CONTRACT MAINTENANCE CHARGE. [$30 each Contract Year. Currently during the Accumulation Period, the Contract Maintenance Charge is not deducted if the Contract Value as of the date the deduction is made is $50,000 or more. Cova may discontinue this practice in the future and deduct the Contract Maintenance Charge.]
CONTRACT MAINTENANCE CHARGE. [The Contract Maintenance Charge is $30 each Contract Year. The Company reserves the right to change the Contract Maintenance Charge but it will not exceed $60 per Contract Year. During the Accumulation Period, if the Contract Value on the Contract Anniversary is at least $50,000, then no Contract Maintenance Charge will be deducted. During the Accumulation Period, a total withdrawal is made on other than a Contract Anniversary and the Contract Value for the Valuation Period during which the total withdrawal is made is less than $50,000, the full Contract Maintenance Charge will be deducted at the time of the total withdrawal. If at annuitization, the Annuity Date is not the Contract Anniversary and the Contract Value on the Annuity Date is less than $50,000, then the full Contract Maintenance Charge will be deducted on the Annuity Date. During the Annuity Period, no Contract Maintenance Charge will be deducted.]
CONTRACT MAINTENANCE CHARGE. The Contract Maintenance Charge is currently [$30.00] each Contract Year. The Contract Maintenance Charge will be deducted from the Contract Value on each Contract Anniversary while this Contract is in force. However, during the Accumulation Period, if your Contract Value on a Contract Anniversary is at least [$50,000], then no Contract Maintenance Charge is deducted. If a total surrender is made on other than a Contract Anniversary and your Contract Value for the Valuation Period during which the total surrender is made is less than [$50,000], the full Contract Maintenance Charge will be deducted at the time of the total surrender. The Contract Maintenance Charge will be deducted from the Funds [and the Fixed Account] in the same proportion that the amount of the Contract Value in each Fund [and/or Fixed Account] bears to the total Contract Value. During the Annuity Period, the Contract Maintenance Charge will be collected pro rata from each Annuity Payment. In the event you own more than one Contract, we will determine the total Contract Value for all of the Contracts. If the total Contract Value is at least [$50,000], we will not assess the Contract Maintenance Charge. If the Contract Owner is not a natural person, we will look to the Annuitant in determining the foregoing. TRANSFERS: NUMBER OF FREE TRANSFERS PERMITTED: Currently, there are no limits on the number of transfers that can be made. We reserve the right to change this, but you will always be allowed at least 3 free transfers in any Contract Year. Currently, you are allowed 12 free transfers each Contract Year. This applies to transfers prior to and after the Income Date.
Examples of CONTRACT MAINTENANCE CHARGE in a sentence
DEDUCTION FOR CONTRACT MAINTENANCE CHARGE -- The Company deducts an annual Contract Maintenance Charge from the Contract Value by cancelling Accumulation Units from each applicable Subaccount or reducing the General Account Value to reimburse it for expenses relating to maintenance of this Contract.
DEDUCTION FOR CONTRACT MAINTENANCE CHARGE - The Company deducts an annual Contract Maintenance Charge shown on the Contract Data Page, from the Contract Value by cancelling Accumulation Units to reimburse it for administration expenses relating to maintenance of this Contract.
CONTRACT MAINTENANCE CHARGE: The contract maintenance charge is $30.00 each Contract Year.
CONTRACT MAINTENANCE CHARGE: The contract maintenance charge is [$40] each Contract Year.
The following replaces the third sentence of the CONTRACT MAINTENANCE provision section as set forth in the Contract: CONTRACT MAINTENANCE CHARGE: The number of Accumulation Units to be canceled from each applicable Investment Option is the ratio that the value of each Investment Option bears to the total Contract Value in the Investment Options.
More Definitions of CONTRACT MAINTENANCE CHARGE
CONTRACT MAINTENANCE CHARGE. [$30.00] each Contract Year. [Before the Annuity Date, this charge will be waived for each year that the Contract Value exceeds [$50,000] on the Contract Anniversary.]
CONTRACT MAINTENANCE CHARGE. [The Contract Maintenance Charge is currently $36.00 each Contract Year. However, during the Accumulation Period if the Contract Value in the Separate Account and the Fixed Account on the Contract Anniversary is at least $50,000, then no Contract Maintenance Charge is deducted. If a total withdrawal is made on other than a Contract Anniversary and the Contract Value for the Valuation Period during which the total withdrawal is made is less than $50,000, the full Contract Maintenance Charge will be deducted at the time of the total withdrawal. During the Annuity Period, the Contract Maintenance Charge will be deducted pro-rata from Annuity Payments regardless of Contract size and will result in a reduction of each Annuity Payment.]
