Fixed Options. With respect to allocations made to the Fixed Options, we may defer surrenders, withdrawals, loans (except for loans to pay a premium on any policy issued by us), and transfers from the Fixed Options, for up to six months after we receive your request. If we defer any such payment for more than 30 days after we receive your request, we will pay interest at the rate required by the state in which this policy is delivered, but not less than an annual rate of 3%.
Fixed Options means the “Options” as defined in and subject to the Newco-DT Option Instrument and the “Options” as defined in and subject to the SB-Newco Option Instrument.
Fixed Options. The Fixed Options are comprised of one or more Fixed Accounts. We reserve the right to add additional Fixed Accounts or to terminate or suspend one or more of the Fixed Accounts at any time. In such case, we will notify you of the change at your last known address. If we terminate a Fixed Account, we will transfer the assets held in that Fixed Account to another Fixed Account that we will identify in the notification.
Examples of Fixed Options in a sentence
When a Policy owner takes a loan, an amount equal to the loan is transferred out of the Policy owner’s accumulated value in the Investment Options and/or the Fixed Options in proportion to the Accumulated Value in each Investment Option, unless the Policy owner instructs Pacific Life otherwise.
When a Policy owner takes a loan, an amount equal to the loan is transferred out of the Policy owner’s accumulated value in the Investment Options and/or the Fixed Options in proportion to the Accumulated Value in each Investment Option, unless the Policy owner instructs Pacific Life and Annuity otherwise.
We credit interest on a daily basis using a 365-day year, at an annual effective rate not less than the Minimum Guaranteed Interest Rate for the Fixed Options shown in the Policy Specifications.
A Policy is the only security required for a loan.When a Policy Owner takes a loan, an amount equal to the loan is transferred out of the Policy Owner’s accumulated value in the Investment Options and/or the Fixed Options in proportion to the Accumulated Value in each Investment Option, unless the Policy Owner instructs Pacific Life otherwise.The interest rate on loans is 2.25% annually for all years.
Transfers – After your initial Net Premium has been allocated according to your instructions you may, upon Written Request, transfer your Fixed and Variable Accumulated Value, or a part of it, among the Fixed Options and Variable Options as provided in this section.
More Definitions of Fixed Options
Fixed Options. The Fixed Options are comprised of one or more Fixed Accounts. We reserve the right to add additional Fixed Accounts or to terminate or suspend one or more of the Fixed Accounts at any time. In such case, we will notify you of the change at your last known address. If we terminate a Fixed Account, we will transfer the assets held in that Fixed Account to another Fixed Account that we will identify in the notification. Variable Options — The Variable Options are comprised of one or more Variable Accounts. We reserve the right to add additional Variable Accounts or to terminate one or more of the Variable Accounts at any time. If we terminate a Variable Account, we will transfer the assets held in that Variable Account to another Investment Option that we will identify in our notification.
Fixed Options. The Fixed Options are comprised of one or more Fixed Accounts. We reserve the right to add additional Fixed Accounts or to terminate or suspend one or more of the Fixed Accounts at any time. In such case, we will notify you of the change at your last known address. If we terminate a Fixed Account, we will transfer the assets held in that Fixed Account to another Fixed Account that we will identify in the notification. Variable Options – The Variable Options are comprised of one or more Variable Accounts. We reserve the right to add additional Variable Accounts or to terminate one or more of the Variable Accounts at any time. In such case, we will notify you of the change at your last known address. If we terminate a Variable Account, we will transfer the assets held in that Variable Account to another Investment Option that we will identify in our notification. Indexed Fixed Account Options – The Index Fixed Account Options are comprised of one or more Indexed Accounts. We reserve the right to add additional Indexed Accounts or to terminate one or more of the Indexed Accounts at any time. In such case, we will notify you of the change at your last known address. At Segment Maturity, any Segment Maturity Value allocated to the terminated Indexed Account will be reallocated to another Investment Option that we will identify in our notice to you.
Fixed Options. With respect to payments or transfers to be made from the Fixed Options (or if this policy is continued under a fixed non-forfeiture benefit) and with respect to any loan to be made from the Fixed Options, except for loans to pay premiums to us, we may defer such payment or transfer for up to six months after we receive your request. If deferred more than 10 days, we will pay interest at the rate which is the current rate payable on the interest only option for income benefits. Interest on Death and Maturity Proceeds -- We will pay interest on death proceeds from the date of death and on maturity proceeds from the maturity date, in both cases to the date of payment, at the rate which is the current rate payable on the interest only option for income benefits.
