PROTECTION OF PROCEEDS. No Beneficiary may commute, encumber, alienate or assign any payments under this Contract before they are due. To the extent permitted by law, no payments will be subject to the debts, contracts or engagements of any Beneficiary or to any judicial process to levy upon or attach the same for payment thereof.
PROTECTION OF PROCEEDS. To the extent permitted by law and except as provided by an assignment, no benefits payable under this Contract will be subject to the claims of creditors. Minimum Values — Values available under the Contract, including any paid-up annuity, withdrawal and death benefit, are at least equal to the minimum required under Section 7 of the NAIC Model Variable Annuity Regulation, Model #250. Reports — At least annually prior to the Annuity Date, we will prepare a statement showing: the amount and derivation of the Contract and Surrender Values as of the statement beginning and end dates; information for the statement period regarding the value of the death benefit; a reconciliation of all transactions that occurred during the statement period; and, any other information required by law. We will send it to you, at the address contained in our records, not more than 31 days after the statement end date. Additional statements are available upon request at no charge. Error in Age or Gender — When a Contract benefit, or any charge or fee is contingent upon any person’s age or gender, we may require proof of such. We may suspend any payment due until proof is provided. When we receive satisfactory proof, we will make the payments that became due during the period of suspension. If after proof of age and gender is provided, it is determined that the previous information you furnished was not correct, we will adjust the benefits, charges, or fees to those that would result based upon the correct information. If we have underpaid a benefit because of the error, we will make up the underpayment in a lump sum. If the error resulted in an overpayment, we will deduct the amount of the overpayment from the Contract Value or from any current or future payment due under the Contract. Underpayments and overpayments will bear interest at an annual effective interest rate of 3%. Where the use of unisex mortality rates is required, we will not make any determination or adjustment based upon gender. Settlement — Benefits due under this Contract are payable from our administrative office and may be applied to any option we offer for such payments at the time the election is made. Unless directed otherwise, we will make payments according to the instructions contained in our records at the time the payment is made. We shall be discharged from all liability for payment to the extent of any payments we make.
PROTECTION OF PROCEEDS. Payments under this Contract may not be assigned by the payee prior to their due dates. To the extent allowed by law, payments are not subject to legal process for debts of a payee.
PROTECTION OF PROCEEDS. To the extent permitted by law, all payments under this Contract shall be free from legal process and the claim of any creditor if the person is entitled to them under this Contract. No payment and no amount under this Contract can be taken or assigned in advance of its payment date unless the Company receives the Contract Owner’s written consent.
PROTECTION OF PROCEEDS. Unless You so direct by filing written notice with us, no beneficiary may assign any payments under this contract before the same are due. To the extent permitted by law, no payments under this contract will be subject to the claims of creditors of any beneficiary. DEFERMENT We will pay any Partial Withdrawals or Surrender proceeds from the Separate Account within 7 days after we receive all requirements that we need. However, it may happen that the New York Stock Exchange is closed for trading (other than the usual weekend or holiday closings), or the Securities and Exchange Commission restricts trading or determines that an emergency exists. If so, it may not be practical for us to determine the investment experience of the Separate Account. In that case, we may defer transfers among the Subaccounts and to the Fixed Account, and determination or payment of Partial Withdrawals or Surrender proceeds. When permitted by law, we may defer paying any Partial Withdrawals or Surrender proceeds from the Fixed Account for up to 6 months from the date we receive Your request. If the owner dies after the request is received, but before the request is processed, the request will be processed before the death proceeds are determined. Interest will be paid on any amount deferred for 30 days or more. This rate will be the Fixed Account Guaranteed Minimum Effective Annual Interest Rate shown on Page 3, unless otherwise required by law. REPORTS TO OWNER We will give You an annual report at least once each Contract Year. This report will show the number and value of the accumulation units held in each of the Subaccounts as well as the value of the Fixed Account. It will also give You the Death Benefit, Cash Value, and any other facts required by law or regulation. Home Office: Transamerica Occidental Life Transamerica 0000 Xxxxxxxx Xxxx XX +Insurance Company [LOGO] Occicental Life Cedar Rapids, IA 52499 A Stock Company INDEX Page
PROTECTION OF PROCEEDS. No person entitled to any part of the proceeds or any installments of interest, shall be permitted to commute, encumber, alienate, or assign the same or any part thereof except upon the owner‘s written authority filed with the company during the insured’s lifetime. To the extent permitted by the laws either of the state in which the policy was delivered or of the state which may have jurisdiction over the disposition of the proceeds, no payments of interest or principal shall be in any way subject to said person’s debts, contracts, or engagements, nor to any judicial processes to levy upon or attach the same for payment.
PROTECTION OF PROCEEDS. To the extent permitted by applicable law, the benefits, values and rights under this Contract are not subject to the claims of creditors or to legal process.
PROTECTION OF PROCEEDS. To the extent permitted by law, no benefits payable under this Contract will be subject to the claims of creditors of any payee.
PROTECTION OF PROCEEDS. All payments under the Contract will be exempt from the claims of creditors and legal process to the extent permitted by law. No payment will be transferred, assigned or withdrawn before it becomes payable unless we agree. Proof of Facts — We may ask any person claiming the right to payments for reasonable proof satisfactory to us of such person’s right to payment. Any payment we make relying on that proof discharges us from any obligation to make that payment to another person. We will require proof of the date of birth of the person on whose life payments are based. We may require proof that such person is alive.
PROTECTION OF PROCEEDS. Unless you so direct by filing written notice with us, no beneficiary may assign any payments under this policy before the payments are due. To the extent permitted by law, no payments under this policy will be subject to the claims of creditors of any beneficiary.
