Common use of Sub-Accounts Clause in Contracts

Sub-Accounts. The assets of the Variable Account are divided into Sub-Accounts. Each Sub-Account corresponds to an investment choice described in Section 1. Each Sub-Account invests exclusively in a different investment portfolio. Income, gains and losses, whether or not realized, from the assets of each Sub-Account are credited or charged against that Sub-Account without regard to income, gains or losses in other Sub-Accounts of the Variable Account. All amounts allocated to the Variable Account will be used to purchase shares of one or more of the Funds, as You designate. Deductions and surrenders from the Variable Account will, in effect, be made by redeeming the number of Fund shares at net unit value equal in total value to the amount to be deducted. The Variable Account will be fully invested in Fund shares at all times. ADDITION, DELETION OR SUBSTITUTION OF INVESTMENTS. We may decide to add Sub-Accounts at any time. Also, shares of any or all of the portfolios may not always be available for purchase by the Sub-Accounts of the Variable Account, or We may decide that further investment in any such shares is no longer appropriate. In either event, shares of other registered open-end investment companies or unit investment trusts may be substituted both for portfolio shares already purchased by the Variable Account and/or as the security to be purchased in the future, provided that to the extent necessary these substitutions have been approved by the Securities and Exchange Commission. The investment policies of the Sub-Accounts will not be changed without the approval of the Insurance Commissioner of the State of Delaware. We also reserve the right to eliminate or combine existing Sub-Accounts or to transfer assets between Sub-Accounts. In the event of any act pursuant to this provision, We may make appropriate amendment to the Policy to reflect the substitution. TRANSFERS BETWEEN SUB-ACCOUNTS. Subject to Our rules as they may exist from time to time and to any limits that may be imposed by the Funds, including those set forth in Section 1, You may at any time transfer to another Sub-Account all or a portion of the Account Value allocated to a Sub-Account. We will make transfers pursuant to an authorized written or telephone request to Us. Telephone requests will be honored only if We have a properly completed telephone authorization form for You on file. We, our affiliates and the representative from whom You purchased Your Policy will not be responsible for losses resulting from acting upon telephone requests reasonably believed to be genuine. We will use reasonable procedures to confirm that instructions communicated by telephone are genuine. The procedures We follow for transactions initiated by telephone include requirements that You identify Yourself by name and identify a personal identification number. Transfers may be requested by indicating the transfer of either a specified dollar amount or a specified percentage of the Sub-Account's value from which the transfer will be made. If You request a transfer based on a specified percentage of the Sub-Account's value, that percentage will be converted into a request for the transfer of a specified dollar amount based on application of the specified percentage to the Sub-Account's value at the time the request is received. We reserve the right to limit the number of Sub Accounts to which you may allocate your Account Value to not more than 20 Sub Accounts. Transfer privileges are subject to Our consent. We reserve the right to impose limitations on transfers, including, but not limited to: (1) the minimum amount that may be transferred; and (2) the minimum amount that may remain in a Sub-Account following a transfer from that Sub-Account. We reserve the right to restrict amounts transferred to the Variable Account from the Fixed Account to 20% of that portion of the Account Value attributable to the Fixed Account Value as of the end of the previous Policy Year. We reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account to 20% of that portion of the Account Value attributable to the Variable Account as of the end of the previous Policy Year. We further reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account in the event the portion of the Account Value attributable to the Fixed Account Value would exceed 30% of the Account Value.

