EXHIBIT 4(p)
Filed with Post-Effective Amendment No. 16 to this Registration Statement on
Form N-4 on April 27, 1994.
METLIFE(R)
A Mutual Company Incorporated in New York State
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This is a legal contract between you and MetLife and contains your benefits and
rights and your beneficiary's rights in an easy to read Question and Answer
format. Please read this contract carefully.
SINGLE PREMIUM IMMEDIATE INCOME PAYMENT CONTRACT
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CONTRACT OWNER: ▇▇▇▇▇ ▇▇▇▇▇
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CONTRACT NUMBER: VB987654 ISSUE DATE: 1/15/94
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PRIMARY ANNUITANT: ▇▇▇▇ ▇▇▇ PRIMARY ANNUITANT'S AGE AND SEX: 65-Male
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SURVIVOR ANNUITANT: NONE SURVIVOR ANNUITANT'S AGE AND SEX: None
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BENEFICIARY: ▇▇▇▇▇ ▇▇▇▇▇ CONTINGENT BENEFICIARY: ▇▇▇ ▇▇▇▇▇
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PREMIUM: $100,000 DATE OF FIRST PAYMENT: 2/1/94
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TYPE OF ANNUITY (See Specifications page, which follows, for further
details): Life Annuity with payments guaranteed for 10 years
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This contract is not eligible for dividends.
There is no cash surrender benefit.
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT.
AVAILABLE SEPARATE ACCOUNT INVESTMENT DIVISIONS AS OF THE CONTRACT DATE ARE: THE
METROPOLITAN GROWTH, INCOME, DIVERSIFIED, AGGRESSIVE GROWTH, INTERNATIONAL STOCK
AND STOCK INDEX DIVISIONS. A DESCRIPTION OF EACH OF THESE DIVISIONS IS INCLUDED
IN THE PROSPECTUS.
10-Day Right to Examine-You may return your contract to MetLife or the person
through whom you bought it within 10 days from the date you receive it. If you
return it within the 10-day period, your contract will be canceled from the
Issue Date. We will refund any premium made.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ /s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇
Vice-President & Secretary President & Chief Operating
Officer
Cover Page
Form PSC 93-05A
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INCOME PAYMENT: INITIAL AMOUNT* NUMBER OF
ANNUITY UNITS
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From Fixed Interest Account $378.05** Not Applicable
From Separate Account
Growth
Stock Index $102.28*** 11.65479
International Stock $ 99.63*** 9.19634
$100.83*** 10.45732
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Total $680.79
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INCOME PAYMENTS FREQUENCY: Monthly
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BENEFIT: Payments are made to the date of last payment before
the later of: (a) the date the Annuitant dies, and (b) the date
on which the 120th monthly payment is paid. If the Annuitant
dies before 120 monthly payments have been made, payments will
continue to you (or, if you die, to your beneficiary) for the
rest of the guaranteed period.
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ADMINISTRATIVE FEE: $350
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ASSUMED INVESTMENT RATE: 4%. The daily 4% AIR factor is
0.99989255.
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TAX MARKET: [Individual--Non-Qualified, ERISA APPLIES: No
IRA/SEP]
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* This amount assumes that you have elected not to have any Federal income
taxes withheld.
** Based on your current allocation, this amount is guaranteed not to change.
If you make transfers to the Fixed Interest Account, this amount will
increase.
*** This amount assumes the initial payment is as of the Issue Date. If not
made on the Issue Date the initial payment will be the number of annuity
units shown times the Annuity Unit Value as of the later of: (a) the Issue
Date, or (b) ten days prior to the payment due date. Any subsequent payment
will reflect the investment experience of the Separate Account as described
in this contract.
Form PSC 93-05A
1. WHAT DO THE BASIC TERMS USED IN YOUR CONTRACT MEAN?
"Annuitant" is the person during whose lifetime an income will be payable
to the owner. If there is a Joint Annuitant this term is used to mean the
Annuitant and the Joint Annuitant.
"Annuity Unit" is a unit of measurement used to determine the amount of
each variable income payment. The value of an annuity unit will vary in
relation to the investment experience of the investment division(s) of the
Separate Account chosen.
"Assumed Investment Return" (AIR) is the interest rate used to determine
the first income payment per $1,000 of net purchase amount applied to the
Separate Account investment divisions.
"Beneficiary" is the person or persons you name to whom the death benefit,
if any, is payable when you die. You may name a contingent beneficiary to
become the beneficiary if all the beneficiaries die while you are alive. If
no beneficiary or contingent beneficiary is named, or if none is alive when
you die, we will pay your estate. If more than one beneficiary is alive
when you die, we will pay them in equal shares unless you have chosen
otherwise.
