ANNIVERSARY VALUE. We calculate an Anniversary Value for every Contract Anniversary. At the time of each Contract Anniversary, the Anniversary Value is equal to the Contract Value. Any time after each such Contract Anniversary, the Anniversary Value is restated to be equal to the Contract Value at the time of the Contract Anniversary, increased by the dollar amount of any premium payments received, and modified by Adjustments for Partial Surrenders since such Contract Anniversary. PREMIUM PAYMENTS - All premium payments received under the contract modified by Adjustments for Partial Surrenders and less any premium payments received within 12 months of the date of death. ADJUSTMENTS FOR PARTIAL SURRENDERS ARE CALCULATED AS FOLLOWS: For cumulative partial surrenders during each Contract Year that are equal to or less than 10% of premium payments, the adjustment is the dollar amount of the partial surrender. For any partial surrender that causes cumulative partial surrenders during the Contract Year to exceed 10% of premium payments, the adjustment is the dollar amount of the partial surrender that does not exceed 10% of premiums, and the adjustment for the remaining portion of the partial surrender is a factor. The factor for Adjustments for Partial Surrenders for the Maximum Anniversary Value is applied to the portion of Anniversary Values that exceed 10% of premium payments. The factor for Adjustments for Partial Surrenders for premium payments is applied to the portion of premium payments that exceed 10% of premium payments. The factor is as follows:
ANNIVERSARY VALUE. The value equal to the Contract Value as of a Contract Anniversary, increased by the dollar amount of any premium payments made since that anniversary and reduced by the dollar amount of any partial surrenders since that anniversary. If the Contract Anniversary falls on a non-Valuation Day (weekend or holiday), then the next Valuation Day will be the Contract Anniversary for that Contract Year.
ANNIVERSARY VALUE. The Contract Value calculated on each Contract Anniversary during the Accumulation Period.
Examples of ANNIVERSARY VALUE in a sentence
ANNIVERSARY VALUE The Contract Value including any applicable Payment Enhancement(s) or Spousal Beneficiary continuation contribution minus any Ineligible Purchase Payments, as measured on each Benefit Year anniversary.
ANNIVERSARY VALUE - The Certificate Value calculated on each Certificate Anniversary during the Accumulation Period.
ANNIVERSARY VALUE - The Contract Value on a Contract Anniversary.
ON EACH CONTRACT ANNIVERSARY PRIOR TO THE OWNER'S 81ST BIRTHDAY, THE HIGHEST ANNIVERSARY VALUE WILL BE RECALCULATED AND SET EQUAL TO THE GREATER OF THE HIGHEST ANNIVERSARY VALUE BEFORE THE RECALCULATION OR THE ACCOUNT VALUE ON THE DATE OF THE RECALCULATION.
THEREAFTER, THE HIGHEST ANNIVERSARY VALUE AS RECALCULATED WILL BE INCREASED BY SUBSEQUENT PURCHASE PAYMENTS AND REDUCED PROPORTIONATELY BY THE PERCENTAGE REDUCTION IN ACCOUNT VALUE ATTRIBUTABLE TO EACH SUBSEQUENT PARTIAL WITHDRAWAL.
