Account Year definition
Examples of Account Year in a sentence
When a variable Annuity Payment has been elected, four free Transfers are allowed each Account Year among the Subaccounts available during the Annuity Period.
The Company will waive the account fee when either (a) the entire Participant's Account Value has been allocated to the Fixed Account during the entire previous Account Year, or (b) the Participant's Account Value is greater than the amount specified on the Certificate Specifications page on the Account Anniversary.
Within 90 days from the close of each Custodial Account Year, the Custodian shall render an accounting (valuing the assets fair market value) to the Responsible Individual, which accounting may consist of copies of regularly issued broker-dealer statements to the Custodian.
During the Accumulation Period the Company will send to the Participant, or such other person having voting rights, at least once during each Account Year, a statement showing the number, type and value of Accumulation Units credited to the Participant's Account and the fixed accumulation value of such account.
The Account Year shall be the period of 365 days (366 days if a leap year) measured from the Date of Coverage.