Non-Qualified Contract Clause Samples

Non-Qualified Contract. A Contract other than a Qualified Contract that is purchased with after-tax funds. Notice Date – The day we receive proof of death and instructions for the Death Benefit payment in a form satisfactory to us.

Non-Qualified Contract. A contract that is issued apart from any Qualified Contract and therefore is not subject to the requirements of Sections 401, 403, 408, or 408A of the Internal Revenue Code, as amended. OWNER ("YOU," "YOUR"). The natural person(s) or legal entity(ies) that has all rights under the Contract, and is shown on the Contract Data Pages, or by subsequent designation. In this Contract, "You" and "Your" also mean the Owner. References to the Owner include the Joint Owners, if applicable. PERFORMANCE LOCK. An elective transaction that allows early transfer of Interim Value out of an Index Account Option to the Performance Lock Holding Account prior to the Index Account Option Term Anniversary. Performance Lock may not be available with all Crediting Methods. See the Crediting Method Endorsements for additional details. PERFORMANCE LOCK DATE. The Business Day on which Interim Value is reallocated to the Performance Lock Holding Account in connection with a Performance Lock. RILA315NY 8 DEFINITIONS (CONT'D) PERFORMANCE LOCK HOLDING ACCOUNT. A limited-purpose Fixed Account Option that is used for Performance Locks. Each Performance Lock Holding Account is defined by the Index Account Option from which the Performance Lock was performed. Amounts allocated to the Performance Lock Holding Account will earn a declared rate of interest. The Performance Lock Holding Account cannot be independently elected. PREMIUM. Money paid into this Contract for allocation into the Contract Options. PREMIUM ALLOCATION ANNIVERSARY. The Business Day on or immediately following each one-year anniversary of the Premium Allocation Date. PREMIUM ALLOCATION DATE. The date that initial or subsequent Premium is allocated to the 1-Year Fixed Account or any Index Account Option. PREMIUM YEAR. The twelve-month period beginning on the Premium Allocation Date and on any Premium Allocation Anniversary thereafter while the Contract remains in force. QUALIFIED CONTRACT. A retirement plan or contract which qualifies for favorable tax treatment under Sections 401, 403, 408, or 408A of the Internal Revenue Code, as amended. REDETERMINATION DATE. The date the FAMIR is reset as described in the Fixed Account Minimum Interest Rate provision and on the Contract Data Pages. It is the date each January that coincides with the Issue Date. For example, if Your Contract's Issue Date is May 23, the Redetermination Date will be January 23 each year following the Issue Date. REDETERMINATION PERIOD. The twelve-month peri...

Non-Qualified Contract. Any contract other than those described under the Qualified Contract definition in this Definitions section.

Non-Qualified Contract. A Contract other than a Qualified Contract. OWNER - The person(s) who has (have) all rights under this Contract. If your Contract names Joint Owners, Owner means both Joint Owners. Any named Owner must not have attained age 86 as of your Contract Date. If your Contract allows you to change or add Owners after the Contract is issued, any newly-named or added Owners, including Joint and/or Contingent Owners, must be under the age of 86 at the time of change or addition. PURCHASE PAYMENT (PREMIUM PAYMENT) - An amount paid to us by or on behalf of an Owner as consideration for the benefits provided under this Contract.

Non-Qualified Contract. A Contract other than a Qualified Contract that is purchased with after-tax funds. Notice Date — The day we receive proof of death and instructions for the Death Benefit payment in a form satisfactory to us. Owner and Joint Owner — The person(s) or entity with all rights to this Contract. If Joint Owners are named, all references to Owner means both Owners. Purchase Payment — The amount of money paid to fund the Contract.

Non-Qualified Contract. A Contract that does not qualify for the special federal income tax treatment applicable in connection with retirement plans or deferred compensation plans.

Non-Qualified Contract. A Contract used in connection with a retirement plan that does not receive favorable federal income tax treatment under Sections 401, 403, 408, or 408A of the Code. The Participant's interest in the Contract evidenced by this Certificate must be owned by a natural person or an agent for a natural person for the Contract to receive favorable income tax treatment as an annuity. OPEN DATE: The date on which the Company receives the Participant's Application in good order. OWNER: The person, persons or entity entitled to the ownership rights stated in the Contract and in whose name or names the Contract is issued. The Owner may designate a trustee or custodian of a retirement plan which meets the requirements of Section 401, Section 408(c), Section 408(k), or Section 408(p) of the Code to serve as legal owner of assets of a retirement plan, but the term Owner, as used herein, refers to the organization entering into the Contract.

Non-Qualified Contract. A Contract that does not qualify for the special federal income tax treatment applicable in connection with certain retirement plans. OWNER'S ACCOUNT. An account established for each Owner to which each Purchase Payment is credited. PAYOUT PERIOD. The period, starting with the Annuity Commencement Date, during which Annuity Payments are made by the Company. PREMIUM TAX. The amount of tax, if any, charged by a state or municipality on Purchase Payments or Contract values.

Non-Qualified Contract. A contract that is issued apart from any Qualified Contract and therefore is not subject to the requirements of Sections 401, 403, 408, or 408A of the Internal Revenue Code, as amended. OWNER ("YOU," "YOUR"). The natural person(s) or legal entity(ies) that has all rights under the Contract, and is shown on the Contract Data Pages, or by subsequent designation. In this Contract, "You" and "Your" also mean the Owner. References to the Owner include the Joint Owners, if applicable. PERFORMANCE LOCK. An elective transaction that allows early transfer of Interim Value out of an Index Account Option to the Performance Lock Holding Account prior to the Index Account Option Term Anniversary. Performance Lock may not be available with all Crediting Methods. See the Crediting Method Endorsements for additional details. PERFORMANCE LOCK DATE. The Business Day on which Interim Value is reallocated to the Performance Lock Holding Account in connection with a Performance Lock.