1
AUTOMATIC REINSURANCE AGREEMENT
Between
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
Boston, Massachusetts
And
SWISS RE LIFE COMPANY AMERICA
New York, New York
2
AUTOMATIC REINSURANCE AGREEMENT
Contents
--------
ARTICLE I Scope of Agreement
ARTICLE II Commencement & Termination of Liability
ARTICLE III Oversights - Clerical Errors
ARTICLE IV Mortality Net Amount At Risk
ARTICLE V Reinsurance Premiums
ARTICLE VI Experience Refund
ARTICLE VII Reinsurance Administration
ARTICLE VIII Settlement of Claims
ARTICLE IX Tax Credits
ARTICLE X Regulatory Compliance
ARTICLE XI Inspection of Records
ARTICLE XII Insolvency
ARTICLE XIII Arbitration
ARTICLE XIV Rights of Offsetting Balances Due
ARTICLE XV Contract and Program Changes
ARTICLE XVI Federal Taxes
ARTICLE XVII Parties to Agreement
ARTICLE XVIII Entire Agreement
ARTICLE XIX Duration of Agreement
Signature Page
EXHIBIT A - Variable Annuities Covered Under This
Agreement
EXHIBIT B - Sub-Accounts
EXHIBIT C - Experience Refund Definitions and Formulae
3
AUTOMATIC REINSURANCE AGREEMENT
THIS AGREEMENT between the NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY, a
corporation organized under the laws of the State of Delaware, hereinafter
referred to as the "Company", and SWISS RE LIFE COMPANY AMERICA, a corporation
organized under the laws of the State of New York, hereinafter referred to as
"Swiss Re America", WITNESSETH AS FOLLOWS:
ARTICLE I
Scope of Agreement
1. On and after the 1st day of August, l995, the Company will
automatically reinsure with Swiss Re America, and Swiss Re America will
automatically accept, the following quota shares of the mortality net amount at
risk, as defined in Article IV, generated prior to annuitization, by the
Variable Annuity Contracts issued by the Company, as set forth in Exhibit A, on
or after that date:
a) a 50% quota share of the variable net amount at risk,
as defined in Article IV, generated prior to
annuitization, by the variable annuity contract forms
listed in Exhibit A; and inforce as of the 1st day of
August, 1995, and
b) a 50% quota share of the variable net amount at risk,
as defined in Article IV, generated prior to
annuitization by the variable annuity contract forms
listed in Exhibit A; issued by the Company with
effective dates on and after the 1st day of August,
1995.
2. Swiss Re America's maximum liability in any one calendar year
shall not exceed 3% (300 basis points) of the average aggregate Account Value
over each respective calendar year of coverage. This average shall be calculated
by totaling the aggregate Account Value of reinsured contracts as of the end of
each calendar quarter and dividing the result by the number of quarters.
3. Swiss Re America's maximum liability on any one life reinsured
hereunder shall be One Million Dollars ($1,000,000), as specified in Article IV
of this Agreement.
4. This Agreement covers only the Company's liability for claims
paid under Variable Annuity Contracts written on forms and investment in funds
which were reviewed by Swiss Re America prior to their issuance. Forms as
supplemented by additional materials and funds available as of the date of this
Agreement are to be attached hereto and made part of this Agreement. If the
Company intends to cede to Swiss Re America liability with respect to
-1-
4
a new form or fund, it must provide Swiss Re America written notice of such
intention together with a copy of the proposed form, fund or revision, and
Exhibit A or Exhibit B shall be revised accordingly.
-2-
5
ARTICLE II
Commencement & Termination of Liability
1. On reinsurance ceded under the terms of this Agreement, the
liability of Swiss Re America shall commence simultaneously with that of the
Company, and will terminate upon the earliest of re-registration, annuitization,
surrender or termination in accordance with Article XIX and Exhibit A.
Re-registration is a term used to describe a process in which the Beneficiary
continues the Variable Annuity Contract as the new Owner upon death of the
original Owner.
-3-
6
ARTICLE III
Oversights - Clerical Errors
1. Should either the Company or Swiss Re America fail to comply
with any of the terms of this Agreement, and if this is shown to be
unintentional and the result of a misunderstanding, oversight or clerical error
on the part of either the Company or Swiss Re America, then this Agreement shall
not be deemed abrogated thereby, but both companies shall be restored to the
position they would have occupied had no such oversight, misunderstanding, or
clerical error occurred. Such conditions are to be reported and corrected
promptly after discovery.