"Premium" is the money received by us under this Contract.
"Designated Office" is the administrative office for your Contract. It is
now the Pensions and Savings Center, Metropolitan Life Insurance Company,
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇., ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇. If we change it, we will tell you.
"Funding Options" refer to the Metropolitan Series Fund, Inc.. It is a
series of mutual funds used only for insurance and annuity contracts such
as this one. The Metropolitan Series Fund is divided into portfolios each
of which has its own investment objectives.
"Investment Division" are part of the Separate Account Each division
invests in a corresponding portfolio or series of the Funding Options,
rather than investing directly in stocks, bonds or other investments. Thus,
the investment experience of each division will generally be the same as
that of the corresponding portfolio or series, reduced by charges under
this contract for services and benefits we provide. The cover page shows
the available divisions on the issue date. We will tell you about any
changes.
"Issue Date" is the date MetLife receives the premium for which income
payments are made under this Contract.
"Joint Annuitant", if any, is a person in addition to the Annuitant during
whose lifetime an income will be payable to you.
"Net Premium" is the amount paid to us on behalf of the Annuitant less any
applicable administrative fee and state premium tax.
"You", "Your", "Me", "My" and "I" refer to the owner who has all the rights
under his contact.
"We", "Us", "Our" and "MetLife" refer to Metropolitan Life Insurance
Company.
Form PSC 93-05A 1
2. HOW IS MY PREMIUM ALLOCATED UNDER MY CONTRACT?
You choose how your premium is allocated among the Fixed Interest Account
and the investment divisions of the Separate Account. You may change you
allocation by telling us. The change will be made upon receipt, unless you
specify a later date, which may be up to 30 days after we receive the
request. Allocations must be in whole number percentages (e.g., 331/3%
cannot be chosen).
3. WHAT IS THE FIXED INTEREST ACCOUNT?
The Fixed Interest Account guarantees your payment without regard to any
investment results or to changing economic conditions.
4. HOW IS THAT PORTION OF MY INCOME PAYMENT BASED ON AN ALLOCATION TO THE
FIXED INTEREST ACCOUNT (IF ANY) CALCULATED?
Any portion of your income payment that is based on an allocation to the
Fixed Interest Account is calculated by applying the net premium so
allocated as of the Issue Date or transfer date under the income plan
selected using the fixed rates in effect on that date. The income payments
are guaranteed by MetLife with the amount dependent on the income plan
chosen, the age and sex of the Annuitant (except when unisex rates are
required), and the purchase amount applied to purchase the income stream.
5. WHAT IS THE SEPARATE ACCOUNT AND HOW DOES IT OPERATE?
It is Metropolitan Life Separate Account E, an investment account we
maintain separate from our other assets.
We own the assets in the Separate Account. The Separate Account will not be
charged with liabilities that arise from any other business that we
conduct. We will add amounts to the Separate Account from other contracts
of ours.
The Separate Account is divided into investment divisions, each of which
buys shares in a corresponding portfolio or series of the Funding Options.
Thus, the Separate Account does not invest directly in stocks, bonds, etc.,
but leaves such investments to the Funding Options to make. The Funding
Options are also bought by other separate accounts of ours, our affiliates
and other insurance companies.
We keep track of each investment division of the Separate Account
separately using annuity units. An annuity unit is the measuring unit used
in calculating the amount of income payments. The number of annuity units
is determined by dividing an income payment amount determined as of the
issue date by the Annuity Unit Value of the applicable division as of the
issue date. The current value of an Annuity Unit in a division is equal to
the value of an annuity unit for the immediately preceding valuation period
times the product of: (a) the daily AIR actor, and (b), the experience
factor for the current valuation period for the applicable division. The
current value of an Annuity unit reflects a charge not to exceed .000034035
per day (an effective annual rate of 1.25%) for administrative expenses and
mortality and expense risks we assume under this contract.
Form PSC 93-05A 2
A valuation period is the period between one calculation of an annuity unit
value and the next calculation. Normally, we calculate annuity units once
each day the New York Stock Exchange is open for trading, but we can delay
this determination if an emergency exists, making valuation of assets in
the Separate Account not reasonably practicable, or if the Securities and
Exchange Commission permits such deferral. We may change when we calculate
the annuity unit value by giving you 30 days notice, to the extent
permitted by law.
▇▇▇▇▇▇▇ transferred to an investment division of the Separate Account will
be credited as of the end of the valuation period during which they are
transferred from another investment division of the Separate Account.
