Exhibit 4(n)
==== GOLDEN
======= AMERICAN GUARANTEED DEATH
=========== LIFE INSURANCE BENEFIT ENDORSEMENT
===== COMPANY
Golden American is a stock company domiciled in Delaware.
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The Contract to which this endorsement is attached is hereby amended
by replacing the applicable provision with the provisions stated
below as of the Contract Date. Where used in this Endorsement the
term Contract shall mean Certificate when this Endorsement is
attached to a Certificate. Where used in this Endorsement, Owner,
shall mean Certificateowner when this Endorsement is attached to a
Certificate.
The provisions of the Contract Schedule dealing with death benefits
are replaced with the following:
DEATH BENEFIT
The Death Benefit is the greatest of (i) , (ii) , (iii), and (iv)
below, where:
(i) the Accumulation Value less any Credits applied within [12]
months of the date of death;
(ii) the Guaranteed Death Benefit less any Credits applied within
[12] months of the date of death;
(iii) the Cash Surrender Value;
(iv) the sum of premiums paid, reduced by Prorata Partial Withdrawal
Adjustment(s) for Accumulation Value withdrawn.
GUARANTEED DEATH BENEFIT
On the Contract Date, the Guaranteed Death Benefit is the initial
premium plus any Credit, if applicable. On subsequent Valuation
Dates, the Guaranteed Death Benefit is calculated as follows:
(1) Start with the Guaranteed Death Benefit from the prior Valuation
Date;
(2) Add to (1) any additional premium paid and any Credits since the
prior Valuation Date and subtract from (1) any Prorata Partial
Withdrawal Adjustments for any Partial Withdrawals taken since the
prior Valuation Date.
(3) On a Valuation Date that occurs on or prior to the owner's
attained age [80], which is also a Certificate Anniversary, we set
the Guaranteed Death Benefit equal to the greater of (2) or the
Accumulation Value as of such date.
On all other Valuation Dates, the Guaranteed Death Benefit is equal
to (2).
PRORATA PARTIAL WITHDRAWAL ADJUSTMENTS
For any partial withdrawal, the Death Benefit components will be
reduced by Prorata Partial Withdrawal Adjustments. The Prorata
Partial Withdrawal Adjustment to a death benefit component for a
partial withdrawal is equal to (1) divided by (2), multiplied by (3),
where: (1) is the Accumulation Value withdrawn, (2) is the
Accumulation Value immediately prior to withdrawal, and (3) is the
amount of the applicable death benefit component immediately prior to
the withdrawal.
GA-RA-1044-2
CHANGE OF OWNER
A change of Owner from a sole owner to a sole owner (where there
have never been multiple owners designated) will result in
recalculation of the Death Benefit and the Guaranteed Death
Benefit. If the new owner's attained age at the time of the
change is less than [80], the Guaranteed Death Benefit in effect
prior to the change will remain in effect and the Death Benefit
provision will apply. If the new owner's attained age at the
time of the change is [80] or greater, but not greater than [85]:
(a) the Guaranteed Death Benefit following the change will be
zero; and
(b) the Death Benefit will then be the greatest of:
1) the cash surrender value;
2) the accumulation value, less any Credits applied within [12]
months prior to the date of death; and
3) the sum of the premiums paid, reduced by Prorata Partial
Withdrawal Adjustments for any Accumulation Value Withdrawan.
If ownership changes result in multiple owners of a contract or
if there has ever been multiple owners, the Guaranteed Death
Benefit shall be set to zero. If the oldest owner is age [85] or
younger at the time of the change, the Death Benefit will then be
the greatest of: (b) 1, (b) 2 or (b) 3 above.
If any owner's or oldest multiple owners, attained age is [86] or
greater at the time of the change, the Guaranteed Death Benefit
will be zero, and the Death Benefit will then be the cash
surrender value.
When a change of owner reduces the Guaranteed Death Benefit to
zero, there will be a reduction in the mortality and expense risk
charge.
SPOUSAL CONTINUATION UPON DEATH OF OWNER
If at the Owner's death, the surviving spouse of the deceased
Owner is the beneficiary and such surviving spouse elects to
continue the contract as their own pursuant to Internal Revenue
Code Section 72(s) or the equivalent provisions of U.S. Treasury
Department rules for qualified plans, the following will apply:
(a) If the Guaranteed Death Benefit as of the date we receive
due proof of death of the Owner, minus the Accumulation Value,
also as of that date, is greater than zero we will add such
difference to the Accumulation Value. Such addition will be
allocated to the divisions of the Separate Account in proportion
to the Accumulation Value in the Separate Account. If there is
no Accumulation Value in the Separate Account, the addition will
be allocated to the Liquid Assets division, or its successor.
(b) The Guaranteed Death Benefit will continue to apply, with
all age criteria using the surviving spouse's age as the
determining age.
(c) At subsequent surrender, any surrender charge applicable to
premiums paid prior to the date we receive due proof of death of
the Owner will be waived. Any premiums paid later will be
subject to any applicable surrender charge.
This addition to Accumulation Value is available only to the
spouse of the Owner as of the date of death of the Owner if such
spouse under the provisions if this contract elects to continue
the contract as their own.
GA-RA-1044-2
DEDUCTIONS FROM THE DIVISIONS
Mortality and Expense Risk Charge - We deduct a charge from the
assets in each separate account division on a daily basis at a
rate of [0.003863%] (equivalent to an annual rate of [1.60%]) for
mortality and expense risks. The charge is not deducted from the
fixed account or general account accumulation values.
All other provisions of the Contract to which this Endorsement is
attached remain unchanged.
/s/Xxxxxxx Xxxxxxx
Signed: --------------------
Xxxxxxx Xxxxxxx
XX-XX-0000-0
