THE FIXED OPTION Sample Clauses
The Fixed Option clause establishes a predetermined, unchangeable term or condition within an agreement, such as a set price, duration, or quantity. In practice, this means that the specified element—like a fixed purchase price or a locked-in service period—remains constant regardless of future changes in market conditions or other variables. This clause provides certainty and predictability for both parties, minimizing the risk of disputes over fluctuating terms and ensuring that expectations are clearly defined from the outset.
THE FIXED OPTION. We credit interest at the Guaranteed Interest Rate(s) on the amount of Purchase Payments and/or Contract Value that you allocate or transfer to, or roll over in, the Fixed Option, as described below. Account Values under the Fixed Option are held in our General Account. Subject to applicable law, we have sole discretion over the investment of our General Account assets. We will credit your Contract with a Guaranteed Interest Rate for up to one year on that portion of your Purchase Payment and/or Contract Value allocated to the Fixed Option, while the Annuitant is living and this Contract is in force, and prior to the Annuity Date. We will credit the Guaranteed Interest Rate in effect on the Business Day that the allocation and/or transfer is effective for a Guarantee Term that ends at the end of that Contract Year. At the end of any Guarantee Term, unless you instruct us otherwise, we will roll over your Fixed Option Value attributed to that Guarantee Term to a new Guarantee Term of up to one year. We will credit the Guaranteed Interest Rate in effect at the time of the roll over on the amount of the Fixed Option Value rolled over until the end of such Guarantee Term. We will stop crediting interest on that portion of your Fixed Option Value you withdraw, transfer (including transfers to the Loan Account), or convert to an Annuity Option, including any: fees for withdrawals or transfers; withdrawal charges; annual fee; and charges for premium taxes and/or other taxes. We do so as of the end of the Business Day any such transaction is effective. The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. SEPARATE ACCOUNT - We established and maintain the Separate Account under the laws of California. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabili...