Year Fixed Account Option Clause Samples
Year Fixed Account Option. This includes a restriction that transfers from the 1-Year Fixed Account Option in any Contract Year may not exceed the maximum amount, as defined below: 1. in the first Contract Year that transfer restrictions are in effect, or if in the prior Contract Year the maximum amount was not transferred out of the 1-Year Fixed Account Option, the maximum amount that You may transfer out of the 1-Year Fixed Account Option is equal to 1/3 of the Contract Value in the 1-Year Fixed Account Option at the beginning of the current Contract Year; 2. if the maximum amount (1/3 of the value of the 1-Year Fixed Account Option at the beginning of the prior Contract Year) was transferred from the 1-Year Fixed Account Option in the prior Contract Year, the maximum amount that You may transfer out of the 1-Year Fixed Account Option in the current Contract Year is equal to 1/2 of the Contract Value in the 1-Year Fixed Account Option at the beginning of the current Contract Year. Any transfers out of the 1-Year Fixed Account Option cannot begin until twelve (12) calendar months after the last transfer out of the 1-Year Fixed Account Option in the prior Contract Year; 3. if the maximum amount (1/3 and then 1/2 of the value of the 1-Year Fixed Account Option at the beginning of each of the two (2) prior Contract Years, respectively) was transferred from the 1-Year Fixed Account Option in each of the two (2) prior Contract Years, You may transfer the remaining Contract Value in the 1-Year Fixed Account Option. Any transfers out of the 1-Year Fixed Account Option cannot begin until twelve (12) calendar months after the last transfer out of the 1-Year Fixed Account Option in the prior Contract Year. If the 1-Year Fixed Account Option restriction is imposed, the Company may: 1. limit Your ability to transfer into or allocate new Premium to the 1-Year Fixed Account Option in any Contract Year in which You make a transfer from the 1-Year Fixed Account Option.
Year Fixed Account Option. The 1-Year Fixed Account Option is an annually renewable fixed account. The Company will credit interest to amounts allocated to the 1-Year Fixed Account Option. Such initial and renewal interest will be credited at such rate(s) as the Company prospectively declares on a periodic basis, at the sole discretion of the Company for contracts with the same Issue Date. On each Contract Anniversary the interest rate for the 1-Year Fixed Account Option is subject to change. In no event will the interest rate credited by the Company to the 1-Year Fixed Account Option be less than the FAMIR, as shown on the Contract Data Pages, per annum. Short
Year Fixed Account Option. If the 1-Year Fixed Account Option restriction is imposed transfers under systematic investment programs do not count against the maximum amount, and the Contract Value under such programs is excluded from the determination of the maximum amount. ICC18 VA775 11
Year Fixed Account Option. The 1-Year Fixed Account Option is an annually renewable option within the Fixed Account. The Company will credit interest to amounts allocated to the 1- Year Fixed Account Option at the rate currently declared for the 1-Year Fixed Account Option, at the sole discretion of the Company, for Premium with the same Premium Allocation Date. On the Fixed Account Option Anniversary the interest rate for the 1-Year Fixed Account Option is subject to change. In no event will the interest rate credited by the Company to the 1-Year Fixed Account Option be less than the FAMIR per annum. Continuation Adjustment Holding Account. The Continuation Adjustment Holding Account is a limited-purpose Fixed Account Option used only for spousal continuation adjustments. The Company will credit interest to amounts allocated to the Continuation Adjustment Holding Account at the rate currently declared for the Continuation Adjustment Holding Account, at the sole discretion of the Company, as of the date amounts are allocated to the Continuation Adjustment Holding Account. The interest rate is guaranteed until the next Contract Anniversary. In no event will the interest rate credited by the Company to the Continuation Adjustment Holding Account be less than the FAMIR per annum. The Continuation Adjustment Holding Account cannot be independently elected. Performance Lock Holding Account. The Performance Lock Holding Account is a limited- purpose Fixed Account Option used only for Performance Lock amounts. The Company will credit interest to amounts allocated to the Performance Lock Holding Account at the rate currently declared for the Performance Lock Holding Account, at the sole discretion of the Company, as of the date amounts are allocated to the Performance Lock Holding Account. The interest rate is guaranteed until the Fixed Account Value is moved on the next Premium Allocation Anniversary of the Index Account Option from which the Performance Lock was performed. In no event will the interest rate credited by the Company to the Performance Lock Holding Account be less than the FAMIR per annum. The Performance Lock Holding Account cannot be independently elected. Subsequent Premium Holding Account. The Subsequent Premium Holding Account is a limited-purpose Fixed Account Option used only for subsequent Premium that does not yet meet the subsequent Premium allocation requirements shown on the Contract Data Pages. The Company will credit interest to amounts allocated to the Subsequ...