-4-
7
ARTICLE IV
Mortality Net Amount At Risk
1. The variable net amount at risk for each variable annuity
contract reinsured hereunder shall be calculated as of the last day of each
calendar month and shall be determined as follows, up to a maximum of One
Million Dollars ($1,000,000) per life. The contractual death benefit shall be as
described in the contract forms specified in Exhibit A.
VNAR = 50% of [(Contractual GMDB - Fixed Account Assets) - Separate
Account CSV]
= 50% of [Variable GMDB - Separate Account CSV] where:
Separate Account CSV = Separate Account CV - (SASC% x SC)
SASC% = SA / (SA + FA), an aggregate measure recalculated monthly.
SA = Separate Account Assets.
FA = Fixed Account Assets.
SC = Total surrender charges under all contracts reinsured.
-5-
8
ARTICLE V
Reinsurance Premiums
1. Except as provided in paragraph 6, below, the reinsurance
premiums shall be calculated monthly and shall be a function of the reinsured
portion of (a) the average aggregate account values and (b) the average
aggregate guaranteed minimum death benefits (GMDB) over each calendar month for
all variable annuities reinsured hereunder. The monthly premium rates are
defined in Exhibit C.
2. The reinsurance premium due for the first calendar month
during which this Agreement commences shall be equal to the minimum monthly
premium rate multiplied by the greater of the average aggregate account values
or the average aggregate GMDB, as set forth in Exhibit C.
3. The reinsurance premium due for all subsequent months shall be
equal to 150% of the prior month's reinsured death claims, subject to calculated
minimum and maximum limits, as set forth in Exhibit C.
4. The total reinsurance premium shall be reduced by the ratio of
the sum of Swiss Re America's share of the variable net amount at risk in excess
of $1 million on any one life reinsured hereunder to Swiss Re America's share of
the total variable net amount at risk on all annuity contracts.
5. The monthly reinsurance premium shall be remitted on a
calendar quarterly basis, as described in Article VII.
6. The monthly reinsurance premium described above shall remain
in effect as long as the death benefit design, the contract fees, the mortality
and expense charges, the administration fees, and the surrender charges in
effect at the inception of this Agreement remain unchanged.
-6-
9
ARTICLE VI
Experience Refund
1. Swiss Re America shall pay the Company an experience refund
equal to 50% of the Adjusted Profit, as defined in Exhibit C, for all products
covered under this Agreement as set forth in Exhibit A.
2. The refund shall be calculated each calendar quarter by Swiss
Re America and settled annually on July 31st of each year.
-7-
10
ARTICLE VII
Reinsurance Administration
1. Within 30 days of the end of each calendar quarter, the
Company will furnish Swiss Re America a separate electronic report for each GMDB
design and tax status combination specified in Exhibit A, valued as of the last
day of that calendar quarter. Each report will indicate for all inforce
annuities reinsured hereunder:
a) Annuitant's name, sex, date of birth and
social security number
b) Owner's name, sex, date of birth and social
security number
c) Contract number
d) Contract date
e) Contract form number
f) Current contract separate account value
g) Current contract fixed account value
h) Cumulative net considerations
i) Current contract minimum guaranteed death
benefit
j) Current contract death benefit
k) Current contract cash surrender value
l) Current variable net amount at risk
2. Additionally, within 30 days of the end of each calendar
quarter, the Company will furnish Swiss Re America a separate paper report for
each GMDB design and tax status combination specified in Exhibit A, summarizing
the following data:
a) Reinsurance premiums due Swiss Re America
b) Death claim reimbursements due the Company
c) Total number of contracts reinsured
d) Total current contract separate account
value
e) Total current fixed account value
f) Total cumulative net considerations
g) Total current guaranteed minimum death
benefit
h) Total current death benefit
-8-
11
i) Total current cash surrender value
j) Total current variable risk amount
3. If the net balance is due Swiss Re America, the amount due
shall be remitted with the report statement. If the net balance is due the
Company, Swiss Re America shall remit the amount to the Company within 10 days
of the receipt of the report.
-9-
12
ARTICLE VIII
Settlement of Claims
1. The claims that are eligible for reimbursement are only those
that the Company is required to pay on deaths that occur on or after the
effective date of this Agreement.
