THE VARIABLE ACCOUNT. Purchase Payments under the Contract may be allocated to the Variable Account of the Contract. The Variable Account, which is designated on the Contract Specifications, is for the exclusive benefit of persons entitled to receive benefits under variable annuity contracts. Income, gains and losses (whether or not realized) from the assets allocated to the Variable Account shall be credited to or charged against the Variable Account without regard to other income, gains or losses of LNY. The Variable Account will not be charged with the liabilities arising from any other part of LNY's business. Subject to any required regulatory approvals, LNY reserves the right to eliminate the shares of any Fund and substitute the securities of a different Fund or investment company or mutual fund. Such elimination and substitution may occur if the shares of a Fund are no longer available for investment or, if in the judgment of LNY, further investment in any Fund should become inappropriate in view of the purposes of the Contract. LNY may close any Variable Subaccount to new Purchase Payments, transfers of Contract Value or both. LNY may add new Variable Subaccounts in which the assets of the Variable Account may be invested. LNY will give the Owner written notice of the elimination and substitution of any Fund as required by law after such substitution occurs.
THE VARIABLE ACCOUNT. The Variable Account is for the exclusive benefit of persons entitled to receive benefits under variable annuity contracts. The Variable Account will not be charged with the liabilities arising from any other part of LNL's business. Subject to any required regulatory approvals, LNL reserves the right to eliminate the shares of any Fund and substitute the securities of a different Fund or investment company or mutual fund. Such elimination and substitution may occur if the shares of a Fund are no longer available for investment or, if in the judgment of LNL, further investment in any Fund should become inappropriate in view of the purposes of the Contract. LNL may add new Variable Sub-accounts in which the assets of the Variable Account may be invested. LNL will give the Owner written notice of the elimination and substitution of any Fund within fifteen days after such substitution occurs.
THE VARIABLE ACCOUNT. 5 Investments of the Variable Account....................................... 5
THE VARIABLE ACCOUNT. The Variable Account The Variable Account (called "the Account") is a separate investment account established by the Company in accordance with Delaware law. The assets of the Account are owned by the Company. The assets of the Account will be used to provide values and benefits under this Policy and similar policies; but the Account is not chargeable with liabilities arising out of any other business the Company may conduct. Sub-Accounts The Account consists of sub-accounts, each of which is invested in shares of one portfolio of the New England Zenith Fund or its successor. Shares of a portfolio are purchased for a sub-account at their net asset value. The Policy's first investment in the Account is made as of the latest of: . The Policy Date; . The date of Part II of the Application; and . The date the first premium is received by the Company. The Policy's Cash Value will be transferred to the sub-accounts you elected as of the later of: 45 days after Part I of the Application is signed; and 10 days after the Company mails the separate Notice of Withdrawal Right. Before this transfer, the values and benefits of the Policy will depend on the net investment performance of the Money Market sub-account. Each future net premium will be invested in the sub-accounts as of its due date. Each net Unscheduled Payment will be invested in the sub-accounts as of the date it is received by the Company at its Administrative Office. Each distribution of income, dividends and capital gains from a portfolio to the Account will be reinvested for the benefit of the owners of the policies at net asset value in shares of the portfolio which made the distribution. The Cash Value of the Policy at any time cannot be allocated among more than 10 sub-accounts, except with the consent of the Company. The values and benefits of a policy depend on the investment performance of the portfolios in which the sub-accounts are invested. The Company does not guarantee the investment performance of the portfolios. You bear the investment risk for amounts invested for your Policy. Election of Sub-Accounts You elect the sub-accounts in which future net premiums and future net Unscheduled Payments are to be invested. (See Section 1 for net annual premiums.) You can change the election for future premiums and future Unscheduled Payments at any time by notice to the Company. The portion to be applied to each sub-account elected must be a whole percent not less than 10. The portfolios as of the D...
THE VARIABLE ACCOUNT. The Variable Account, which is designated on the Contract Specifications, is for the exclusive benefit of persons entitled to receive benefits under variable annuity contracts. The Variable Account will not be charged with the liabilities arising from any other part of LNL’s business. Subject to any required regulatory approvals, LNL reserves the right to eliminate the shares of any Fund and substitute the securities of a different Fund or investment company or mutual fund. Such elimination and substitution may occur if the shares of a Fund are no longer available for investment, or, if in the judgment of LNL, further investment in any Fund should become inappropriate in view of the purposes of the Contract. LNL may close any Variable Subaccount to new Purchase Payments, transfers of Contract Value or both. LNL may add new Variable Subaccounts in which the assets of the Variable Account may be invested. LNL will give the Owner written notice of the elimination and substitution of any Fund as required by law after such substitution occurs.