Sub-Accounts. The assets of the Variable Separate Account are divided into has several Sub-Accounts. Each Sub-Account corresponds to will buy shares of an investment choice described in Section 1fund. Each investment fund represents a separate investment portfolio. If, in our judgment, an investment fund no longer suits the investment goals of the policy, or tax or marketing conditions so warrant, we may substitute shares of another investment fund or shares of another investment company. If the Owner has an interest in the Sub-Account invests exclusively affected, we will notify the Owner before doing so and, to the extent required by law, we will get prior approval from the Securities and Exchange Commission. We also will secure any other required approvals. If this policy has Accumulated Value in a different Sub-Account affected by any such change, and if the Owner wishes, we will transfer that value at the Owner's written direction from that Sub-Account, without charge, to the General Account or another Sub-Account. We may also eliminate, combine, or substitute Sub-Accounts and establish new Sub-Accounts if in our judgment marketing needs, tax considerations, or investment portfolioconditions warrant. IncomeAny new Sub-Accounts may be made available to existing policies on a basis to be determined by us. We also may transfer assets from a Sub-Account to another Sub-Account or separate account if the transfer in our judgment would best serve the interests of the owners of policies such as this one or would be appropriate in carrying out the purposes of such policies, but only if permitted by applicable laws or regulations. If any of these changes is made, we will receive all necessary prior approvals and we may by appropriate endorsement change the policy to reflect the change. If the Owner has Accumulated Value in a Sub-Account that will be eliminated, we will notify the Owner at least 30 days before the elimination, and will request that the Owner designate the account(s) to which the Accumulated Value in the Sub-Account to be eliminated should be transferred. Upon the elimination of such a Sub-Account, the Accumulated Value in that Sub-Account will be transferred to the General Account and/or Sub-Account(s) in accordance with the designation received by us from the Owner or, if such a designation is not received prior to the liquidation date, to the Money Market Fund Sub-Account. A transfer charge will not be imposed for transfers made upon elimination of a Sub-Account. Income and realized and unrealized gains and losses, whether or not realized, losses from the assets of each Sub-Account of the Separate Account are credited to or charged against that Sub-Account without regard to income, gains gains, or losses in the other Sub-Accounts of the Variable Separate Account. All amounts allocated to , the Variable Account will be used to purchase shares of one or more of the Funds, as You designate. Deductions and surrenders from the Variable Account will, in effect, be made by redeeming the number of Fund shares at net unit value equal in total value to the amount to be deducted. The Variable Account will be fully invested in Fund shares at all times. ADDITION, DELETION OR SUBSTITUTION OF INVESTMENTS. We may decide to add Sub-Accounts at any time. Also, shares of any or all of the portfolios may not always be available for purchase by the Sub-Accounts of the Variable General Account, or We may decide that further investment any other separate accounts. Subject to all necessary approvals, we reserve the right to credit or charge a Sub-Account in any such shares is no longer a different manner if required, or made appropriate. In either event, shares by reason of other registered open-end investment companies or unit investment trusts may be substituted both for portfolio shares already purchased by the Variable Account and/or as the security to be purchased a change in the future, provided that to the extent necessary these substitutions have been approved law. We maintain records of all purchases and redemptions of investment fund shares by the Securities and Exchange Commission. The investment policies each of the Sub-Accounts will not be changed without the approval of the Insurance Commissioner of the State of Delaware. We also reserve the right to eliminate or combine existing Sub-Accounts or to transfer assets between Sub-Accounts. In the event of any act pursuant to this provision, We may make appropriate amendment to the Policy to reflect the substitution. TRANSFERS BETWEEN SUB-ACCOUNTS. Subject to Our rules as they may exist from time to time and to any limits that may be imposed by the Funds, including those set forth in Section 1, You may at any time transfer to another Sub-Account all or a portion of the Account Value allocated to a Sub-Account. We will make transfers pursuant to an authorized written or telephone request to Us. Telephone requests will be honored only if We have a properly completed telephone authorization form for You on file. We, our affiliates and the representative from whom You purchased Your Policy will not be responsible for losses resulting from acting upon telephone requests reasonably believed to be genuine. We will use reasonable procedures to confirm that instructions communicated by telephone are genuine. The procedures We follow for transactions initiated by telephone include requirements that You identify Yourself by name and identify a personal identification number. Transfers may be requested by indicating the transfer of either a specified dollar amount or a specified percentage of the Sub-Account's value from which the transfer will be made. If You request a transfer based on a specified percentage of the Sub-Account's value, that percentage will be converted into a request for the transfer of a specified dollar amount based on application of the specified percentage to the Sub-Account's value at the time the request is received. We reserve the right to limit the number of Sub Accounts to which you may allocate your Account Value to not more than 20 Sub Accounts. Transfer privileges are subject to Our consent. We reserve the right to impose limitations on transfers, including, but not limited to: (1) the minimum amount that may be transferred; and (2) the minimum amount that may remain in a Sub-Account following a transfer from that Sub-Account. We reserve the right to restrict amounts transferred to the Variable Account from the Fixed Account to 20% of that portion of the Account Value attributable to the Fixed Account Value as of the end of the previous Policy Year. We reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account to 20% of that portion of the Account Value attributable to the Variable Account as of the end of the previous Policy Year. We further reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account in the event the portion of the Account Value attributable to the Fixed Account Value would exceed 30% of the Account Value.

