ANNUAL WITHDRAWAL AMOUNT definition

ANNUAL WITHDRAWAL AMOUNT. The amount that can be withdrawn in any Contract Year prior to incurring surrender charges.

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ANNUAL WITHDRAWAL AMOUNT. The amount that can be withdrawn in any Contract Year prior to incurring surrender charges. ANNUITANT - The person on whose life this contract is issued. The Annuitant may not be changed. Also, see Contingent Annuitant and Joint Annuitant. ANNUITY - A contract issued by an insurance company that provides, in consideration of Premium Payments, a series of income payments. Your contract is a deferred Annuity contract in which Premium Payments plus Payment Enhancements, less any partial surrenders, accumulate until a full surrender of the contract or until the Annuity Commencement Date. Annuity payments under Your contract will begin as of the Annuity Commencement Date in accordance with the payment option elected. ANNUITY CALCULATION DATE - The date on which the first Annuity payment will be calculated. It will be no more than five Valuation Days prior to the Annuity Commencement Date. ANNUITY COMMENCEMENT DATE - The date as of which Annuity payments are to begin as described under Settlement Provisions in this contract. ANNUITY PAYMENT FREQUENCY - The frequency with which Annuity payments will be made. The frequencies available are monthly, quarterly, semi-annual, and annual. ANNUITY UNIT - An accounting unit of measure used to calculate the value of Annuity payments under a variable Annuity option. VAXC99-4/5 PRINTED IN U.S.A. T814R0.FRM DEFINITION OF ANNUITY UNIT FACTOR - A factor that CERTAIN TERMS neutralizes the Assumed Investment Return (CONTINUED) ("AIR") when determining the Annuity Unit Value. When the AIR is 3%, the daily factor is 0.999919. When the AIR is 5%, the daily factor is 0.999866. And when the AIR is 6%, the daily factor is 0.999840. ASSUMED INVESTMENT RETURN ("AIR") - The investment return upon which the variable Annuity payments in this contract will be based. The annual rates available are 3%, 5%, and 6%. You may select one of these rates prior to the Annuity Commencement Date. BENEFICIARY - The person(s) entitled to receive benefits as per the terms of the contract in the event of the death of the Contract Owner or Annuitant, as applicable.

ANNUAL WITHDRAWAL AMOUNT. A Contingent Deferred Sales Charge is not assessed against any withdrawals made each Certificate Year, on a non-cumulative basis, of up to 10% of premium payments remaining in the Certificate as of the last Certificate Anniversary.

Examples of ANNUAL WITHDRAWAL AMOUNT in a sentence

• MAXIMUM ANNUAL WITHDRAWAL AMOUNT Guaranteed withdrawals applicable only if You have elected an optional living benefit or guaranteed minimum withdrawal benefit and have not terminated the benefit under this Contract.

• ANNUAL WITHDRAWAL AMOUNT - The amount that can be withdrawn in any Contract Year prior to incurring surrender charges.

• SURRENDERS FROM PREMIUM PAYMENTS IN EXCESS OF THE ANNUAL WITHDRAWAL AMOUNT WILL BE SUBJECT TO A CHARGE.

• DURING THE FIRST [SEVEN] CONTRACT YEARS ALL SURRENDERS IN EXCESS OF THE ANNUAL WITHDRAWAL AMOUNT WILL BE TAKEN FIRST FROM PREMIUM PAYMENTS, THEN FROM EARNINGS.

• SUBJECT TO THE ANNUAL WITHDRAWAL AMOUNT, SURRENDERS OF CONTRACT VALUES ATTRIBUTABLE TO PREMIUM PAYMENTS MAY BE SUBJECT TO A CONTINGENT DEFERRED SALES CHARGE ("CHARGE").

• CONTRACT SPECIFICATIONS ANNUAL WITHDRAWAL AMOUNT (AWA): THE AMOUNT THAT CAN BE WITHDRAWN IN ANY CONTRACT YEAR WITHOUT INCURRING A CONTINGENT DEFERRED SALES CHARGE.

