METHOD OF DEDUCTING MORTALITY AND EXPENSE RISK AND RIDER CHARGES Sample Clauses

METHOD OF DEDUCTING MORTALITY AND EXPENSE RISK AND RIDER CHARGES. The Minimum Charge for mortality and expense risk as shown on the Contract Data page will be computed and deducted from each Subaccount on each Valuation Date. The Minimum Charge is factored into the Accumulation Unit Values on each Valuation Date. Any charge for mortality and expense risk or Riders above the Minimum Charge ("Excess Charge") will be deducted from monthly dividends paid by, and reinvested in, the respective Subaccounts. Dividends are declared by SBL and paid monthly by the Subaccounts for the purpose of deducting any applicable Excess Charge. The amount of the Excess Charge is determined by adding:
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METHOD OF DEDUCTING MORTALITY AND EXPENSE RISK AND RIDER CHARGES. The Minimum Charge for mortality and expense risk as shown on the Contract Data page will be computed and deducted from each Subaccount on each Valuation Date. The Minimum Charge is factored into the Accumulation Unit Values on each Valuation Date. Any charge for mortality and expense risk or Riders above the Minimum Charge ("Excess Charge") will be deducted from monthly dividends paid by, and reinvested in, the respective Subaccounts. Dividends are declared by SBL and paid monthly by the Subaccounts for the purpose of deducting any applicable Excess Charge. The amount of the Excess Charge is determined by adding: the total charge for all Riders selected by the Owner; and the applicable mortality and expense risk charge; and subtracting the Minimum Charge. The applicable mortality and expense risk charge, which is based upon the amount of Contract Value as of the date the charge is deducted, is shown on the Contract Data page. The Excess Charge is a percentage on an annual basis of Contract Value allocated to each Subaccount as of the Payable Date. SBL will declare a dividend for each Subaccount on one Valuation Date of each calendar month ("Record Date"). SBL will pay the dividend on a subsequent Valuation Date ("Payable Date") within five Valuation Dates of the Record Date. Such dividend will be declared as a dollar amount per Accumulation Unit. For each Subaccount, any Owner as of the Record Date will receive on the Payable Date a net dividend equal to: the amount of dividend per Accumulation Unit; times the number of Accumulation Units allocated to the Subaccount as of the Record Date; less the amount of the Excess Charge for that Subaccount; provided that SBL will not deduct any Excess Charge from the first dividend following the Contract Date. The net dividend will be reinvested on the Payable Date at the Accumulation Unit Value determined as of the close of the Payable Date in Accumulation Units of the Subaccount. SBL reserves the right to compute and deduct the Excess Charge from each Subaccount on each Valuation Date in lieu of the method discussed above, in which event the charge would be factored into the Accumulation Unit Values on each Valuation Date. Assuming Contract Value of $50,000 allocated to the Equity Subaccount and no Riders, the Excess Charge would be computed as follows: Mortality and Expense Risk Charge; plus 0.70% Riders; less + N/A Minimum Charge - 0.60% Excess Charge on Annual Basis 0.10% Further assuming 5,000 Accumulation Unit...
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