Sub-Accounts. The assets of the Variable Account are divided into Sub-Accounts. Each Sub-Account corresponds to an investment choice described in Section 1. Each Sub-Account invests exclusively in a different investment portfolioFund. Income, gains and losses, whether or not realized, from the assets of each Sub-Account are credited or charged against that Sub-Account without regard to income, gains or losses in other Sub-Accounts of the Variable Account. All amounts allocated to the Variable Account will be used to purchase shares of one or more of the Funds, as You designate. Deductions and surrenders from the Variable Account will, in effect, be made by redeeming the number of Fund shares at net unit asset value equal in total value to the amount to be deducted. The Variable Account will be fully invested in Fund shares at all times. ADDITION, DELETION OR SUBSTITUTION OF INVESTMENTS. We may decide to add The Sub-Accounts at any timeavailable under this Policy are further described in supplementary materials. AlsoAddition, shares Deletion or Substitution of Investments. Shares of any or all of the portfolios Funds may not always be available for purchase by the Sub-Accounts of the Variable Account, or We may decide that further investment in any such shares is no longer appropriate. In either event, shares of other registered open-end investment companies or unit investment trusts may be substituted both for portfolio Fund shares already purchased by the Variable Account and/or as the security to be purchased in the future, provided that to the extent necessary these substitutions have been approved by the Securities and Exchange Commission. The In addition, the investment policies of the Sub-Accounts separate account will not be changed without the approval of the Insurance Commissioner of the State of Delaware. We also reserve the right to eliminate or combine existing Sub-Accounts or to transfer assets between Sub-AccountsAccounts upon a Sub-Account elimination or combination. In the event of any a substitution or other act pursuant to this provision, We may make appropriate amendment to the this Policy to reflect the substitution. TRANSFERS BETWEEN SUB-ACCOUNTS. Subject to Our rules as they may exist from time to time and to any limits that may be imposed by the Funds, including those set forth in Section 1, You may at any time transfer to another Sub-Account all or a portion of the Account Value allocated to a Sub-Account. We will make transfers pursuant to an authorized written or telephone request to Us. Telephone requests will be honored only if We have a properly completed telephone authorization form for You on file. We, our affiliates and the representative from whom You purchased Your Policy will not be responsible for losses resulting from acting upon telephone requests reasonably believed to be genuine. We will use reasonable procedures to confirm that instructions communicated by telephone are genuine. The procedures We follow for transactions initiated by telephone include requirements that You identify Yourself by name and identify a personal identification number. Transfers may be requested by indicating the transfer of either a specified dollar amount or a specified percentage of the Sub-Account's value from which the transfer will be made. If You request a transfer based on a specified percentage of the Sub-Account's value, that percentage will be converted into a request for the transfer of a specified dollar amount based on application of the specified percentage to the Sub-Account's value at the time the request is received. We reserve the right to limit the number of Sub Accounts to which you may allocate your Account Value to not more than 20 Sub Accounts. Transfer privileges are subject to Our consent. We reserve the right to impose limitations on transfers, including, but not limited to: (1) the minimum amount that may be transferred; and (2) the minimum amount that may remain in a Sub-Account following a transfer from that Sub-Account. We reserve the right to restrict amounts transferred to the Variable Account from the Fixed Account to 20% of that portion of the Account Value attributable to the Fixed Account Value as of the end of the previous Policy Year. We reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account to 20% of that portion of the Account Value attributable to the Variable Account as of the end of the previous Policy Year. We further reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account in the event the portion of the Account Value attributable to the Fixed Account Value would exceed 30% of the Account Value.