Additions to or withdrawals from an investment division may only be made as
of the end of a valuation period. When you make a transfer into an
investment division, we give you annuity units in that division. When you
make a transfer out of the investment division, we reduce the number of
your annuity units in that division. In either case, the number of annuity
units you gain or lose is determined by taking the dollar amount of the
transfer and dividing it by the value of an annuity unit at the time of the
transaction. Thus, if you transfer 5 annuity units from one investment
division with an annuity unit value of $10 to another investment division
with an annuity unit value of $20, the number of annuity units in the first
division would increase by 2.5 [($5 x $10) divided by $20].
We may make certain changes to the Separate Account if we think they would
best serve the interest of participants in or owners of similar contracts
or would be appropriate in carrying out the purposes of such contracts. Any
changes will be made only to the extent and in the manner permitted by
applicable laws. Also, when required by law, we will obtain your approval
of the changes and approval from any appropriate regulatory authority.
Examples of the changes to the Separate Account that we may make include:
o To transfer any assets in an investment division to another investment
division, or to one or more other separate accounts, or to our general
accounts; or to add, combine, or remove investment division in the
Separate Account.
o To substitute, for the Funding Options shares held in any investment
division, the shares of another class of the Metropolitan Series Fund,
Inc. or the shares of any other investment permitted by law.
If any changes result in material changes in the underlying investment of
an investment division to which an amount is allocated under the contract,
we will notify you of the change. You may then make a new choice of
investment divisions.
6. HOW IS THAT PORTION OF MY INCOME PAYMENT BASED ON ALLOCATIONS TO THE
SEPARATE ACCOUNT (IF ANY) CALCULATED?
Any portion of your income payment that is based on allocation to the
Separate Account is calculated similar to fixed interest account amount (as
described in item 4) assuming a payment is made as of the issue date. This
theoretical payment amount is then converted to annuity units and all
subsequent payments will vary to reflect the net investment experience of
each division of the Separate Account to which the net premium (i.e., the
premium less any applicable administrative fee and premium taxes) is
applied and the Assumed Investment Return.
Form PSC 93-05A 3
Income payments will increase if the net investment return since the last
payment is greater than the AIR on an annualized basis. Income payments
will decrease if the net investment return is less than the AIR on an
annualized basis. Therefore, the dollar amount of variable income payments
after the first will vary with the amount by which the net investment
return is greater or less than 4% per annum. For example, if a Division has
a cumulative net investment return of 5% over a one year period, the first
variable income payment in the next year will be approximately 1% greater
than the payment on the same date in the preceding year, and subsequent
payments will continue to vary with the investment experience of the
Division. If such net investment return is -1% over a one year period, the
first variable income payment in the next year will be approximately 5%
less than the payment on the same date in the preceding year, and
subsequent payments will continue to vary with the investment experience of
the applicable division.
7. CAN TRANSFERS BE MADE WITHIN THIS CONTRACT?
Yes. The number of transfers among investment divisions and from the
Separate Account is unlimited as long as the total number of investment
divisions at any time is limited to four (3 if a fixed income option is
also selected). You can make a transfer by telling us. Transfers from the
Fixed to the Separate Account are not currently permitted. If we change our
practices to allow such transfers, we will notify you in writing.
8. WHEN ARE MY VARIABLE PAYMENT AMOUNTS DETERMINED AND HOW OFTEN WILL THEY
CHANGE?
Each variable income payment amount after the first will be determined as
of the 10th day prior to a payment due date. Each payment or portion of
each payment that is based on the experience of the Separate Account may
vary from the prior one. Payments other than the first are determined by
multiplying the number of annuity units provided on the specifications page
by the Annuity Unit Value of the Separate Account on the 10th day prior to
the payment due date. The first payment will be the amount stated on the
specifications page if the payment is due within 10 days of the Issue Date.
Otherwise, the first payment will be determined as described above for all
other payments.
9. WHAT IF THE ANNUITANT'S AGE OR SEX (IF APPLICABLE) ON THE ISSUE DATE IS NOT
CORRECT AS SHOWN ON THE COVER PAGE?
If the Annuitant's age or sex (if applicable) on the Issue Date is not
correct as shown on the cover page, we will adjust the benefits under this
contract. The adjusted benefits will be those which the premium would have
bought at the correct age and sex (except when unisex rates are required).
If we have made an overpayment or underpayment because of a misstatement,
the amount of overpayment or underpayment, with interest, will be, as
appropriate, deducted from or added to the payment or payments made after
the adjustment.
10. WHAT HAPPENS IF YOU ARE NOT THE ANNUITANT AND YOU DIE BEFORE THE ANNUITANT?
After we receive proof of your death, the beneficiary becomes the owner
with all rights as described below in item 14. If you die before the
Annuitant and if no beneficiary or contingent beneficiary is named or none
is alive, your estate will become the owner of this contract.