2. Provided the Company provides satisfactory proof of claim to
Swiss Re America, claim settlements made by the Company shall be unconditionally
binding on Swiss Re America.
3. Within 30 days of the end of each calendar quarter, the
Company shall notify Swiss Re America of the reinsured death benefits paid in
that calendar quarter and Swiss Re America will reimburse the Company, as
provided in Article VII, for the reinsured benefits.
4. Settlements by Swiss Re America shall be in a lump sum
regardless of the mode of payment made by the Company to the beneficiary.
-10-
13
ARTICLE IX
Tax Credits
1. Swiss Re America shall not reimburse the Company for state
premium taxes.
-11-
14
ARTICLE X
Regulatory Compliance
1. Swiss Re America agrees to comply with all regulatory
directives required to permit the Company to receive statutory reserve credit
for the reinsurance ceded under this Agreement.
2. The Company warrants that it has secured all necessary federal
and state licenses and approvals, and that it is operating in compliance with
federal investment laws and state investment and insurance laws and regulations.
-12-
15
ARTICLE XI
Inspection of Records
1. Swiss Re America shall have the right at all reasonable times
and for any reasonable purpose to inspect at the office of the Company all
records pertaining to reinsurance ceded to Swiss Re America.
2. Likewise, the Company shall have the right at all reasonable
times and for any reasonable purpose to inspect at the office of Swiss Re
America all records pertaining to reinsurance ceded to Swiss Re America by the
Company. Swiss Re America will also provide reasonable access, during regular
business hours, to records pertaining to such reinsurance to any regulator
having authority over the Company's products and operations.
-13-
16
ARTICLE XII
Insolvency
1. In the event of the insolvency of the Company, all reinsurance
made, ceded, renewed or otherwise becoming effective under this Agreement shall
be payable by Swiss Re America directly to the Company or to its liquidator,
receiver, or statutory successor on the basis of the liability of the Company
under the contract or contracts reinsured without diminution because of the
insolvency of the Company. It is understood, however, that in the event of the
insolvency of the Company, the liquidator, receiver or statutory successor of
the insolvent Company shall give written notice of the pendency of a claim
against the insolvent Company on the policy reinsured within a reasonable time
after such claim is filed in the insolvency proceeding and that, during the
pendency of such claim, Swiss Re America may investigate such claim and
interpose, at its own expense, in the proceeding where such claim is to be
adjudicated, any defense or defenses which it may deem available to the Company
or to its liquidator, receiver or statutory successor.
2. It is further understood that the expense thus incurred by
Swiss Re America shall be chargeable, subject to court approval, against the
insolvent Company as part of the expense of liquidation to the extent of a
proportionate share of the benefit which may accrue to the Company solely as a
result of the defense undertaken by Swiss Re America. Where two or more assuming
insurers are involved in the same claim and a majority in interest elect to
interpose defense to such claim, the expense shall be apportioned in accordance
with the terms of the Reinsurance Agreement as though such expense had been
incurred by the Company.
3. In the event of the insolvency of Swiss Re America and the
appointment of receivers therefor, the liability of Swiss Re America shall not
terminate but shall continue with respect to the reinsurance ceded to Swiss Re
America by the Company prior to the date of such insolvency or appointment, and
the Company shall have a security interest in any and all sums held by or under
deposit in the name of Swiss Re America.
-14-
17
ARTICLE XIII
Arbitration
1. In the event of any difference arising hereafter between the
contracting parties with reference to any transaction under this Agreement, the
same shall be referred to three arbitrators who must be current or former
executive officers of life insurance or life reinsurance companies other than
the two parties to this Agreement or their affiliates, each of the contracting
companies to appoint one of the arbitrators and such two arbitrators to select
the third. If either party refuses or neglects to appoint an arbitrator within
60 days after receipt of the written request for arbitration, the other party
may appoint a second arbitrator.
2. If the two arbitrators fail to agree on the selection of a
third arbitrator within 60 days of their appointment, each of them shall name
three individuals, of whom the other shall decline two, and the decision shall
be made by drawing lots.