Sub-Accounts. The assets of the Variable Account are divided into Sub-Accounts. Each Sub-Account corresponds to an investment choice described in Section 1. Each Sub-Account invests exclusively in a different investment portfolio. Income, gains and losses, whether or not realized, from the assets of each Sub-Account are credited or charged against that Sub-Account without regard to income, gains or losses in other Sub-Accounts of the Variable Account. All amounts allocated to the Variable Account will be used to purchase shares of one or more of the Funds, as You designate. Deductions and surrenders from the Variable Account will, in effect, be made by redeeming the number of Fund shares at net unit asset value equal in total value to the amount to be deducted. The Variable Account will be fully invested in Fund shares at all times. ADDITIONThe assets of the Variable Account are valued at least as often as any Policy benefits vary, DELETION OR SUBSTITUTION OF INVESTMENTSbut at least monthly. We may decide to add Sub-Accounts at any timeAddition, Deletion or Substitution of Investments. Also, shares Shares of any or all of the portfolios may not always be available for purchase by the Sub-Accounts of the Variable Account, or We may decide that further investment in any such shares is no longer appropriate. In either event, shares of other registered open-end investment companies or unit investment trusts may be substituted both for portfolio Portfolio shares already purchased by the Variable Account and/or as the security to be purchased in the future, provided that to the extent necessary these substitutions have been approved by the Securities and Exchange Commission. The In addition, the investment policies of the Sub-Accounts will not be changed without the approval of the Superintendent of Insurance Commissioner of the State of DelawareNew York. We also reserve the right to eliminate or combine existing Sub-Accounts or to transfer assets between Sub-Accounts. In the event of any substitution or other act pursuant to this provision, We may make appropriate amendment to the this Policy to reflect the substitution. TRANSFERS BETWEEN SUB-ACCOUNTS. Subject to Our rules as they may exist from time to time and to any limits that may be imposed by the Funds, including those set forth in Section 1, You may at any time transfer to another Sub-Account all or a portion of the Account Value allocated to a Sub-Account. We will make transfers pursuant to an authorized written or telephone request to Us. Telephone requests will be honored only if We have a properly completed telephone authorization form for You on file. We, our affiliates and the representative from whom You purchased Your Policy will not be responsible for losses resulting from acting upon telephone requests reasonably believed to be genuine. We will use reasonable procedures to confirm that instructions communicated by telephone are genuine. The procedures We follow for transactions initiated by telephone include requirements that You identify Yourself by name and identify a personal identification number. Transfers may be requested by indicating the transfer of either a specified dollar amount or a specified percentage of the Sub-Account's value from which the transfer will be made. If You request a transfer based on a specified percentage of the Sub-Account's value, that percentage will be converted into a request for the transfer of a specified dollar amount based on application of the specified percentage to the Sub-Account's value at the time the request is received. We reserve the right to limit the number of Sub Accounts to which you may allocate your Account Value to not more than 20 Sub Accounts. Transfer privileges are subject to Our consent. We reserve the right to impose limitations on transfers, including, but not limited to: (1) the minimum amount that may be transferred; and (2) the minimum amount that may remain in a Sub-Account following a transfer from that Sub-Account. We reserve the right to restrict amounts transferred to the Variable Account from the Fixed Account to 20% of that portion of the Account Value attributable to the Fixed Account Value as of the end of the previous Policy Year. We reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account to 20% of that portion of the Account Value attributable to the Variable Account as of the end of the previous Policy Year. We further reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account in the event the portion of the Account Value attributable to the Fixed Account Value would exceed 30% of the Account Value.

