SUBACCOUNTS. The Separate Account is divided into Subaccounts which invest in shares of mutual funds. Each Subaccount may invest its assets in a separate class or series of a designated mutual fund or funds. The Subaccounts are shown on page 3. Subject to the regulatory requirements then in force, SBL reserves the right to:
SUBACCOUNTS. The division of accounts making up the Variable Account. The assets of each Subaccount are invested in a corresponding portfolio of a designated mutual fund.
SUBACCOUNTS. In order to allow the Bank to manage reserve requirements imposed by Federal Reserve Board Regulation D and to control costs, your Health Savings Deposit Account with the Bank consists of two subaccounts, a transaction subaccount and a non-interest bearing savings subaccount. Although we maintain these subaccounts as two separate (but related) accounts on our books and records, the subaccounts are combined on your statement and when you access your account electronically. Your statement will reflect a single balance and will not show internal transfers (discussed in the next paragraph) between the transaction subaccount and the non-interest bearing savings subaccount. Our maintaining separate transaction and savings subaccounts for your HSA Deposit Account does not affect the amount of your FDIC insurance, the interest you earn, or any other feature of your account as described in these Terms and the Regulatory Disclosures below. The Bank reserves the right to periodically reallocate balances between the transaction subaccount and the non-interest bearing savings subaccount. Should your transaction subaccount balance exceed a threshold amount, all funds in the transaction subaccount in excess of that amount may be transferred into the savings subaccount. As funds in the savings subaccount are needed to pay checks or other items presented against your transaction subaccount, they will be transferred back into the transaction subaccount. Transfers into the transaction subaccount will be made up to five times per statement cycle. If a sixth transfer is needed in any statement cycle, the entire balance of the savings subaccount will be transferred into the transaction subaccount. The threshold amount is set by the Bank and may be changed at any time at the Bank’s discretion. Although the Bank has no current intention of exercising this right, federal regulations require the Bank to reserve the right to require at least seven days written notice of withdrawal prior to transfer of any funds from the savings subaccount. You may only access the savings subaccount through transactions on the transaction subaccount. This treatment of subaccounts applies only to your HSA Deposit Account and does not apply to other investments you may make through your HSA Deposit Account.
SUBACCOUNTS. If the Account contains more than one type of contribution, transfer or rollover under Sections 3.2 and 3.3, the Custodian may agree to maintain separate subaccounts showing the amounts held in the Account derived from contributions under Section 3.2 and/or 3.3, or the Custodian may require the maintenance of such separate subaccounts.
SUBACCOUNTS. For regulatory accounting purposes, we may classify checking accounts as two subac- counts: a checking subaccount and a savings subaccount. For interest-bearing checking accounts, we calculate and pay interest at the same rate and in the same way on both sub- accounts. For non-interest bearing checking accounts, we do not pay interest on either subaccount. We may transfer funds between these subaccounts. We record the subaccounts and any transfers between them on our internal accounting records only. Otherwise, the subaccounts are subject to the same terms as the checking and savings accounts described in this Agreement. Unclaimed Property — Accounts Presumed Abandoned or Inactive State and federal law and our policy govern when accounts are considered abandoned. The applicable state law is generally the state in which your account is domiciled. Your account is usually considered aban- doned if you have not performed at least one of the following activities for the period of time specified in the applicable state’s unclaimed property law: made a deposit or withdrawal, written to us about the account, or otherwise shown an interest in the ac- count, such as asking us to keep the account active. You usually need to perform the activity. Therefore, bank charges and interest payments, and automatic deposits and with- drawals, are usually not considered activity. We are required by the unclaimed property laws to turn over accounts considered aban- doned to the applicable state. Before we turn over an abandoned account, we may send a notice to the address we currently show for the account statement. We may not send this notice if mail we previously sent to this address was returned. Unless prohibited by the applicable state law, we may charge to the account our costs and expenses of any notice, advertisement, payment and delivery of the account to the applicable state agency. After we turn the funds over to the state, we have no further liability to you for the funds and you must apply to the appropriate state agency to reclaim your funds. If we consider your account inactive, then (unless prohibited by federal law or the law of the state where we maintain your account) we may: • Charge dormant or inactive account fees on the account in addition to regular monthly maintenance and other fees; • Stop sending statements; • If the account received interest, stop paying interest on the account; and • Refuse to pay items drawn on or payable out of the account. If you ...
