the Contract Value Sample Clauses
The 'Contract Value' clause defines the total monetary amount agreed upon for the performance of the contract. This clause typically specifies the sum to be paid for the goods, services, or works provided, and may outline how and when payments are to be made, such as through installments or upon completion of milestones. By clearly stating the contract value, this clause ensures both parties have a mutual understanding of the financial terms, reducing the risk of disputes over payment obligations.
the Contract Value the greatest Contract Value at any seventh Contract Anniversary reduced proportionally by any surrenders subsequent to that Contract Anniversary in the same proportion that the Contract Value was reduced on the date of a surrender, plus any Premium paid subsequent to that Contract Anniversary. The surviving Joint Owner or Beneficiary may elect one of the following Death Benefit payment options to be paid as follows:
the Contract Value. The Death Benefit will be determined and paid as of the Valuation Period next following the date of receipt by the Company of both due proof of death and an election for a single sum payment or election under an Annuity Option. If a single sum payment is requested, the proceeds will be paid within seven (7) days of receipt of proof of death and the election. Payment under an Annuity Option may only be elected during the sixty-day period beginning with the date of receipt of proof of death or a single sum payment will be made to the Beneficiary at the end of the sixty-day period. The entire Death Benefit must be paid within five (5) years of the date of death unless:
1) the Beneficiary is the spouse of the Owner, in which event the Beneficiary will become the Owner and may elect that this Contract remain in effect; or
2) the Beneficiary is not the spouse of the Owner, in which event the Beneficiary may elect to have the Death Benefit payable under an Annuity Option over the lifetime of the Beneficiary beginning within 1 year of the date of death. PAYMENT OF DEATH BENEFIT -- The Company will require due proof of death before any Death Benefit is paid. Due proof of death will be:
1) a certified death certificate;
2) a certified decree of a court of competent jurisdiction as to the finding of death;
3) a written statement by a medical doctor who attended the deceased; or
the Contract Value. The Death Benefit that is payable is determined as of the end of the Valuation Period during which the Company receives both due proof of death and an election of the payment method at its Annuity Service Center, adjusted for any applicable charges. After attaining Age 80 the death benefit during the Accumulation Period will be equal to the Contract Value determined at the end of the Valuation Period during which the Company receives both due proof of death and an election of the payment method at its Annuity Service Center. Partial annuitizations are considered withdrawals for purposes of this rider. If Joint Contract Owners are named, the Age of the oldest Joint Contract Owner will be used to determine the Death Benefit. If the Contract is owned by a non-natural person, then Contract Owner shall mean Annuitant. DB-Basic.1 01-03
the Contract Value. In the second Contract Year or any subsequent Contract Year the Annual Step-up Amount is equal to the greater of:
a. the Annual Step-up Amount at the end of the previous Contract Year, plus 100% of premium payments made since the end of the previous Contract Year, less "Adjusted Partial Withdrawals" made since the end of the previous Contract Year; or
b. the Contract Value next determined following receipt of a certified copy of the death at VPMO.
the Contract Value. The Contract Value is the sum of the Variable Account Value and the Fixed Account Value.
the Contract Value. This is a Variable Annuity Contract with Annuity Payments and Contract Values increasing or decreasing depending on the experience of the Variable Account which is set forth in the Contract Schedule. Annuity Payments and Contract Values in the Variable Account are not guaranteed as to fixed dollar amounts. Signed for Allianz Life Insurance Company of New York by: /s/Suzanne J. ▇▇▇▇▇ /s/ Charles K▇▇▇▇▇▇▇ Suzanne J. ▇▇▇▇▇ Charles K▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Vice President, Secretary Chairman of the Board, CEO and President and Chief Legal Officer INDIVIDUAL FLEXIBLE PAYMENT VARIABLE DEFERRED ANNUITY NON-PARTICIPATING Annuity Payments will not decrease as long as the investment return of the Variable Account assets equals or exceeds 6.25% (assuming a 4.5% Assumed Investment Return) on an annual basis. Variable Account expenses consist of a mortality and expense risk charge, a contract maintenance charge, and transfer fees. These are shown on the Contract Schedule Page. The variable provisions can be found on pages 6, 7 and 13 of this Contract. L40504 1 NY TABLE OF CONTENTS
the Contract Value. The Rider Fee Percentage is based on the investment option shown on the rider specifications page. The rider fee is calculated and deducted after any applicable GMWB Roll-Up, and before any applicable GMWB Automatic Step-Up or GMAB Elective Step-Up. Unless we agree otherwise, the rider fee will be deducted proportionally from each investment option. If you surrender the contract on a date other than on the Rider Anniversary, we will deduct a proportional rider fee from the amount paid upon surrender. If you cancel this rider, we will assess the current year rider fee at the time of cancellation prorated by the time elapsed for the Contract Year. Past rider fees will not be refunded.
the Contract Value. 2.1. The currency of the contract price is US dollars. The Coconut charcoal price is written in Proforma Invoice with is an integrated part of this contract. The price is based on FOB Semarang/Surabaya basics.
2.2. Currency of payment - US dollars.
2.3. The price also includes the cost of packaging and labeling of goods.
2.4. Sales terms FOB as per Incoterms 2020.
the Contract Value. The Death Benefit will be determined and paid as of the Valuation Period next following the date of receipt by the Company of both due proof of death and an election for the payment method. The Beneficiary can elect to have a single lump sum payment or choose one of the Annuity Options. If a single sum payment is requested, the amount will be paid within seven (7) days of receipt of proof of death and the election, unless the Suspension or Deferral of Payments provision is in effect. Payment to the Beneficiary, other than in a single sum, may only be elected during the sixty-day period beginning with the date of receipt of proof of death. The entire Death Benefit must be paid within five (5) years of the date of death unless:
1. The Beneficiary elects to have the Death Benefit payable under an Annuity Option over the life of the Beneficiary or over a period not extending beyond the life expectancy of the Beneficiary; or
2. If the Beneficiary is the spouse of the Owner, the Beneficiary may elect to become the Owner of the Contract and this Contract will continue in effect. If there are Joint Owners, any references to the death of the Owner shall mean the first death of an Owner.
the Contract Value. In the second Contract Year or any subsequent Contract Year the Annual Step-up Amount is equal to the greater of:
a. the Annual Step-up Amount at the end of the previous Contract Year, plus 100% of premium payments made since the end of the previous Contract Year, less "Adjusted Partial Withdrawals" made since the end of the previous Contract Year; or
b. the Contract Value next determined following receipt of a certified copy of the death at VPMO. ANNUAL ROLL-UP AMOUNT In the first Contract Year the Annual Roll-up Amount is equal to the initial premium payment.