Sub-Accounts. The assets of the Variable Separate Account are divided into has several Sub-Accounts. Each Sub-Account corresponds to will buy shares of an investment choice described in Section 1fund. Each investment fund represents a separate investment portfolio. If, in our judgment, an investment fund no longer suits the investment goals of the policy, or tax or marketing conditions so warrant, we may substitute shares of another investment fund or shares of another investment company. If the Owner has an interest in the Sub-Account invests exclusively affected, we will notify the Owner before doing so and, to the extent required by law, we will get prior approval from the Securities and Exchange Commission. We also will secure any other required approvals. If this policy has Accumulated Value in a different Sub-Account affected by any such change, and if the Owner wishes, we will transfer that value at the Owner's written direction from that Sub-Account, without charge, to the General Account or another Sub- Account. We may also eliminate, combine, or substitute Sub-Accounts and establish new Sub-Accounts if in our judgment marketing needs, tax considerations, or investment portfolioconditions warrant. IncomeAny new Sub-Accounts may be made available to existing policies on a basis to be determined by us. We also may transfer assets from a Sub-Account to another Sub-Account or separate account if the transfer in our judgment would best serve the interests of the owners of policies such as this one or would be appropriate in carrying out the purposes of such policies, but only if permitted by applicable laws or regulations. If any of these changes is made, we may by appropriate endorsement change the policy to reflect the change. National Life Insurance Company Xxx Xxxxxxxx Xxxx Xxxxx Xxxxxxxxxx, Xxxxxxx 00000 (802) 229 -3333 Page 15 8567(1008) If the Owner has Accumulated Value in a Sub-Account that will be eliminated, we will notify the Owner at least 30 days before the elimination, and will request that the Owner designate the account(s) to which the Accumulated Value iu the Sub-Account to be eliminated should be transferred. Upon the elimination of such a Sub-Account, the Accumulated Value in that Sub-Account will be transferred to the General Account and/or Sub-Account(s) in accordance with the designation received by us from the Owner or, if such a designation is not received prior to the liquidation date, to the Money Market Fund Sub-Account. A Transfer Charge will not be imposed for transfers made upon elimination of a Sub-Account. Income and realized and unrealized gains and losses, whether or not realized, losses from the assets of each Sub-Account of the Separate Account are credited to or charged against that Sub-Account without regard to income, gains gains, or losses in the other Sub-Accounts of the Variable Separate Account. All amounts allocated to , the Variable Account will be used to purchase shares of one or more of the Funds, as You designate. Deductions and surrenders from the Variable Account will, in effect, be made by redeeming the number of Fund shares at net unit value equal in total value to the amount to be deducted. The Variable Account will be fully invested in Fund shares at all times. ADDITION, DELETION OR SUBSTITUTION OF INVESTMENTS. We may decide to add Sub-Accounts at any time. Also, shares of any or all of the portfolios may not always be available for purchase by the Sub-Accounts of the Variable General Account, or We may decide that further investment in any such shares is no longer appropriate. In either event, shares of other registered open-end investment companies or unit investment trusts may be substituted both for portfolio shares already purchased by the Variable Account and/or as the security to be purchased in the future, provided that to the extent necessary these substitutions have been approved by the Securities and Exchange Commission. The investment policies of the Sub-Accounts will not be changed without the approval of the Insurance Commissioner of the State of Delaware. We also reserve the right to eliminate or combine existing Sub-Accounts or to transfer assets between Sub-Separate Accounts. In the event of any act pursuant to this provision, We may make appropriate amendment to the Policy to reflect the substitution. TRANSFERS BETWEEN SUB-ACCOUNTS. Subject to Our rules as they may exist from time to time and to any limits that may be imposed by the Funds, including those set forth in Section 1, You may at any time transfer to another Sub-Account all or a portion of the Account Value allocated to a Sub-Account. We will make transfers pursuant to an authorized written or telephone request