More Definitions of ANNIVERSARY VALUE
ANNIVERSARY VALUE. We calculate an Anniversary Value for every Contract Anniversary. At the time of each Contract Anniversary, the Anniversary Value is equal to the Contract Value. Any time after each such Contract Anniversary, the Anniversary Value is restated to be equal to the Contract Value at the time of the Contract Anniversary, increased by the dollar amount of any premium payments received, and modified by Adjustments for Partial Surrenders since such Contract Anniversary. LA-VAEPBMAV03 Page 1 of 2 PRINTED IN U.S.A. B785R0.FRM PREMIUM PAYMENTS - All premium payments received under the contract modified by Adjustments for Partial Surrenders and less any premium payments received within 12 months of the date of death. ADJUSTMENTS FOR PARTIAL SURRENDERS FOR MAXIMUM ANNIVERSARY VALUES AND PREMIUM PAYMENTS are calculated as follows: For cumulative partial surrenders during each Contract Year that are equal to or less than 10% of premium payments, the adjustment is the dollar amount of the partial surrender. For any partial surrender that causes cumulative partial surrenders during the Contract Year to exceed 10% of premium payments, the adjustment is the dollar amount of the partial surrender that does not exceed 10% of premiums, and the adjustment for the remaining portion of the partial surrender is a factor. The factor for Adjustments for Partial Surrenders for the Maximum Anniversary Value is applied to the portion of Anniversary Values that exceed 10% of premium payments. The factor for Adjustments for Partial Surrenders for premium payments is applied to the portion of premium payments that exceed 10% of premium payments. The factor is as follows:
ANNIVERSARY VALUE. The value equal to the Contract Value as of a Contract Anniversary, increased by the dollar amount of any Premium Payments made plus Payment Enhancements credited since that anniversary and reduced by the dollar amount of any partial surrenders since that anniversary. If the Contract Anniversary falls on a non-Valuation Day (weekend or holiday), then the next Valuation Day will be the Contract Anniversary for that Contract Year. ANNUAL MAINTENANCE FEE - An amount which, depending on the amount of the Contract Value, may be deducted from the value of the contract on each Contract Anniversary or upon full surrender of this contract. The Annual Maintenance Fee is shown on Page 3. We reserve the right to combine the Contract Values of all Your Annuity contracts issued by Us to determine whether this Annual Maintenance Fee is applicable to You.
ANNIVERSARY VALUE. The Certificate Account Value on a Certificate Anniversary. ANNUITANT - The person designated with respect to a Certificate Owner's account to receive annuity payments and upon whose continuation of life any annuity payments involving life contingencies depends. This person must be age 85 or younger at the time of Certificate Agreement issuance unless the Company has approved a request for an Annuitant of greater age. The Annuitant may be changed prior to the Annuitization Date with the consent of the Company. ANNUITIZATION -The period during which annuity payments are received. ANNUITIZATION DATE - The date the annuity payments actually commence. ANNUITY COMMENCEMENT DATE - The date on which annuity payments are scheduled to commence. The Annuity Commencement Date is shown on the Data Page of the Certificate Agreement, and is subject to change by the Certificate Owner. ANNUITY PAYMENT OPTION - The chosen form of annuity payments. Several options are available under the Contract. ANNUITY UNIT - An accounting unit of measure used to calculate the value of Variable Annuity payments.
ANNIVERSARY VALUE. The Owner's Certificate Value calculated on each certificate anniversary during the Owner's accumulation period.
ANNIVERSARY VALUE is defined as the arithmetic average of the trading stock exchange value in dollars per share of IMR Shares as reported on the NASDAQ National Market for each of the seven (7) trading days immediately prior to the date on which such payment is due. Purchaser and Sellers hereby expressly agree, that, in the event that the Anniversary Value shall be less than USD 27,24, Purchaser shall pay to Sellers a cash amount intended to guarantee the value of the 499,443 Consideration Shares, equal to the number of Consideration Shares multiplied by the dollar amount by which the Anniversary Value is less than USD 27,24.
ANNIVERSARY VALUE has the meaning set forth in Article 1.3.3.
ANNIVERSARY VALUE. At any time, the sum of: (1) the Contract Value on a Contract Anniversary; plus, (2) all Purchase Payments made since that Contract Anniversary; minus, (3) any partial surrenders (and any associated charges) made since that Contract Anniversary. An Anniversary Value is determined for each Contract Anniversary through the earlier of: (1) the deceased Owners 80th birthday; or, (2) the date of the deceased Owner's death. ANNUITY COMMENCEMENT DATE - The date on which Annuity Income Payments are determined. The initial Annuity Income Payment must be within one month of the Annuity Commencement Date. ANNUITY INCOME PAYMENT: Payments made by the Company that are determined on the Annuity Commencement Date and are based on the annuity option selected.