INITIAL GUARANTEED INTEREST definition
INITIAL GUARANTEED INTEREST. RATE PERIOD: [1-10] Contract Years
INITIAL GUARANTEED INTEREST. RATE The compound annual rate, shown on the Specifications Page of the Contract, credited to the Account Value during the Initial Guarantee Period under the terms of the Contract. MATURITY DATE The date on which Annuity Payments are scheduled to commence. It is the date specified on the Specifications Page, unless changed. NET PAYMENT The Payment less the amount of premium tax, if any, deducted from the Payment. OWNER(S) The person, persons or entity entitled to the ownership rights under this Contract. The Owner is as designated on the Specifications Page, unless changed. PAYEE Any of the person(s) or entity to whom Annuity Payments are to be made. PAYMENT An amount paid to us by you that we accept as consideration for the benefits provided by this Contract.
INITIAL GUARANTEED INTEREST. RATE The compound annual rate used to determine the interest earned on the Net Payment during the Initial Guarantee Period. ISSUE DATE The date on which the Contract becomes effective. INTERNAL REVENUE CODE (IRC) The Internal Revenue Code of 1986, as amended from time to time, and any successor statute of similar purposes.
Examples of INITIAL GUARANTEED INTEREST in a sentence
INITIAL GUARANTEED INTEREST RATE: [xxxxx]% annually for the first [1-10] Contract Years In the first Contract Year, we will increase the initial Guaranteed Interest Rate based on the amount of the initial Purchase Payment.
INITIAL GUARANTEED INTEREST RATE - The effective rate of interest, calculated after daily compounding has been taken into account, which is used in determining the interest credited to a Sub-Account during the Initial Guaranteed Period.