Form PSC 93-05A 4
11. WHAT IF THE DEATH BENEFIT IF THE ANNUITANT DIES?
This depends upon the income plan. Payments may stop, may continue to the
beneficiary for the remainder of the guaranteed period (if any) or may
continue to another person. The death benefit, if any, is shown on the
specifications page. Proof of death and a properly written claim form must
be received by us.
12. WHAT SPECIAL RULES APPLY IF MY PREMIUM WAS MADE UNDER A PLAN SUBJECT TO
ERISA?
If your premium was made under a plan subject to the Employee Retirement
Income Security Act (ERISA) and if you have a spouse, your spouse must give
qualified consent whenever you elect to change your beneficiary to someone
other than your spouse for more than 50% of the death benefit. The consent
of your spouse must be in writing, dated, signed by your spouse, witnessed
by a notary public and in a form satisfactory to us. The consent of your
spouse will not be required if you, your estate representative, or your
beneficiary establishes that it cannot be obtained because there is no
spouse, or because the spouse cannot be located. The specifications page
indicates whether or not this contract is subject to ERISA.
13. HOW DO FEDERAL INCOME TAX RULES AFFECT MY CONTRACT?
(a) If your contract is qualified (as indicated on the specifications
page), and your premium does not contain any after-tax money (i.e.,
the premium consists only of money that: (i) entitled you to a tax
deduction, (ii) resulted from salary reduction elective deferrals, or
(iii) was contributed by your employer), each payment under this
contract is subject to Federal income taxes.
(b) If your contract is non-qualified (as indicated on the specifications
page) or your premium contains some after-tax money from a qualified
contract, the portion of each payment representing the amount based on
the after-tax portion of your premium is not subject to Federal income
tax. The balance of each payment will be included in your income in
the year received.
(c) Your contract is designed to satisfy the requirements of Internal
Revenue Code Section 72(s) and should be read accordingly.
(d) Whenever appropriate, payments under this contract must comply with
Internal Revenue Code Section 401(a)(9) and the regulations
thereunder, including Regulation Section 1.401(a)(9)-2. Any payments
which do not comply with these or other relevant Federal income tax
rules are not valid.
14. WHAT ARE YOUR RIGHTS UNDER THIS CONTRACT?
You have all rights under this contract, including the right at any time to
change the person to whom benefits are payable, including the beneficiary.
If we agree in writing, you may name a new owner. If a new owner is named,
no such change will be effective until written notice of the change is
received by us.
15. CAN YOU ASSIGN OR TRANSFER YOUR CONTRACT, OR USE IT AS COLLATERAL FOR A
LOAN?
Income payments may be assigned only if we agree in writing. To the extent
permitted by law, income payments will not be subject to the claims of
creditors.
Form PSC 93-05A 5
If this contract is assigned, unless other arrangements are made with us,
we will pay the value or any remaining payments as they become due.
16. HOW CAN I GET INFORMATION ABOUT MY CONTRACT?
At least once each year, we will provide you with the investment choices of
record on which the income payments are based. We will also tell you the
various investment choices that are then currently available. If you need
information at other times, please tell us.
For information or service (e.g. change of beneficiary or address, claim
forms, etc.) you may contact our Designated Office.
17. WHAT INFORMATION MAY WE ASK YOU FOR AFTER THE ISSUE DATE OF THIS CONTRACT?
We may require proof that the Annuitant is alive on the due date of a
payment. If we have made a request, we will make no further payments until
proof is received. If the Annuitant is not then living, we will require
proof of the authority of any person who makes a claim to receive any
amount payable on the Annuitant's death.
18. DOES YOUR CONTRACT CONTAIN ALL THE PROVISIONS AFFECTING YOU?
Yes. Your Contract and any riders and endorsements included in it make up
your entire contract with us. We will never contest the validity of this
Contract. Changes in its provisions may only be made in writing by our
President, Secretary or a Vice-President. No provision may be waived or
changed by any of our other employees, representatives or agents.
Form PSC 93-05A 6
Index
TOPIC QUESTION & ANSWER PAGE
Allocation of Premium 2 2
Assignment 15 5
Death of the Annuitant 11 5
Death of the Owner 10 4
Definitions 1 1
Entire Contract and Authority 18 6
ERISA 12 5
Federal Income Taxes 13 5
Fixed Income Payment 4 2
Fixed Interest Account 3 2
Information We May Ask From You 17 6
Information We May Provide You 16 6
Misstatement of Age or Sex 9 4
Owner's Rights 14 5
Separate Account 5 2
Transfers 7 4
Variable Income Payment 6,8 3,4
Notice
When you write to us please give us your name, address and contract number.
Please notify us promptly of any changes. We will write to you at your last
known address.