to Us. Telephone requests will be honored only if We have a properly completed telephone authorization form for You on file. We, our affiliates and the representative from whom You purchased Your Policy will not be responsible for losses resulting from acting upon telephone requests reasonably believed to be genuine. We will use reasonable procedures to confirm that instructions communicated by telephone are genuine. The procedures We follow for transactions initiated by telephone include requirements that You identify Yourself by name and identify a personal identification number. Transfers may be requested by indicating the transfer of either a specified dollar amount or a specified percentage of the Sub-Account's value from which the transfer will be made. If You request a transfer based on a specified percentage of the Sub-Account's value, that percentage will be converted into a request for the transfer of a specified dollar amount based on application of the specified percentage to the Sub-Account's value at the time the request is received. We reserve the right to limit the number of Sub Accounts to which you may allocate your Account Value to not more than 20 Sub Accounts. Transfer privileges are subject to Our consent. We reserve the right to impose limitations on transfers, including, but not limited to: (1) the minimum amount that may be transferred; and (2) the minimum amount that may remain in credit or charge a Sub-Account following in a transfer from that different manner if required, or made appropriate, by reason of a change in the law. We maintain records of all purchases and redemptions of investment fund shares by each of the Sub-Account. We reserve the right to restrict amounts transferred to the Variable Account from the Fixed Account to 20% of that portion of the Account Value attributable to the Fixed Account Value as of the end of the previous Policy Year. We reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account to 20% of that portion of the Account Value attributable to the Variable Account as of the end of the previous Policy Year. We further reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account in the event the portion of the Account Value attributable to the Fixed Account Value would exceed 30% of the Account ValueAccounts.

Sub-Accounts. The assets of the Variable Separate Account are divided into has several Sub-Accounts. Each Sub-Account corresponds to will buy shares of an investment choice described in Section 1fund. Each investment fund represents a separate investment portfolio. If, in our judgment, an investment fund no longer suits the investment goals of the policy, or tax or marketing conditions so warrant, we may substitute shares of another investment fund or shares of another investment company. If the Owner has an interest in the Sub-Account invests exclusively affected, we will notify the Owner before doing so and, to the extent required by law, we will get prior approval from the Securities and Exchange Commission. We also will secure any other required approvals. If this policy has Accumulated Value in a different Sub-Account affected by any such change, and if the Owner wishes, we will transfer that value at the Owner's written direction from that Sub-Account, without charge, to the General Account or another Sub-Account. We may also eliminate, combine, or substitute Sub-Accounts and establish new Sub-Accounts if in our judgment marketing needs, tax considerations, or investment portfolioconditions warrant. IncomeAny new Sub-Accounts may be made available to existing policies on a basis to be determined by us. We also may transfer assets from a Sub-Account to another Sub-Account or separate account if the transfer in our judgment would best serve the interests of the owners of policies such as this one or would be appropriate in carrying out the purposes of such policies, but only if permitted by applicable laws or regulations. If any of these changes is made, we may by appropriate endorsement change the policy to reflect the change. If the Owner has Accumulated Value in a Sub-Account that will be eliminated, we will notify the Owner at least 30 days before the elimination, and will request that the Owner designate the account(s) to which the Accumulated Value in the Sub-Account to be eliminated should be transferred. Upon the elimination of such a Sub-Account, the Accumulated Value in that Sub-Account will be transferred to the General Account and/or Sub-Account(s) in accordance with the designation received by us from the Owner or, if such a designation is not received prior to the liquidation date, to the Money Market Fund Sub-Account. A transfer charge will not be imposed for transfers