3. The arbitrators shall consider this Reinsurance Agreement not
merely as a legal document but also as a gentlemen's agreement. In resolving the
dispute, the arbitrators will give full consideration to the customs and
practices of the life insurance and life reinsurance industry, insofar as they
are not in conflict with the specific terms of this Agreement. The arbitrators
shall decide by a majority vote. There shall be no appeal from their written
decision.
4. Unless the arbitrators decide otherwise, each party shall bear
the expense of its own arbitration, including its arbitrator and outside
attorney fees, and shall jointly and equally bear with the other party the
expense of the third arbitrator. Any remaining costs of the arbitration
proceedings shall be apportioned by the Board of Arbitrators.
-15-
18
ARTICLE XIV
Right of Offsetting Balances Due
1. The Company and Swiss Re America shall have, and may exercise
at any time, the right to offset any balance or balances due one party to the
other, its successors or assigns, against balances due the other party under
this Agreement or under any other Agreements or Contracts previously or
subsequently entered into between the Company and Swiss Re America. This right
of offset shall not be affected or diminished because of insolvency of either
party to this Agreement.
-16-
19
ARTICLE XV
Contract and Program Changes
1. The Company may amend, substitute, add or delete separate
accounts or underlying investment funds to the annuity contract as described in
the contract general provisions. No such change will be made by the Company
without prior notification to Swiss Re America and without any required action
by the Securities and Exchange Commission. The Company agrees to maintain at all
times a satisfactory selection of core sub-accounts with characteristics similar
to the original sub-accounts listed in Exhibit B.
2. The Company shall also give Swiss Re America advance notice of
any other changes to its annuity product, its fees and charges, or its
distribution approaches.
-17-
20
ARTICLE XVI
Federal Taxes
1. The Company and Swiss Re America hereby agree to the following
pursuant to Section 1.848-2(g)(8) of the Income Tax Regulation issued December
1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This
election shall be effective as of the Effective Date of this Agreement and for
all subsequent taxable years for which this Agreement remains in effect.
(a) The term "party" will refer to either the Company or
Swiss Re America as appropriate.
(b) The terms used in this Article are defined by
reference to Regulation 1.848-2 in effect December
1992.
(c) The party with the net positive consideration for
this Agreement for each taxable year will capitalize
specified policy acquisition expenses with respect to
this Agreement without regard to the general
deductions limitation of Section 848(c)(1).
(d) Both parties agree to exchange information pertaining
to the amount of net consideration under this
Agreement each year to ensure consistency or as
otherwise required by the Internal Revenue Service.
(e) The Company will submit a schedule to Swiss Re
America by May 1 of each year of its calculation of
the net consideration for the preceding calendar
year. This schedule of calculations will be
accompanied by a statement stating that the Company
will report such net consideration in its tax return
for the preceding calendar year.
(f) Swiss Re America may contest such calculation by
providing an alternative calculation to the Company
by June 1. If Swiss Re America does not so notify the
Company, the Company will report the net
consideration as determined by the Company in the
Company's tax return for the previous calendar year.
(g) If Swiss Re America contests the Company's
calculation of the net consideration, the parties
will act in good faith to reach an agreement as to
the correct amount by July 1. If the Company and
Swiss Re America reach agreement on an amount of the
net consideration, each party shall report such
amount in their respective tax returns for the
previous calendar year.
-18-
21
2. Swiss Re America and the Company represent and warrant that
they are subject to U.S. taxation under Subchapter L of Chapter 1 of the
Internal Revenue Code.
-19-
22
ARTICLE XVII
Parties to Agreement
1. This Agreement is an indemnity reinsurance agreement solely
between the Company and Swiss Re America. The acceptance of reinsurance
hereunder shall not create any right or legal relation whatever between Swiss Re
America and the annuitant, owner, beneficiary or any other party under any
contracts of the Company which may be reinsured hereunder, and the Company shall
be and remain solely liable to the annuitant, owner or the beneficiary under
such contracts reinsured hereunder.
-20-
23
ARTICLE XVIII
Entire Agreement
1. This Agreement shall constitute the entire agreement between
the parties with respect to business reinsured hereunder. There are no
understandings between the parties other than as expressed in this Agreement and
any change or modification of this Agreement shall be null and void unless made
by amendment to the Agreement and signed by both parties.
-21-
24
ARTICLE XIX
Duration of Agreement
1. This Agreement shall be unlimited as to its duration but may
be reduced or terminated as provided in this Article, below.