Checks, drafts or money orders may be drawn to the order of Metropolitan Life
(or MetLife). They are received subject to the condition that they may be
handled for collection in accordance with the practice of the collecting bank or
banks. If we do not receive the full amount of any check, draft or money order,
it will not constitute payment. All payments are to be made in U.S. currency.
VOTING FOR DIRECTORS
Our Board of Directors is elected by our contract holders. For details on how to
vote, write to our Secretary.
Metropolitan Life Insurance Company
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Countersigned and Delivered _________19________By___________________
Form PSC 93-05A 7
EXHIBIT 4(P)
Filed with Post-Effective Amendment No.
15 to this Registration Statement on
Form N-4 on April 8, 1993.
METLIFE (R)
A Mutual Company Incorporated in New York State
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ - ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
This is a legal contract between you and MetLife and contains your benefits and
rights and your beneficiary's rights in an easy to read Question and Answer
format. Please read this contract carefully.
SINGLE DEPOSIT IMMEDIATE INCOME PAYMENT CONTRACT
================================================================================
CONTRACT OWNER:
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CONTRACT NUMBER: ISSUE DATE:
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ANNUITANT: ANNUITANT'S AGE AND SEX:
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JOINT ANNUITANT: JOINT ANNUITANT'S AGE AND SEX:
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BENEFICIARY: CONTINGENT BENEFICIARY:
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DEPOSIT: DATE OF FIRST PAYMENT:
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TYPE OF ANNUITY (See Specifications page, which follows, for
further details):
================================================================================
This contract is not eligible for dividends.
There is no cash surrender benefit.
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT.
AVAILABLE SEPARATE ACCOUNT INVESTMENT DIVISIONS AS OF THE CONTRACT DATE ARE: THE
METROPOLITAN GROWTH, INCOME, DIVERSIFIED, AGGRESSIVE GROWTH, INTERNATIONAL
STOCK AND STOCK INDEX DIVISIONS: THE FIDELITY GROWTH, OVERSEAS, EQUITY-INCOME,
INVESTMENT GRADE BOND, AND ASSET MANAGER DIVISIONS; AND THE ▇▇▇▇▇▇▇ SOCIALLY
RESPONSIBLE AND ▇▇▇▇▇▇▇ ▇▇▇▇▇ DIVISIONS. A DESCRIPTION OF EACH OF THESE
DIVISIONS IS INCLUDED IN THE PROSPECTUS.
10-Day Right to Examine--You may return your contract to MetLife or the person
through whom you bought it within 10 days from the date you receive it. If you
return it within the 10-day period, your contract will be canceled from the
Issue Date. We will refund any deposit made.
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Vice-President & Secretary Chairman of the Board, President & Chief
Executive Officer
Cover Page
FORM PSC 93-05
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INCOME PAYMENT: INITIAL AMOUNT*
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From Fixed Interest Account
From Separate Account
Growth
Stock Index
International Stock
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Total
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INCOME PAYMENT FREQUENCY:
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DEATH BENEFIT:
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ADMINISTRATIVE FEE: $250
================================================================================
ASSUMED INVESTMENT RATE: 4%. The daily 4% AIR factor is 0.99989255.
================================================================================
TAX MARKET: ERISA APPLIES:
================================================================================
* This amount assumes that you have elected not to have any Federal income taxes
withheld.
Specifications Page
Form PSC 93-05
1. WHAT DO THE BASIC TERMS IN YOUR CONTRACT MEAN?
"Annuitant" is the person during whose lifetime an income will be payable
to the owner. If there is a Joint Annuitant this term is used to mean the
Annuitant and the Joint Annuitant.
"Annuity Unit" is a unit of measurement used to determine the amount of
each variable income payment. The value of an annuity unit will vary in
relation to the investment experience of the investment division(s) of the
Separate Account chosen.
"Assumed Investment Return" (AIR) is the interest rate used to determine
the first income payment per $1,000 of net purchase amount applied to the
Separate Account investment divisions.
"Beneficiary" is the person or persons you name to whom the death benefit,
if any, is payable when the Annuitant dies. You may name a contingent
beneficiary to become the beneficiary if all the beneficiaries die while
the Annuitant is alive. If no beneficiary or contingent beneficiary is
named, or if none is alive when the Annuitant dies, we will pay you or your
estate. While the Annuitant is alive, you may change any beneficiary or
contingent beneficiary. If more than one beneficiary is alive when the
Annuitant dies, we will pay them in equal shares unless you have chosen
otherwise.
"Deposit" is the money received by us under this Contract.
"Designated Office" is the administrative office for your Contract. It is
now the Pensions and Savings Center, Metropolitan Life Insurance Company,
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇., ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇. If we change it, we will tell you.