THE VARIABLE ACCOUNT. The assets of the Variable Account shall be kept separate from Our other assets. We have the right to transfer to the General Account any assets of the Variable Account which are in excess of the reserves and other Policy liabilities of the Variable Account. The income, gains and losses, realized or unrealized, from assets allocated to the Variable Account shall be credited to or charged against the Variable Account without regard to any other income, gains or losses. Also, the income gains and losses, realized or unrealized, from assets allocated to any Sub-Account shall be credited to or charged against that Sub-Account, without regard to other income, gains or losses of Us or of any other Sub-Account. The portion of the assets of the Variable Account equal to the reserves and other Policy liabilities with respect to the Variable Account will not be chargeable with liabilities arising out of any other business the Company may conduct. Although the assets maintained in the Variable Account will not be charged with any liabilities arising out of any other business conducted by Us, all obligations arising under the Policy, including the promise to make all benefit payments, are Our general corporate obligations. At Our election, and subject to any necessary vote by those having voting rights, the Variable Account may be operated as a unit investment trust or a management company under the Investment Company Act of 1940. It may be registered under the Investment Company Act of 1940 or de-registered in the event registration is no longer required. In the event of any change in the operation of the Variable Account pursuant to this provision, We may make appropriate amendment to the contract to reflect the change and take such other action as may be necessary and appropriate to effect the change.
THE VARIABLE ACCOUNT. Any portion of the Single Premium under the Contract may be allocated to the Variable Account of the Contract. The Variable Account, which is designated on the Contract Specifications, is for the exclusive benefit of persons entitled to receive benefits under variable annuity contracts. Income, gains and losses (whether or not realized) from the assets allocated to the Variable Account shall be credited to or charged against the Variable Account without regard to other income, gains or losses of Lincoln National. The Variable Account will not be charged with the liabilities arising from any other part of Lincoln National's business. Subject to any required regulatory approvals, Lincoln National reserves the right to eliminate the shares of any Fund and substitute the securities of a different Fund or investment company or mutual fund. Such elimination and substitution may occur if the shares of a Fund are no longer available for investment or, if in the judgment of Lincoln National, further investment in any Fund should become inappropriate in view of the purposes of the Contract. Lincoln National may close any Variable Subaccount to new transfers of Account Value. Lincoln National may add new Variable Subaccounts in which the assets of the Variable Account may be invested. Lincoln National will give the Owner written notice of the elimination and substitution of any Fund as required by law after such substitution occurs.
THE VARIABLE ACCOUNT. The assets of the Variable Account shall be kept separate from Our other assets. We have the right to transfer to the General Account any assets of the Variable Account which are in excess of the reserves and other Policy liabilities of the Variable Account. Although the assets maintained in the Variable Account will not be charged with any liabilities arising out of any other business conducted by Us, all obligations arising under this Policy, including the promise to make all benefit payments, are Our general corporate obligations. At Our election, and subject to any necessary vote by those having voting rights, the Variable Account may be operated as a unit investment trust or a management company under the Investment Company Act of 1940. It may be registered under the Investment Company Act of 1940 or deregistered in the event registration is no longer required. In the event of any change in the operation of the Variable Account pursuant to this provision, We may make appropriate amendment to the contract to reflect the change and take such other action as may be necessary and appropriate to effect the change.
THE VARIABLE ACCOUNT. The Variable Account - The Variable Account (Separate Account VA-5) is a separate account established and maintained by us for the investment of a portion of our assets pursuant to Section 10506 of the California Insurance Code. We will use the assets of the Variable Account to buy shares in the various Portfolios. Net Purchase Payments allocated to one or more Sub-accounts of the Variable Account will become a part of Separate Account VA-5. We are not, and do not claim to be, a trustee with respect to the Variable Account, the assets of which are owned absolutely and exclusively by us. The assets in the Variable Account shall not be chargeable with liabilities arising out of any other business of the Company, except to the extent that they exceed the reserves and other liabilities of the Variable Account. The assets of the Variable Account maintained under this contract and under all other contracts of this type will be kept separate from the assets held in our general account and are not subject to the claims of the general creditors of the Company. Income, gains and losses, whether or not realized, from assets in the Variable Account are credited to, or charged against, the Variable Account without regard to other income, gains or losses of the Company. We will hold assets in the Variable Account with a value at least equal to the total liability for the Variable Account under this and all other contracts of this type. To the extent those assets do not exceed this total, we will use them to support only those contracts and will not use those assets to support any other business. We may use any excess over this amount at our sole discretion. For all purposes under the contract, we will determine the value of the assets in the Variable Account at the end of each Valuation Day. To determine the value of an asset on a day that is not a Valuation Day, we will use the value of that asset as of the end of the next Valuation Day. Sub-accounts - The Variable Account contains several Sub-accounts, each of which invests solely in the shares of a specified Portfolio. Income, gains and losses, whether or not realized, from assets in the Sub-accounts are credited to, or charged against, the Sub-accounts without regard to other income, gains or losses of the Company. The Sub-accounts available under this contract are shown in Schedule A. We cannot and do not guarantee that any of the Sub-accounts of the Variable Account will always be available for investment. We rese...
THE VARIABLE ACCOUNT. Transfers .............................. Withdrawals ............................