2. Upon 180 days written notice, either the Company or Swiss Re
America may cancel this Agreement for new business any time on or after the
third anniversary of this Agreement. The reinsurance facility is renewable for
another three year period, subject to mutually acceptable terms.
3. Upon election, the reinsurance shall be recaptured at a
constant rate by reducing the quota share percentages set forth in Article I,
paragraph 1, by 1.389% per month. The reduction shall begin in the month of
election and continue for 36 months. The quota share percentages will then be
equal to 0% and the reinsurance ceded hereunder will be fully recaptured.
-22-
25
IN WITNESS WHEREOF, the Company and Swiss Re America have caused their names to
be subscribed and duly attested hereunder by their respective Authorized
Officers.
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
By:____________________________________ Attest:_______________________________
Title:_________________________________ Title:________________________________
Date:__________________________________ Date:_________________________________
SWISS RE LIFE COMPANY AMERICA
By:____________________________________ Attest:_______________________________
Title:_________________________________ Title:________________________________
Date:__________________________________ Date:_________________________________
-23-
26
EXHIBIT B
SUB-ACCOUNTS
NASL VARIABLE ACCOUNT
FUND NAME FUND INCEPTION DATE
International Growth & Income Trust January 9, 1995
Value Equity Trust February 19, 1993
U.S. Government Securities Trust May 1, 1989
Strategic Bond Trust February 19, 1993
Growth & Income Trust April 23, 1991
Investment Quality Bond Trust June 18, 1995
Money Market Trust June 18, 1995
Equity Trust June 18, 1995
Conservative Asset Allocation Trust August 3, 1989
Moderate Asset Allocation Trust August 3, 1989
Aggressive Asset Allocation Trust August 3, 1989
Pasadena Growth Trust December 11, 1992
Global Equity Trust March 18, 1988
Global Government Bond Trust March 18, 1988
Small\Mid Cap Trust March 1, 1996
International Small Cap Trust March 1, 1996
27
EXHIBIT C
EXPERIENCE REFUND DEFINITIONS AND FORMULAE
t = current month
q = current quarter
SAV (t) = Sum total of account values at end of month (t)
Avg. AV(t) = 50% of (SAV(t-1) + SAV(t))
SGMDB(t) = Sum total of guaranteed minimum death benefits at end of
month (t)
Avg. GMDB(t) = 50% of (SGMDB(t-1) + SGMDB(t))
APR = annualized premium rate for each product combination,
= 3.0 basis points for VEN3, tax qualified, 5 year ratchet
3.0 basis points for VEN3, tax qualified, 1 year ratchet
3.0 basis points for VEN7, tax qualified, 6 year ratchet
3.0 basis points for VEN7, tax qualified, 1 year ratchet
4.0 basis points for VEN20, tax qualified, 1 year ratchet
9.0 basis points for VIS5, tax qualified, 5% boost
9.0 basis points for VIS25, tax qualified, 5% boost
5.0 basis points for VEN3, non-qualified, 5 year ratchet
8.0 basis points for VEN3, non-qualified, 1 year ratchet
5.0 basis points for VEN7, non-qualified, 6 year ratchet
9.0 basis points for VEN7, non-qualified, 1 year ratchet
9.0 basis points for VEN20, non-qualified, 1 year ratchet
23.0 basis points for VIS5, non-qualified, 5% boost
23.0 basis points for VIS25, non-qualified, 5% boost
MPR = Monthly premium rate for each product combination
= (APR.12)
RP(t) = Reinsurance premiums due at end of month t = 150%
DBR((t)-(1)), subject to:
Min. = MPR x Minimum multiple x greater of (Avg. AVt) or
(100% of Avg. GMDBt)
Max. = MPR x Maximum multiple x greater of (Avg. AVt)or
(50% of Avg. GMDBt)
Min. Multiple = 1.0000 for all product combinations
Max. Multiple = 1.6667 for VEN3, tax qualified, 5 year ratchet
2.0000 for VEN3, tax qualified, 1 year ratchet
1.6667 for VEN7, tax qualified, 6 year ratchet
