Common use of SUBACCOUNTS Clause in Contracts

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. 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 FSBL 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 FSBL 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 FSBL will notify you of the change. SBL FSBL 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.