MISSTATEMENT OF AGE or Sex: If the age or sex of the owner or annuitant has been misstated, we will adjust the benefits paid under this contract to reflect the correct age and/or sex. Underpayments will be made up immediately, overpayments will be deducted from future annuity payments until the total is repaid.
MISSTATEMENT OF AGE. If the age of any Payee has been misstated, future payments will adjusted using the correct age, according to our rates in effect on the date the annuity payments were determined. Any overpayment from the Fixed Account, plus interest at the rate of 4% per year, will be deducted from the next payment(s) due. Any underpayment from the Fixed Account, plus interest at the rate of 4% per year, will be paid in full with the next payment due. Any overpayment from the Variable Account will be deducted from the next payment(s) due. Any underpayment from the Variable Account will be paid in full with the next payment."
MISSTATEMENT OF AGE. If the Age of any Annuitant has been misstated, any Annuity benefits payable will be the Annuity benefits provided by the correct Age. After Annuity Payments have begun, any underpayments will be made up in one sum with the next Annuity Payment. Any overpayments will be deducted from future Annuity Payments until the total is repaid.
Examples of MISSTATEMENT OF AGE in a sentence
MISSTATEMENT OF AGE OR SEX -- The "Misstatement of Age or Sex" provision is modified to provide that we may also require proof of age of any Owner.
MISSTATEMENT OF AGE OR SEX If an age or sex has been misstated, the amounts payable or benefits provided by this Contract will be those that the Premium Payment made would have bought at the correct age or sex.
MISSTATEMENT OF AGE OR SEX If an age or sex has been misstated, the amounts payable or benefits provided by this Contract will be those that the premium payment made would have bought at the correct age or sex.
MISSTATEMENT OF AGE OR SEX We have the right to correct benefits for misstated age or sex.
MISSTATEMENT OF AGE OR SEX -- We may require proof of age or sex of the Annuitant before making any Annuity Payments under this Contract which are measured by the Annuitant's life.
More Definitions of MISSTATEMENT OF AGE
MISSTATEMENT OF AGE. OR SEX We may require proof of age or sex of the Annuitant before making any Annuity Payments under this Contract which are measured by the Annuitant's life. If the age or sex of the Annuitant has been misstated, the amount payable will be the amount that the Account Value would have provided at the correct age or sex, as appropriate, of the Annuitant. Once Annuity Payments have begun, any underpayments by the Company on account of misstatement of age or sex, with interest at a rate specified in the Contract Schedule, will be made up in one sum with the next Annuity Payment. Any overpayments by the Company on account of misstatement of age or sex, with interest at a rate specified in the Contract Schedule, will be deducted from future Annuity Payments until the total is repaid. PROTECTION OF PROCEEDS No Beneficiary may commute, encumber, alienate or assign any payments under this Contract before they are due. To the extent permitted by law, no payments will be subject to the debts, contracts or engagements of any payee or to any judicial process to levy upon or attach the same for payment thereof.
MISSTATEMENT OF AGE. OR SEX If any age or sex has been misstated, we will pay the amounts which would have been paid at the correct age and sex. If we find the misstatement of age or sex after the income payments begin, we will: - pay all amounts underpaid including interest calculated at an effective annual rate of 6%; or - stop payments until the total income payments made are equal to the total amounts that would have been made if the correct age and sex had been used.
MISSTATEMENT OF AGE. OR SEX We may require proof of Age of the Annuitant before making any life contingent Annuity Payment provided for in this contract. If there has been a misstatement of the Annuitant's Age and/or Sex, we will adjust the Annuity Payments to the amount that would have been provided at the correct Age and Sex. Once Annuity Payments have begun, any underpayments will be made up in one sum with the next Annuity Payment, and overpayments will be deducted from the future Annuity Payments until the total is repaid. The annual interest rate to be used in the calculation of the adjustments for underpayments and overpayments is 5%. ANNUAL REPORT We will send you a report at least once each calendar year showing the number of Accumulation Units credited to this contract, the dollar value of each Accumulation Unit, the Contract Value, the death benefit, the available cash withdrawal and any applicable withdrawal charges, transfer fees, and the contract maintenance charge. This report will be sent to your last known address. NO DIVIDENDS ARE PAYABLE This is a nonparticipating contract. This contract does not participate in our profits or surplus.
