Interest Credited. The Company guarantees that the interest credited during the first Policy Year to the initial Net Premiums allocated to the Fixed Account will be at a rate not less than the Initial Annual Effective Interest Rate for the Fixed Account shown on the Policy Schedule. For subsequent Net Premiums allocated to the Fixed Account or Policy Value transferred to the Fixed Account, the guaranteed interest rate applicable will be the annual effective interest rate in effect on the date we receive the subsequent Net Premium or the date the transfer is made. Such guaranteed interest rate will apply to such amounts for a twelve-month period which begins on the date the Net Premium is allocated or the date the transfer is made. After the guaranteed interest rate expires, we will credit interest on the Fixed Account Value attributable to such Net Premiums and transfers at the current interest rate in effect. New current interest rates are effective for such Fixed Account Value for 12 months from the time they are first applied. The Initial Annual Effective Interest Rate and the current interest rates the Company will credit are annual effective interest rates of not less than the annual Guaranteed Interest Rate for Fixed Account shown on the Policy Schedule. For purposes of crediting interest, amounts deducted, transferred or withdrawn from the Fixed Account will be accounted for on a “first-in, first-out” (FIFO) basis. We reserve the right to apply different interest rate guarantees to certain amounts credited to the Fixed Account. Interest shall be credited to the Fixed Account on a daily basis. Variable Account: The Protective Variable Life Separate Account is a separate investment account of the Company used to fund variable life insurance benefits and to which Policy Value may be transferred or into which Net Premiums may be allocated. The variable benefits under this Policy are provided through the Variable Account. The Variable Account is registered with the Securities and Exchange Commission (the “SEC”) as a unit investment trust under the Investment Company Act of 1940. The portion of the assets of the Variable Account equal to the reserves and other contract liabilities of the Variable Account are not chargeable with the liabilities arising out of any other business the Company may conduct. We have the right to transfer to our General Account any assets of the Variable Account which are in excess of such reserves and other liabilities. The assets of the Variable ...
Interest Credited. Surrenders by State (d) Death Claims by State (e) Any other Policyholder Benefits Paid by State.
Interest Credited. The Lender shall pay interest on the tax account referred to in 1.8.2 at the average of the rates paid by chartered banks to customers with a savings and chequing account, calculated at least once a year.
Interest Credited. Surrenders by State
Interest Credited. The guaranteed rate of interest for the Fixed Account options is an annual effective rate of at least [three] percent ([3]%) per year. We may, at any time, pay a higher current interest rate for any of the Fixed Account options. Such higher rate would be as declared by our Board of Directors from time to time. Interest on amounts held under a Fixed Account option is earned daily. We will stop crediting interest on an amount as of the date that it is transferred, withdrawn, surrendered, or applied to charges. We will stop crediting interest on an amount that is applied to a settlement option as of the Commencement Date. The interest rate credited to each Purchase Payment allocated to the Fixed Accumulation Account will not be changed for at least twelve (12) months following the date on which it was received. The interest rate credited to an amount that is held under a Fixed Account option that has a guarantee period will not be changed until the end of that period. The guarantee period is measured from the date that the amount is allocated or transferred to that option. An amount that is allocated or transferred to a Fixed Account option that has a guarantee period will mature at the end of that period. When an amount matures, a Participant may transfer it to any of the Fixed Account options or Sub-Accounts that are then available to him or her under this Contract. To do so, a Written Request must be received within the thirty (30) day period that ends on the date that the amount matures. If a Participant does not transfer the amount, then it will be applied to a new guarantee period under the same Fixed Account option if it is then available to him or her. The interest rate for the new period will be the then current rate for that option. If that option is not available, then the amount will be transferred to the Fixed Accumulation Account. Such a transfer or renewal will be effective on the day after the amount matures.
Interest Credited. Where the Lender administers a Tax Account on behalf of the Borrower it is agreed that the Lender shall allow the Borrower interest at not less than the prevailing rate published by the Royal Bank of Canada on personal savings deposits with chequing privileges, on the minimum monthly balances standing in the Tax Account from time to time to the credit of the Borrower for payment of taxes, such interest to be credited monthly to the Tax Account.
Interest Credited. The Initial Interest Rate for the Initial Premium is shown on the Contract Data Page and is applicable to the Initial Premium and any associated Premium Bonus allocated to this Account. The Minimum Guaranteed Interest Rate is stated on the Contract Data Page. Interest is compounded annually. We may credit excess interest to this Account while the Contract is in force and before the Proceeds have been paid. Excess interest will be declared in advance and will not be changed more frequently than once during any 12-month period. In case of full or Partial Surrender or transfers out of the Account, interest will be credited on the portion of the Account Accumulation Value surrendered or transferred up to the transaction date. The Account Accumulation Value at any date within a Contract Year will be determined by us with allowance for the time elapsed in the Contract Year. SPECIMEN
Interest Credited. We will credit interest to Accumulation Value held in the General Account as follows: periodically, but not less than annually, We will declare interest rates that apply either to the entire Accumulation Value held in the General Account, or separately to amounts accumulated in separate time periods. We guarantee that the interest to be credited will not be less than the Minimum Guaranteed Interest Rate shown on the Contract Schedule. We may credit additional interest at Our discretion.
Interest Credited. Participant loans are deemed to be investments made solely for the benefit of the account of the Participant under the Plan. Thus, all interest paid with respect to any Participant loan is credited to the account of the Borrower, and any loss or other expense associated with any such loan is borne by the account of the Borrower.
Interest Credited. Interest is compounded annually. We may credit excess interest to the Fixed Account while the Contract is in force and before the Proceeds have been paid. Excess interest will be declared in advance and will not be changed more frequently than once during any 12-month period. In case of full or Partial Surrender or transfers out of the Fixed Account, interest will be credited on the portion of the Account Accumulation Value surrendered or transferred up to the transaction date. The Account Accumulation Value at any date within a Contract Year will be determined by us with allowance for the time elapsed in the Contract Year.