"Funding Options" refer to the Metropolitan Series Fund, Inc., the ▇▇▇▇▇▇▇
Socially Responsible Series, the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Appreciation Portfolio II,
and Fidelity's Variable Insurance Products Fund and Variable Insurance
Products Fund II. All are either mutual funds or series of mutual funds
used only for insurance and annuity contracts such as this one. The
Metropolitan Series Fund and Fidelity's Variable Insurance Products Fund
and Variable Insurance Products Fund II are divided into portfolios each of
which has its own investment objectives.
"Investment Divisions" are part of the Separate Account. Each division
invests in a corresponding portfolio or series of the Funding Options,
rather than investing directly in stocks, bonds or other investments. Thus,
the investment experience of each division will generally be the same as
that of the corresponding portfolio or series, reduced by charges under
this certificate for services and benefits we provide. The cover page shows
the available divisions. We will tell you about any changes.
"Issue Date" is the date MetLife receives the deposit for which income
payments are made under this Contract.
"Joint Annuitant", if any, is a person in addition to the Annuitant during
whose lifetime an income will be payable to you.
"Net Deposit" is the amount paid to us on behalf of the Annuitant less any
applicable administrative fee and state premium tax.
Form PSC 93-05
"You", "Your", "Me", "My" and "I" refer to the owner who has all the rights
under this contract while the Annuitant is alive.
We", "Us", "Our" and "MetLife" refer to Metropolitan Life Insurance
Company.
2. HOW IS MY DEPOSIT ALLOCATED UNDER MY CONTRACT?
You choose how your deposit is allocated among the Fixed Interest Account
and the investment divisions of the Separate Account. You may change your
allocation by telling us. The change will be made upon receipt, unless you
specify a later date, which may be up to 30 days after we receive the
request. Allocations must be in whole number percentages (e.g., 33 1/3%
cannot be chosen).
3. WHAT IS THE FIXED INTEREST ACCOUNT?
The Fixed Interest Account guarantees both your principal and interest with
out regard to any investment results or to changing economic conditions.
4. WHAT IS THE SEPARATE ACCOUNT AND HOW DOES IT OPERATE?
It is Metropolitan Life Separate Account E, an investment account we
maintain separate from our other assets.
We own the assets in the Separate Account. The Separate Account will not be
charged with liabilities that arise from any other business that we
conduct. We will add amounts to the Separate Account from other contracts
of ours.
The Separate Account is divided into investment divisions, each of which
buys shares in a corresponding portfolio or series of the Funding Options.
Thus, the Separate Account does not invest directly in stocks, bonds, etc.,
but leaves such investments to the Funding Options to make. The Funding
Options are also bought by other separate accounts of ours, our affiliates
and other insurance companies.
We keep track of each investment division of the Separate Account
separately using annuity units. An annuity unit is the measuring unit used
in calculating the amount of income payments. The number of annuity units
is determined by dividing the amount of the first income payment by the
Annuity Unit Value of the applicable division as of the tenth day before
the date of the first income payment. The current value of an Annuity Unit
in a division is equal to the value of an annuity unit for the immediately
preceding valuation period times the product of: (a) the daily AIR factor,
and (b), the net investment factor for the current valuation period for the
applicable division. The current value of an Annuity unit reflects a charge
not to exceed .000034035 per day (an affective annual rate of 1.25%) for
administrative expenses and mortality and expense risks we assume under
this contract.
A valuation period is the period between one calculation of an annuity unit
value and the next calculation. Normally, we calculate annuity units once
each day the New York Stock Exchange is open for trading, but we can delay
this determination if an emergency exists, making valuation of assets in
the Separate Account not reasonably practicable, or if the Securities and
Exchange Commission permits such deferral. We may change when we calculate
the annuity unit value
Form PSC 93-05 2
by giving you 30 days notice, to the extent permitted by law.
▇▇▇▇▇▇▇ transferred to the Separate Account will be credited as of the end
of the valuation period during which they are transferred from the Fixed
Interest Account. Additions to or withdrawals from an investment division
may only be made as of the end of a valuation period. When you transfer
money into an investment division, we give you annuity units in that
division. When you transfer money out of the investment division, we reduce
the number of your annuity units in that division. In either case, the
number of annuity units you gain or lose is determined by taking the dollar
amount of the transfer and dividing it by the value of an annuity unit at
the time of the transaction. Thus, if you transfer $5,000 from one
investment division with an annuity unit value of $100 to another
investment division with an annuity unit value of $200, the number of
annuity units in the first division would be reduced by 50 ($5,000/$100)
and the number of annuity units in the second division would increase by 25
($5,000/$200).