Year Fixed Account Option. If the 1-Year Fixed Account Option restriction is imposed, systematic investment programs may be excluded; transfers under such programs do not count against the maximum amount, and the Contract Value under such programs is excluded from the determination of the maximum amount. ICC17 VA790 11 GENERAL PROVISIONS (CONT'D) Systematic Investment. The Company may provide systematic investment programs that allow You to transfer funds among the Investment Divisions and the Fixed Account Options. These programs may include dollar cost averaging, portfolio rebalancing, and the automatic monthly transfer of earnings from the 1-Year Fixed Account Option and/or money market Investment Division to other Investment Divisions and Fixed Account Options. You may contact the Company's Service Center to obtain materials and forms that describe, and are required to participate in, these programs. The Company makes no guarantee that these programs will result in a profit or protect against loss in a declining market. The Company's dollar cost averaging program permits You to authorize the automatic monthly, quarterly, semiannual, or annual transfer of a fixed dollar amount or selected percentage of the value of a Source Option to one (1) or more Designated Option(s). The Company may offer an enhanced interest rate on Premium which an Owner that selects dollar cost averaging allocates to the 1-Year Fixed Account Option (Source Option). You may participate in the enhanced interest rate dollar cost averaging program only if Your Contract Value is at least equal to the minimum amount specified on the Contract Data Page. Under an enhanced interest rate dollar cost averaging program, amounts You allocate to the Source Option are automatically transferred to the Designated Option(s) of Your choice in scheduled installments over a specified period prescribed by the Company until all amounts in the 1-Year Source Option have been transferred. You may contact the Company's Service Center to request the interest rates and the specified periods applicable to the enhanced interest rate dollar cost averaging program. In the event You cancel participation in the enhanced interest rate dollar cost averaging program, the Company will transfer the Source Option balance, including any interest, into the Designated Option(s) You selected. WRITTEN NOTICE. Written information or instructions You intend to give the Company must be in Good Order and delivered to the Company's Service Center, unless t...
Year Fixed Account Option. The 1-Year Fixed Account Option is an annually renewable fixed account. The Company will credit interest to amounts allocated to the 1-Year Fixed Account Option at the rate the Company declared for the 1-Year Fixed Account Option, at the sole discretion of the Company for contracts with the same Issue Date. On each Contract Anniversary the interest rate for the 1-Year Fixed Account Option is subject to change. In no event will the interest rate credited by the Company to the 1-Year Fixed Account Option be less than the FAMIR, as shown on the Contract Data Pages, per annum. Short
Year Fixed Account Option. An account within the Fixed Account for allocation of Premium or Contract Value. Premium or Contract Value can only be allocated on the Issue Date or a subsequent Contract Anniversary. ADVISORY FEE WITHDRAWAL. Withdrawals taken from the Contract Value to satisfy the Owner's obligation to pay a financial professional directly pursuant to the Advisory Fee Withdrawal rules specified in the Withdrawal provision. ADVISORY FEE WITHDRAWAL PERCENTAGE. The percentage of the Contract Value used to make an Advisory Fee Withdrawal. The Advisory Fee Withdrawal Percentage is calculated as A divided by B for each withdrawal of advisory fees taken, where: A = the amount withdrawn for the advisory fee; and B = the Contract Value at the end of the Business Day prior to the initiation of an Advisory Fee Withdrawal. ANNUITANT. The natural person(s) so designated on the Contract Data Pages, or by subsequent designation, whose life determines the amount of Income Payments provided by the Contract. References to the Annuitant include all Joint Annuitants, if applicable. BENEFICIARY(IES). The natural person(s) or legal entity(ies) You designate as Primary or Contingent Beneficiary(ies) to receive any death benefit provided by the Contract. The initial Beneficiary(ies) are shown on the Contract Data Pages. BUSINESS DAY. Any day that the New York Stock Exchange (NYSE) is open for business. The Business Day ends when the NYSE closes for the day. CONTRACT. The Individual Single Premium Deferred Registered Index-Linked Annuity described herein.
Year Fixed Account Option. An account within the Fixed Account for allocation of Premium or Contract Value. Premium or Contract Value can only be allocated on the Issue Date or a subsequent Contract Anniversary.
Year Fixed Account Option. The unit values credited and applied to Your Contract are determined on each date of transfer.
Year Fixed Account Option. A Fixed Account Option You may elect for allocation of Premiums. Each 1-Year Fixed Account Option is defined by its Premium Allocation Date and a 1-Year term for which amounts earn a declared rate of interest. ANNUITANT. The natural person(s) designated on the Contract Data Pages, or by subsequent designation, whose life determines the amount of Income Payments provided by the Contract. References to the Annuitant include all Joint Annuitants, if applicable. BENEFICIARY(IES). The natural person(s) or legal entity(ies) You designate as Primary or Contingent Beneficiary(ies) to receive any death benefit provided by the Contract. The initial Beneficiary(ies) are shown on the Contract Data Pages. BUSINESS DAY. Any day the New York Stock Exchange (NYSE) is open for business. The Business Day ends when the NYSE closes for the day. CONTRACT. The Individual Flexible Premium Deferred Registered Index-Linked Variable Annuity described herein. CONTRACT ANNIVERSARY. The Business Day on or immediately following each one-year anniversary of the Issue Date. CONTRACT OPTION(S). The Contract Options for this Contract are the Fixed Account and the Index Account.