Fixed Options. With respect to allocations made to the Fixed Options, we may defer payment of any Net Cash Surrender Value, withdrawals or loan amounts or defer transfers from either Fixed Option for up to six months after we receive your request. We will allow interest, at a rate of at least 3% annually, on any Net Cash Surrender Value or withdrawal benefit derived from a Fixed Option if we defer payment for 30 days or more. INCOME BENEFITS Income Benefits -- Surrender or withdrawal benefits may be used to buy a lifetime monthly income as long as the monthly income is at least $100. Death benefits may be used to buy a monthly income for the lifetime of the beneficiary. The monthly income will automatically be guaranteed to continue for at least ten years, unless another form of payment is requested. Under the automatic form of payment, if the income recipient dies before the end of the ten-year period, payments will continue to the end of the ten-year period to a person designated by the income recipient in writing. The purchase rates for the monthly income will be set periodically by the Company. However, under the automatic form, the monthly income bought by each $1,000 of benefit amount will always be at least as large as that shown below. Monthly Income Monthly Income Monthly Income Age Male Female Age Male Female Age Male Female Monthly income amount for ages not shown are halfway between the two amounts for the nearest two ages that are shown. Amounts shown are based on the Annuity 2000 table with interest at 3.00%. This benefit is not available if the income would be less than $100 a month. We may require evidence of survival for incomes that last more than ten years. Other Income Options -- Surrender, withdrawal or death benefits may be used under any other payment plans that we make available at that time. POLICY LOANS
Fixed Options. With respect to payments or transfers to be made from the Fixed Options (or from the policy, if this policy is continued under a fixed non-forfeiture benefit), we may defer such payment or transfer for up to six months after we receive your Written Request. If deferred more than 10 days after we receive such request, we will pay interest at the rate which is the current rate payable on the interest settlement option for income benefits. Policy Loans - We reserve the right to defer any policy loan payment, except for loans used to pay premiums to us, for up to six months after we receive your loan application. Interest on Death and Maturity Proceeds - We will pay interest on death proceeds from the date of death and on maturity proceeds from the maturity date, in both cases to the date of payment, at the rate which is the current rate payable on the Interest Settlement Option described under Income Benefits.
Fixed Options. With respect to allocations made to the Fixed Options, we may defer payments of any Net Cash Surrender Value, withdrawal or loan (except for loans to pay a premium on any policy issued by us) for up to six months after we receive your request. If we defer any such payment for more than 10 days after we receive your request, we will pay interest at the annual rate used to calculate the settlement options described in the Income Benefits section.
Fixed Options. As to amounts allocated to each Fixed Option, we may defer payment of any Net Cash Surrender Value on surrender, partial withdrawals, or loan amounts or defer transfers from the Fixed Options for up to six months after we receive a request for it. We will credit interest, at a rate of at least 4% annually, on any Net Cash Surrender Value or withdrawal benefit derived from the Fixed Options that we defer for 30 days or more. However, we will not defer payment of any such amounts if they are to be used to pay the premium on any policy issued by the company. SEPARATE ACCOUNT PROVISIONS Separate Account - We established the Separate Account and maintain it under the laws of California. The Separate Account is divided into subaccounts, called Variable Accounts. Realized and unrealized gains and losses from the assets of each Variable Account are credited or charged against it without regard to our other income, gains, or losses. Assets may be put in our Separate Account to support this policy and other variable life insurance policies. Assets may be put in our Separate Account for other purposes, but not to support contracts or policies other than variable life contracts or policies. The assets of our Separate Account are our property. The portion of its assets equal to the reserves and other policy liabilities with respect to our Separate Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a Variable Account in excess of the reserves and other liabilities with respect to that account to another Variable Account or to our general account. All obligations arising under the policy are general corporate obligations of Pacific Life. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, to: - change or add designated investment companies; - add, remove or combine Variable Accounts; - add, delete or make substitutions for the securities that are held or purchased by the Separate Account or any Variable Account; - register or deregister any Variable Account under the Investment Company Act of 1940; - to change the classification of any Variable Account; - operate any Variable Account as a managed investment company or as a unit investment trust; - combine the assets of any Variable Account with other separate accounts or subaccounts thereof of PL or an affiliate thereof; - transfer the assets of any Variable...