Purchase Payments we receive during the Accumulation Phase and before the first Valid Claim. Additional Purchase Payments must be greater than or equal to the Minimum Additional Purchase Payment shown on the Contract Schedule. We may decline any Additional Purchase Payment. Each Index Year during the Accumulation Phase total Purchase Payments cannot be greater than the total amount of Purchase Payments received before the first Quarterly Contract AnniversaryAnniversary of the first Contract Year. You may pay Additional Purchase Payments up to that amount for the remainder of the first Index Year. Total Purchase Payments cannot be greater than the Maximum Total Purchase Payments without our prior approval. This contract is not in default if you do not make Additional Purchase Payments.
Appears in 2 contracts
Samples: Individual Flexible Purchase Payment Variable Deferred Annuity Contract (Allianz Life Insurance Co of North America), Individual Flexible Purchase Payment Variable Deferred Annuity Contract (Allianz Life Variable Account B)