SUBACCOUNTS. The Subaccounts are separate investment accounts that together make up the Variable Account. The assets of each Subaccount are invested in a corresponding portfolio of a designated mutual fund. They are named in Section 1, Contract Data. Subaccount values will fluctuate in accordance with the investment experience of the applicable portfolio of the fund held within the Subaccount. The Subaccount value is equal to the number of Accumulation Units credited to the Subaccount times the appropriate Accumulation Unit value. The number of Accumulation Units to be purchased or redeemed in a transaction is found by dividing:
(1) the dollar amount of the transaction; by
(2) the Subaccount’s unit value for the Valuation Period for that transaction. The number of units in any Subaccount will be increased at the end of the Valuation Period by:
(1) any Net Premiums allocated to the Subaccount during the current Valuation Period; and
(2) any transfers to the Subaccount from another Subaccount or from the Fixed Account during the current Valuation Period. The number of units in any Subaccount will be decreased at the end of the Valuation Period by:
(1) any amounts transferred from the Subaccount to another Subaccount or the Fixed Account;
(2) amounts surrendered during the current Valuation Period. The number of units in any Subaccount will also be reduced on each Monthly Anniversary Day by a pro-rata share of the Monthly Deduction. The Monthly Deduction will reduce the Subaccount units in proportion to each Subaccount’s value to the entire Contract Value. The value of an Accumulation Unit for each of the Subaccounts was arbitrarily set at $10 when the first investments were bought. The value for any later Valuation Period is equal to: “A” is equal to the Subaccount’s Accumulation Unit value for the end of the immediately preceding Valuation Day. J177 “B” is equal to the Net Investment Factor for the most current Valuation Day. The Net Investment Factor equals: “X” equals the sum of:
(1) the net asset value per Accumulation Unit held in the Subaccount at the end of the current Valuation Day; plus
(2) the per Accumulation Unit amount of any dividend or capital gain distribution on shares held in the Subaccount during the current Valuation Day; less
(3) the per Accumulation Unit amount of any capital loss distribution on shares held in the Subaccount during the current Valuation Day; less
(4) the per Accumulation Unit amount of any taxes or any amount set aside during the V...
SUBACCOUNTS. The Separate Account is divided into Subaccounts which invest in shares of mutual funds. Each Subaccount may invest its assets in a separate class or series of a designated mutual fund or funds. The Subaccounts are shown on page 3. Subject to the regulatory requirements then in force, SBL reserves the right to: change or add designated mutual funds or other investment vehicles; add, remove or combine Subaccounts; add, delete or make substitutions for securities that are held or purchased by the Separate Account or any Subaccount; operate the Separate Account as a management investment company; combine the assets of the Separate Account with other separate accounts of SBL or an affiliate thereof; restrict or eliminate any voting rights of the Owner with respect to the Separate Account or other persons who have voting rights as to the Separate Account; and terminate and liquidate any Subaccount. If any of these changes result in a material change to the Separate Account or a Subaccount, SBL will notify you of the change. SBL will not change the investment policy of any Subaccount in any material respect without complying with the filing and other procedures of the insurance regulators of the state of issue.
SUBACCOUNTS. A Separate Account may consist of Subaccounts. The income, gains and losses, realized or unrealized, from the assets allocated to a Subaccount are credited to or charged against each Subaccount, without regard to other income, gains or losses of Prudential. Those Subaccounts currently available under this Contract are listed in Appendix A. Each Subaccount invests exclusively in shares of a corresponding fund or a portfolio of securities. Shares of a fund are purchased and redeemed for a Subaccount at their net asset value. Any amounts of income, dividends and gains distributed from the shares of a fund are reinvested in additional shares of that fund at net asset value. The dollar amounts of values and benefits of this Contract provided by a Separate Account vary as a function of the investment performance of the Subaccounts. You bear the investment risk for Subaccount value in the selected Subaccounts.
SUBACCOUNTS. If the account is a demand deposit account or a negotiable order of withdrawal (NOW) account, it will be a master account consisting of two subaccounts: a transaction subaccount and a nontransaction subaccount. The two subaccounts and the transactions between them are for the purpose of improving our efficiency and have no effect on your account or your ability to use it. The amount of interest you earn, the fees you incur, and your periodic account statements are not affected. We will maintain information on the two subaccounts for regulatory reporting purposes only. All statements will consolidate the two subaccounts into the master account and show it as a single account. At the beginning of each statement period, we will allocate the balance in the master account between the two subaccounts based on formulae we can periodically change. All your Items will be posted against the transaction subaccount. If additional funds are needed, we automatically (without charge) transfer available funds from the nontransaction subaccount. If excess funds accumulate in the transaction subaccount, we can transfer them to the nontransaction subaccount. Federal regulations limit preauthorized transfers from the nontransaction to the transaction subaccount to six (6) per monthly statement period. In the sixth transfer in such period, we move the entire balance in the nontransaction subaccount to the transaction subaccount for the remainder of that statement period. The full collected balance in both subaccounts will be available at all times to pay your Items.
SUBACCOUNTS. The Variable Account consists of Subaccounts. Each Subaccount invests in shares of a corresponding Fund. Shares of a Fund are purchased and redeemed for a Subaccount at their Net Asset Value. Any amounts of income, dividends and gains distributed from the shares of a Fund are reinvested in additional shares of that Fund at Net Asset Value. Income, gains and losses, realized or unrealized, from the assets allocated to a Subaccount are credited to or charged against that Subaccount without regard to other income, gains or losses of the Company. The dollar amounts of values and benefits of this Contract provided by the Variable Account vary as a function of the investment performance of the Fund in which the Subaccount that You have selected invests. We do not guarantee the investment performance of the Funds or Subaccounts. You bear the full investment risk for fluctuations in the Subaccount Value in the Subaccounts You have selected.