CONTRACT MAINTENANCE CHARGE. The Contract Maintenance Charge is [$30] each Contract Year, unless reduced as specified in the Contract. However, during the Accumulation Period or at annuitization if a Fixed Annuity is selected or during the Annuity Period if a Variable Annuity is selected, if the Contract Value on the Contract Anniversary is at least [$25,000], then no Contract Maintenance Charge is deducted. During the Accumulation Period, if a total withdrawal is made on other than a Contract Anniversary and the Contract Value for the Valuation Period during which the total withdrawal is made is less than
CONTRACT MAINTENANCE CHARGE. The contract maintenance charge is currently [$30.00] each Contract Year. During the Accumulation Period, the contract maintenance charge will be deducted from the Contract Value on the Contract Anniversary while this Contract is in force. If a full withdrawal is made on other than a Contract Anniversary and your Contract Value for the Valuation Period during which the full withdrawal is made is less than [$100,000], the full contract maintenance charge will be deducted at the time of the full withdrawal. The contract maintenance charge will be deducted from the Investment Options in the same proportion that the amount of the Contract Value in each Investment Option bears to the total Contract Value. During the Annuity Period, the contract maintenance charge will be collected pro rata from each Annuity Payment. If the total Contract Value on a Contract Anniversary is at least [$100,000], we will not assess the contract maintenance charge. In the event you own more than one Contract of this type, we will determine the total Contract Value for all of the Contracts. If the Contract Owner is not a natural person, we will look to the Annuitant in determining the foregoing. TRANSFERS: NUMBER OF FREE TRANSFERS PERMITTED: You are allowed no fewer than 12 free transfers each Contract Year. In no instance will this be fewer than 12. This applies to transfers prior to and after the Income Date.
CONTRACT MAINTENANCE CHARGE. If your Contract Value is less than $50,000, we will charge a Contract Maintenance Charge of the lesser of 2% of the Contract Value or $30. This charge is deducted on the Contract Anniversary and when a surrender of the Contract occurs, if the Contract Value at the time is then less than $50,000. The Contract Maintenance Charge will be deducted on a pro-rata basis from all Allocation Options to which your Contract Value is allocated. During the Annuity Period, we reserve the right to assess an annual Contract Maintenance Charge of $30. The decision to assess this charge may depend on the Annuity or Settlement Option selected. We reserve the right to increase the Contract Maintenance Charge, but it will not exceed $60 per Contract Year, and to raise the Contract Value amount over which we will waive the Contract Maintenance Charge.
CONTRACT MAINTENANCE CHARGE. We deduct an annual Contract Maintenance Charge shown on the Contract Schedule. The Contract Maintenance Charge will be deducted from the Contract Value on each Contract Anniversary while this contract is in force. Prior to the Annuity Date, the Contract Maintenance Charge will be deducted from the Contract Value by canceling Accumulation Units. The number of Accumulation Units to be canceled from each applicable Subaccount will be in the ratio that the value of each Subaccount bears to the total Contract Value. If this contract is surrendered for its full Surrender Value on other than a Contract Anniversary, the full Contract Maintenance Charge due on the next Contract Anniversary will be deducted at the time of surrender. On and after the Annuity Date, the Contract Maintenance Charge will be pro-rated and collected on a monthly basis and this will result in a reduction of the monthly annuity payments.
CONTRACT MAINTENANCE CHARGE. The Contract Maintenance Charge is currently [$40.00] each Contract Year. The Contract Maintenance Charge will be deducted from the Contract Value the day before each Contract Anniversary while this Contract is in force. However, during the Accumulation Period, if your Contract Value on a Contract Anniversary is at least [$100,000], then no Contract Maintenance Charge is deducted. If a total withdrawal is made on a date other than a Contract Anniversary and your Contract Value for the Valuation Period during which the total withdrawal is made is less than [$100,000]; the full Contract Maintenance Charge will be deducted at the time of the total withdrawal. The Contract Maintenance Charge will be deducted from the Funds [and the Fixed Account] in the same proportion that the amount of the Contract Value in each Fund [and/or Fixed Account] bears to the total Contract Value. During the Annuity Period, the Contract Maintenance Charge will be collected pro rata from each Annuity Payment. In the event you own more than one Contract, we will determine the total Contract Value for all of the Contracts. If the total Contract Value is at least [$100,000], we will not assess the Contract Maintenance Charge. If the Contract Owner is not a natural person, we will look to the Annuitant in determining the foregoing. COMMUTATION FEE APPLICABLE TO ANNUITY OPTIONS 2, 4 AND 6: [Years Since Income Date Commutation Factor ------------------------ ------------------ 0 - 1 5% 1 - 2 4% 2 - 3 3% 3 - 4 2% Over 4 1%] MAXIMUM CUMULATIVE PERCENTAGE FOR PARTIAL LIQUIDATION FOR ANNUITY OPTIONS 2 AND 4: [75%] of the Total Liquidation Value less any previously liquidated amounts.