We may make certain changes to the Separate Account if we think they would
best serve the interests of participants in or owners of similar contracts
or would be appropriate in carrying out the purposes of such contracts. Any
changes will be made only to the extent and in the manner permitted by
applicable laws. Also, when required by law, we will obtain your approval
of the changes and approval from any appropriate regulatory authority.
Examples of the changes to the Separate Account that we may make include:
o To transfer any assets in an investment division to another investment
division, or to one or more other separate accounts, or to our general
account; or to add, combine, or remove investment divisions in the
Separate Account.
o To substitute, for the Funding Options shares held in any investment
division, the shares of another class of the Metropolitan Series Fund,
Inc. or the shares of any other investment permitted by law.
If any changes result in material change in the underlying investments of
an investment division to which an amount is allocated under the contract,
we will notify you of the change. You may then make a new choice of
investment divisions.
5. HOW IS THAT PORTION OF MY INCOME PAYMENT BASED ON AN ALLOCATION TO THE
FIXED INTEREST ACCOUNT (IF ANY) CALCULATED?
Any portion of your income payment that is based on an allocation to the
Fixed Interest Account is calculated by applying the net deposit so
allocated as of the Issue Date or transfer date under the income plan
selected using the fixed rates in effect on that date. The income payments
are guaranteed by MetLife with the amount dependent on the income plan
chosen, the age and sex of the annuitant or the beneficiary (except when
unisex rates are required), and the purchase amount applied to purchase the
income stream.
6. HOW IS THAT PORTION OF MY INCOME PAYMENT BASED ON ALLOCATIONS TO THE
SEPARATE ACCOUNT (IF ANY) CALCULATED?
Any portion of your income payment that is based on allocation to the
Separate Account is calculated similar to fixed interest account amount (as
described in item 5), except the amount
Form PSC 93-05 3
of the income payment will vary to reflect the net investment experience of
each division of the Separate Account to which the net deposit (i.e., the
deposit less any applicable administrative fee and premium taxes) is
applied and the Assumed Investment Return.
Income payments after the first will increase only to the extent that the
net investment return increases by more than the AIR on an annualized
basis. Income payments will decline if the net investment return increases
less than the AIR. Therefore, the dollar amount of variable income payments
after the first will vary with the amount by which the net investment
return is greater or less than 4% per annum. For example, if a Division has
a cumulative net investment return of 5% over a one year period, the first
variable income payment in the next year will be approximately 1% greater
than the payment on the same date in the preceding year, and subsequent
payments will continue to vary with the investment experience of the
Division. If such net investment return is -1% over a one year period, the
first variable income payment in the next year will be approximately 5%
less than the payment on the same date in the preceding year, and
subsequent payments will continue to vary with the investment experience of
the applicable division.
7. CAN MONEY BE TRANSFERRED WITHIN THIS CONTRACT?
Yes. The number of transfers among investment divisions and from the
separate account is unlimited as long as the total number of investment
divisions at any time is limited to four (3 if a fixed income option is
also selected). You can make a transfer by telling us. Transfers from the
fixed to the separate account are not currently permitted. If we change our
practices to allow such transfers, we will notify you in writing.
8. WHEN ARE MY VARIABLE PAYMENT AMOUNTS DETERMINED AND HOW OFTEN WILL THEY
CHANGE?
Each variable income payment amount will be determined as of the 10th day
prior to a payment due date. Each payment or portion of each payment that
is based on the experience of the Separate Account may vary from the prior
one.
9. WHAT IF THE ANNUITANT'S AGE OR SEX (IF APPLICABLE) ON THE ISSUE DATE IS NOT
CORRECT AS SHOWN ON THE COVER PAGE?
If the Annuitant's age or sex (if applicable) on the Issue Date is not
correct as shown on the cover page, we will adjust the benefits under this
contract. The adjusted benefits will be those which the deposit would have
bought at the correct age and sex (except when unisex rates are required).
If we have made an overpayment or underpayment because of a misstatement,
the amount of overpayment or underpayment, with interest at the rate used
to calculate the income payment amount, will be, as appropriate, deducted
from or added to the payment or payments made after the adjustment.
9. WHAT HAPPENS IF YOU ARE NOT THE ANNUITANT AND YOU DIE BEFORE THE ANNUITANT?
After we receive proof of death, we will change the owner as described
below in item 13.
10. WHAT IS THE DEATH BENEFIT IF THE ANNUITANT DIES?
This depends upon the income plan. Payments may stop, may continue to the
beneficiary for
Form PSC 93-05 4
the remainder of the guaranteed period (if any) or may continue to another
person. The death benefit, if any, is shown on the specifications page.
Proof of death and a properly written claim form must be received by us.