• AFTER THE [SEVENTH] CONTRACT YEAR, ALL SURRENDERS IN EXCESS OF THE ANNUAL WITHDRAWAL AMOUNT WILL BE TAKEN FIRST FROM EARNINGS, THEN FROM PREMIUM PAYMENTS HELD IN YOUR CONTRACT FOR MORE THEN [SEVEN] YEARS AND THEN ONLY FROM PREMIUM PAYMENTS INVESTED FOR LESS THAN [SEVEN] YEARS.

• AFTER THE [FOURTH] CONTRACT YEAR, ALL SURRENDERS IN EXCESS OF THE ANNUAL WITHDRAWAL AMOUNT WILL BE TAKEN FIRST FROM EARNINGS, THEN FROM PREMIUM PAYMENTS HELD IN YOUR CONTRACT FOR MORE THEN [FOUR] YEARS AND THEN ONLY FROM PREMIUM PAYMENTS INVESTED FOR LESS THAN [FOUR] YEARS.

• DURING THE FIRST [FOUR] CONTRACT YEARS ALL SURRENDERS IN EXCESS OF THE ANNUAL WITHDRAWAL AMOUNT WILL BE TAKEN FIRST FROM PREMIUM PAYMENTS, THEN FROM EARNINGS.

• THE PERCENTAGE USED TO CALCULATE THE CHARGE IS EQUAL TO: NUMBER OF YEARS FROM CHARGE EACH PREMIUM PAYMENT ------------------------------------------------------------------------- [8% 1 8% 2 8% 3 7% 4 6% 5 5% 6 4% 7 0% 8] AND THEREAFTER - ONLY THE ANNUAL WITHDRAWAL AMOUNT IS TAKEN, OR - ELIGIBILITY REQUIREMENTS ARE MET FOR THE WAIVER OF SURRENDER CHARGE.

More Definitions of ANNUAL WITHDRAWAL AMOUNT

ANNUAL WITHDRAWAL AMOUNT. CONTRACT YEARS [1-8] -------------------- [10%] OF PREMIUM PAYMENTS MADE PER CONTRACT YEAR ON A NONCUMULATIVE BASIS. AFTER CONTRACT YEAR [8] ----------------------- 100% OF CONTRACT VALUE REDUCED BY THE TOTAL OF EACH PREMIUM PAYMENT MADE DURING THE [8] CONTRACT YEARS PRIOR TO WITHDRAWAL AND ASSOCIATED PAYMENT ENHANCEMENTS; AND [10%] OF PREMIUM PAYMENTS MADE DURING EACH OF THE [8] CONTRACT YEARS PRIOR TO WITHDRAWAL ON A NONCUMULATIVE BASIS. ANNUAL MAINTENANCE FEE: $0 IF CONTRACT VALUE IS [$50,000] OR MORE ON EACH CONTRACT ANNIVERSARY.

ANNUAL WITHDRAWAL AMOUNT. DURING THE INITIAL CONTINGENT DEFERRED SALES CHARGE PERIOD 10% OF PREMIUM PAYMENTS PER CONTRACT YEAR ON A NONCUMULATIVE BASIS. AFTER THE INITIAL CONTINGENT DEFERRED SALES CHARGE PERIOD 100% OF CONTRACT VALUE REDUCED BY THE TOTAL OF THOSE PREMIUM PAYMENTS STILL SUBJECT TO A CONTINGENT DEFERRED SALES CHARGE AND ASSOCIATED PAYMENT ENHANCEMENTS; AND 10% OF THOSE PREMIUM PAYMENTS STILL SUBJECT TO A CONTINGENT DEFERRED SALES CHARGE PER CONTRACT YEAR ON A NONCUMULATIVE BASIS. ANNUAL MAINTENANCE FEE: $0 IF CONTRACT VALUE IS [$50,000] OR MORE ON EACH CONTRACT ANNIVERSARY.

ANNUAL WITHDRAWAL AMOUNT. THE GREATER OF: (A) 10% OF PREMIUM PAYMENTS PER CONTRACT YEAR ON A NON-CUMULATIVE BASIS; OR (B) THE EXCESS OF THE ACCOUNT VALUE OVER PREMIUM PAID. VL-ALPINE SAMPLE Page 4B PRINTED IN U.S.A.