2.0000 for VEN7, tax qualified, 1 year ratchet
1.5000 for VEN20, tax qualified, 1 year ratchet
2.0000 for VIS5, tax qualified, 5% boost
2.0000 for VIS25, tax qualified, 5% boost
28
EXHIBIT C, CONTINUED
2.0000 for VEN3, non-qualified, 5 year ratchet
1.8750 for VEN3, non-qualified, 1 year ratchet
2.2000 for VEN7, non-qualified, 6 year ratchet
1.6111 for VEN7, non-qualified, 1 year ratchet
1.6111 for VEN20, non-qualified, 1 year ratchet
1.5652 for VIS5, non-qualified, 5% boost
1.5652 for VIS25, non-qualified, 5% boost
RP(1) = MPR x greater of (Avg. AV(1),) or (Avg. GMDB(1))
DBR(t) = Death benefit recoveries in month (t)
= Sum of individual reinsured variable net risk amounts
reimbursed upon death
DBR(o) = 0
AdjP(t) = Adjusted profit for all products reinsured hereunder for
month (t)
= RP(t)-DBR(t)-MEC(t)-CHGRES(t)+CFWD(t)
AdjP(o) = 0
AdjP(y) = Adjusted profit for calendar year (y)
CHGRES(t) = Change in reinsurance reserves for month (t)
MEC(t) = Monthly expense charge for month t, applied to average
aggregate account value over the month = (2.0 basis points
.12) x Avg. AV(t)
CFWD(t) = Carryforward from month (t-1), adjusted for interest
= AdjP(t-1) x (1+CIR(t))
CIR(t) = Carryforward interest rate for month (t)
= (Avg. U.S. Treasury xxxx rate for month (t) + 2.0%).12
PR(y) = Payout ratio for year (y)
= 1.0 if AdjP(y) less than 0, otherwise 0
Refund(y) = 50% of adjusted profit for year (y), provided it is
positive
= 50% x AdjP(y) x PR(y)
29
EXHIBIT A
VARIABLE ANNUITIES COVERED UNDER THIS AGREEMENT
FORM COVERED PRODUCT CODE DEATH BENEFIT PROVISION
All contracts beginning with 203 and endorsed with 301-VER VEN 3 5 year ratcheting death benefit
9/89 payable on the death of the last
annuitant.
All contracts beginning with 203 and endorsed with VEN 3 ENHANCED 1 year ratcheting death benefit
ENDORSEMENT.008 payable on the death of the last
annuitant.
All contracts beginning with 207, except: VEN 7, 8, 17, 18 6 year ratcheting death benefit
i) exclude form 207-VFA-NY payable on the death of the last
ii) include form VFA-MN annuitant.
iii) include all certificates beginning with form VFA-CERT
Reinsurance coverage is excluded
upon the annuitant's attainment
of age 85.
All contracts beginning with 207, which have form VEN 7, 17 1 year ratcheting death benefit
ENDORDSEMENT.005 attached, except: ENHANCED payable on the death of the last
i) exclude form 207-VFA-NY annuitant.
ii) include contracts issued in Montana which use form
ENDORSEMENT.005.94
Reinsurance coverage is excluded
upon the annuitant's attainment
of age 85.
All contracts beginning with form VFA-MN with form VEN 8, 18 1 year ratcheting death benefit
ENDORSEMENT.005 attached ENHANCED payable on the death of the last
annuitant.
Reinsurance coverage is excluded
upon the annuitant's attainment
of age 85.
All certificates beginning with form VFA-CERT with form VEN 8, 18 1 year ratcheting death benefit
ENDORSEMENT.007 attached ENHANCED payable on the death of the last
annuitant.
Reinsurance coverage is excluded
upon the annuitant's attainment
of age 85.
All contracts with VENTURE.001, VENTURE001.94 VEN 20,21,22,23 1 year ratcheting death benefit
VENTURE.005 payable on the death of the first
owner.
All certificates with VENTURE.003 Reinsurance coverage is excluded
upon the owner's attainment of age
85 or if the oldest owner at issue
is age 81 or greater.
30
EXHIBIT A
CONTINUED
VEN 10 VIS 5 5% roll up death benefit payable on
the death of the last annuitant.
Reinsurance coverage is excluded
upon the annuitant's attainment
of age 85 or if the oldest annuitant
at issue is age 81 or greater.
VISION.001 VIS 25 5% roll up death benefit payable on
the death of the first owner.
Reinsurance coverage is excluded
upon the owner's attainment of age
85 or if the oldest owner at issue
is age 81 or greater.