made upon elimination of a Sub-Account. ------------------------------------ 8 ------------------------------------- National Life Insurance Company One Xxxxxxxx Xxxx Xxxxx - Xxxxxxxxxx, Xxxxxxx 00000 - (802) 000-0000 0006(0395)8 Income and realized and unrealized gains and losses, whether or not realized, losses from the assets of each Sub-Account of the Separate Account are credited to or charged against that Sub-Account without regard to income, gains gains, or losses in the other Sub-Accounts of the Variable Separate Account. All amounts allocated to , the Variable Account will be used to purchase shares of one or more of the Funds, as You designate. Deductions and surrenders from the Variable Account will, in effect, be made by redeeming the number of Fund shares at net unit value equal in total value to the amount to be deducted. The Variable Account will be fully invested in Fund shares at all times. ADDITION, DELETION OR SUBSTITUTION OF INVESTMENTS. We may decide to add Sub-Accounts at any time. Also, shares of any or all of the portfolios may not always be available for purchase by the Sub-Accounts of the Variable General Account, or We may decide that further investment in any such shares is no longer appropriate. In either event, shares of other registered open-end investment companies or unit investment trusts may be substituted both for portfolio shares already purchased by the Variable Account and/or as the security to be purchased in the future, provided that to the extent necessary these substitutions have been approved by the Securities and Exchange Commission. The investment policies of the Sub-Accounts will not be changed without the approval of the Insurance Commissioner of the State of Delaware. We also reserve the right to eliminate or combine existing Sub-Accounts or to transfer assets between Sub-Accounts. In the event of any act pursuant to this provision, We may make appropriate amendment to the Policy to reflect the substitution. TRANSFERS BETWEEN SUB-ACCOUNTS. Subject to Our rules as they may exist from time to time and to any limits that may be imposed by the Funds, including those set forth in Section 1, You may at any time transfer to another Sub-Account all or a portion of the Account Value allocated to a Sub-Account. We will make transfers pursuant to an authorized written or telephone request to Us. Telephone requests will be honored only if We have a properly completed telephone authorization form for You on file. We, our affiliates and the representative from whom You purchased Your Policy will not be responsible for losses resulting from acting upon telephone requests reasonably believed to be genuine. We will use reasonable procedures to confirm that instructions communicated by telephone are genuine. The procedures We follow for transactions initiated by telephone include requirements that You identify Yourself by name and identify a personal identification number. Transfers may be requested by indicating the transfer of either a specified dollar amount or a specified percentage of the Sub-Account's value from which the transfer will be made. If You request a transfer based on a specified percentage of the Sub-Account's value, that percentage will be converted into a request for the transfer of a specified dollar amount based on application of the specified percentage to the Sub-Account's value at the time the request is receivedseparate accounts. We reserve the right to limit the number of Sub Accounts to which you may allocate your Account Value to not more than 20 Sub Accounts. Transfer privileges are subject to Our consent. We reserve the right to impose limitations on transfers, including, but not limited to: (1) the minimum amount that may be transferred; and (2) the minimum amount that may remain in credit or charge a Sub-Account following in a transfer from that different manner if required, or made appropriate, by reason of a change in the law. We maintain records of all purchases and redemptions of investment fund shares by each of the Sub-Account. We reserve the right to restrict amounts transferred to the Variable Account from the Fixed Account to 20% of that portion of the Account Value attributable to the Fixed Account Value as of the end of the previous Policy Year. We reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account to 20% of that portion of the Account Value attributable to the Variable Account as of the end of the previous Policy Year. We further reserve the right to restrict amounts transferred to the Fixed Account Value from the Variable Account in the event the portion of the Account Value attributable to the Fixed Account Value would exceed 30% of the Account ValueAccounts.