11. WHAT SPECIAL RULES APPLY IF MY DEPOSIT WAS MADE UNDER A PLAN SUBJECT TO
ERISA?
If your deposit was made under a plan subject to the Employee Retirement
Income Security Act (ERISA) and if you have a spouse, your spouse must give
qualified consent whenever you elect to change your beneficiary to someone
other than your spouse for more than 50% of the death benefit. The consent
of your spouse must be in writing, dated, signed by your spouse, witnessed
by a notary public and in a form satisfactory to us. The consent of your
spouse will not be required if you, your estate representative, or your
beneficiary establishes that it cannot be obtained because there is no
spouse, or because the spouse cannot be located. The specifications page
indicates whether or not this contract is subject to ERISA.
12. HOW DO FEDERAL INCOME TAX RULES AFFECT MY CONTRACT?
(a) If your contract is qualified (as indicated on the specifications
page), this means your deposit can be attributed to a reduction from
income, entitled you to a tax deduction, or was not subject to income
tax. As a result, each payment under this contract is subject to
Federal income taxes.
(b) If your contract is non-qualified (as indicated on the specifications
page), this means your deposit has already been subject to income tax.
As a result, each payment under this contract that represents income
is taxed when you receive it, but that portion that represents a
portion of your deposit is not subject to tax.
13. WHAT ARE YOUR RIGHTS UNDER THIS CONTRACT?
You have all the rights under this contract while the Annuitant is alive,
including the right at any time to change the person to whom benefits are
payable, including the beneficiary. You may name a new owner at any time.
You may also name a contingent owner who would become the owner should you
die before the Annuitant. If a new owner is named, any earlier choice of a
contingent owner will be canceled, unless you specify. No such change will
be effective until written notice of the change is received by us. If you
die before the Annuitant and have not named a contingent owner, your estate
will become the owner of this contract.
14. CAN YOU ASSIGN OR TRANSFER YOUR CONTRACT, OR USE IT AS COLLATERAL FOR A
LOAN?
Income payments may be assigned only if we agree in writing. To the extent
permitted by law, income payments will not be subject to the claims of
creditors.
If this contract is assigned, unless other arrangements are made with us,
we will pay the value of any remaining payments as they become due.
15. HOW CAN I GET INFORMATION ABOUT MY CONTRACT?
At least once each year, we will provide you with the investment choices of
record on which the
Form PSC 93-05 5
income payments are based. We will also tell you the various investment
choices that are then currently available. If you need information at other
times, please tell us.
For information or service (e.g. change of beneficiary or address, claim
forms, etc.) you may contact our Designated Office.
16. WHAT INFORMATION MAY WE ASK YOU FOR AFTER THE ISSUE DATE OF THIS CONTRACT?
We may require proof that the Annuitant is alive on the due date of a
payment. If we have made a request, we will make no further payments until
proof is received. If the Annuitant is not then living, we will require
proof of the authority of any person who makes a claim to receive any
amount payable on the Annuitant's death.
17. DOES YOUR CONTRACT CONTAIN ALL THE PROVISIONS AFFECTING YOU?
Yes. Your Contract and any riders and endorsements included in it make up
your entire contract with us. We will never contest the validity of this
Contract. Changes in its provisions may only be made in writing by our
President, Secretary or a Vice-President. No provision may be waived or
changed by any of our other employees, representatives or agents.
Form PSC 93-05 6
INDEX
TOPIC QUESTION & ANSWER PAGE
Allocation of Deposit 2 2
Assignment 14 5
Death of the Annuitant 10 4
Death of the Owner 9 4
Definitions 1 1
Entire Contract and Authority 17 6
ERISA 11 5
Federal income Taxes 12 5
Fixed Income Payment 5 3
Fixed Interest Account 3 2
Information We May Ask From You 16 6
Information We Provide You 15 5
Misstatement of Age or Sex 9 4
Owner's Rights 13 5
Separate Account 4 2
Transfers 4
Variable Income Payment 6,8 3,4
NOTICE
When you write to us please give us your name, address and contract number.
Please notify us promptly of any changes. We will write to you at your last
known address.
Checks, drafts or money orders may be drawn to the order of Metropolitan Life
(or MetLife). They are received subject to the condition that they may be
handled for collection in accordance with the practice of the collecting bank or
banks. If we do not receive the full amount of any check, draft or money order,
it will not constitute payment. All payments are to be made in U.S. currency.
VOTING FOR DIRECTORS
Our Board of Directors is elected by our contract holders. For details on how to
vote, write to our Secretary.
Metropolitan Life Insurance Company
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▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Countersigned and Delivered _________19__ By ___________________
Form PSC 93-05 7