MISSTATEMENT OF AGE. OR SEX If the age or sex of any Annuitant has been misstated, future payments will be adjusted using the correct age and sex, according to Our rates in effect on the date that annuity payments were determined. Any overpayment from the Fixed Account, plus interest at the rate of 4% per year, will be deducted from the next payment(s) due. Any underpayment from the Fixed Account, plus interest at the rate of 4% per year, will be paid in full with the next payment due. Any overpayment from the Variable Accounts will be deducted from the next payment(s) due. Any underpayment from the Variable Accounts will be paid in full with the next payment due. WRITTEN NOTICE Any notice We send to the Participant will be sent to Participant's address shown in the Participant Enrollment Form unless the Participant requests otherwise. Any written request or notice to Us must be sent to our Annuity Service Center, as specified on the Certificate Data Page. PROOF OF AGE, SEX OR SURVIVAL The Company may require satisfactory proof of correct age or sex at any time. If any payment under this Certificate depends on the Annuitant being alive, the Company may require satisfactory proof of survival. NON-PARTICIPATING This Contract does not share in Our surplus. PERIODIC REPORTS The Company will furnish each Participant with a statement of the Variable and Fixed Account balances periodically. PREMIUM TAXES The Company may deduct from the Contract Value any premium or other taxes payable to a state or other government entity. Should We advance any amount so due, We are not waiving any right to collect such amounts at a later date. The Company will deduct any withholding taxes required by applicable law. CHANGE OF ANNUITANT Prior to the Annuity Date, the Participant may change the Annuitant. To be effective, such a change must be received by Us in a written form acceptable to Us. DEFERMENT OF PAYMENTS We may defer making payments from the Fixed Account for up to 6 months. Interest, subject to state requirements, will be credited during the deferral period. 8 SUSPENSION OF PAYMENTS We may suspend or postpone any payments from the Variable Accounts if any of the following occur:
MISSTATEMENT OF AGE. We require proof of your Age and that of any Joint Annuitant before making any life contingent annuity payment provided for by this Contract. If your Age or that of any Joint Annuitant has been misstated, the amount payable will be adjusted to reflect the amount that would have been provided at the true Age. Any underpayments plus a percent interest equal to the assumed investment return will be made up in one sum with the next annuity payment, and overpayments will be deducted from the future annuity payments until the total is repaid.
MISSTATEMENT OF AGE. OR SEX We may require proof of Age of the Annuitant before making any life contingent Annuity Payment provided for in the Contract. If there has been a misstatement of the Annuitant's Age and/or sex, we will adjust the Annuity Payments to the amount that would have been provided at the correct Age and sex. Once Annuity Payments have begun, any underpayments will be made up in one sum with the next Annuity Payment, and overpayments will be deducted from the future Annuity Payments until the total is repaid. ANNUAL REPORT We will send you a report at least once each calendar year showing the Bonus Value and Contract Value. This report will be sent to your last known address. NO DIVIDENDS ARE PAYABLE This is a nonparticipating contract. This contract does not participate in our profits or surplus.
MISSTATEMENT OF AGE or Sex: In the event that the amount of insurance provided by a policy or policies reinsured under this Agreement is increased or reduced because of a misstatement of age or sex established after the death of the insured, the reinsurance liability of Allianz Life shall increase or reduce in an amount equal to the amount of the increase or reduction of the original insurance multiplied by the proportion represented by Allianz Life's percentage immediately prior to the discovery of such misstatement of age or sex. Reinsurance in force with Allianz Life shall be reformed on the basis of the adjusted amounts using values applicable to the correct age and sex. Any adjustment in reinsurance premiums required by such reformation shall be made without interest.