Transfer Provisions. After the Right to Examine Policy Period, your Account Value in each Division may be transferred to any other Division of the Variable Account upon written request. Transfers from the Guaranteed Interest Division are subject to the limitations as described in the Guaranteed Interest Division provision. The number of free transfers permitted in any one Policy year without an Excess Transfer Charge, the total number of transfers permitted and the Excess Transfer Charge are shown in the table below. Any transfers made due to the operation of the Automatic Rebalancing Feature or Dollar Cost Averaging will not count toward the transfers allowed free of charge. The minimum amount that may be transferred from each Division is the lesser of $100 or the balance of a Division. The following table summarizes the number of transfers available and the associated charges during any Policy year. ------------------------------------------------------------------------------- FREE TRANSFERS 12 ------------------------------------------------------------------------------- TOTAL NUMBER OF TRANSFERS PERMITTED Unlimited ------------------------------------------------------------------------------- EXCESS TRANSFER CHARGE $25 for each transfer in excess of 12 during any Policy year. ------------------------------------------------------------------------------- TRANSFERS TO OR FROM THE GUARANTEED INTEREST DIVISION Once during the first 30 days of each Policy year, you may transfer amounts from the Guaranteed Interest Division. Transfer requests received within 30 days prior to the Policy anniversary will be deemed to occur as of the Policy anniversary. Transfer requests received on the Policy anniversary or within the following 30 days will be processed; transfer requests received at any other time will not be processed. Transfers of your Account Value to the Guaranteed Interest Division are not limited to this 30-day period. The maximum transfer amount from the Guaranteed Interest Division in any Policy year is the greatest of: a) 25% of your Account Value in the Guaranteed Interest Division at the time of the first transfer or withdrawal in a Policy year;
Appears in 1 contract
Samples: Security Life Separate Account L1
Transfer Provisions. After the Right to Examine Policy Period, your Account Value in each Division may be transferred to any other Division of the Variable Account upon written request. Transfers from the Guaranteed Interest Division are subject to the limitations as described in the Transfer To or From The Guaranteed Interest Division provision. The number of free transfers permitted in any one Policy year without an Excess Transfer Charge, the total number of transfers permitted and the Excess Transfer Charge are shown in the table below. Any transfers made due to the operation of the Automatic Rebalancing Feature or Dollar Cost Averaging will not count toward the transfers allowed free of charge. The minimum amount that may be transferred from each Division is the lesser of $100 or the balance of a Division. The following table summarizes the number of transfers available and the associated charges during any Policy year. ------------------------------------------------------------------------------- FREE TRANSFERS --------------------------------------------------------------------------------------- Free Transfers 12 ------------------------------------------------------------------------------- TOTAL NUMBER OF TRANSFERS PERMITTED --------------------------------------------------------------------------------------- Total Number of Transfers Permitted Unlimited ------------------------------------------------------------------------------- EXCESS TRANSFER CHARGE --------------------------------------------------------------------------------------- Excess Transfer Charge $25 for each transfer in excess of 12 during any Policy year. ------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- TRANSFERS TO OR FROM THE GUARANTEED INTEREST DIVISION Once during the first 30 days of each Policy year, you may transfer amounts from the Guaranteed Interest Division. Transfer requests received within 30 days prior to the Policy anniversary will be deemed to occur as of the Policy anniversary. Transfer requests received on the Policy anniversary or within the following 30 days will be processed; transfer requests received at any other time will not be processed. Transfers of your Account Value to the Guaranteed Interest Division are not limited to this 30-day period. The maximum transfer amount from the Guaranteed Interest Division in any Policy year is the greatest of: a) 25% of your Account Value in the Guaranteed Interest Division at the time of the first transfer or withdrawal in a Policy year;:
Appears in 1 contract
Samples: Security Life Separate Account L1
Transfer Provisions. After the Right to Examine Policy Period, your Account Value in each Division may be transferred to any other Division of the Variable Account upon written request. Transfers from the Guaranteed Interest Division are subject to the limitations as described in the Guaranteed Interest Division provision. The number of free transfers permitted in any one Policy year without an Excess Transfer Charge, the total number of transfers permitted and the Excess Transfer Charge are shown in the table below. Any transfers made due to the operation of the Automatic Rebalancing Feature or Dollar Cost Averaging will not count toward the transfers allowed free of charge. The minimum amount that may be transferred from each Division is the lesser of $100 or the balance of a Division. The following table summarizes the number of transfers available and the associated charges during any Policy year. ------------------------------------------------------------------------------- FREE TRANSFERS Form 1195 (VUL)-TX Page 13 --------------------------------------------------------------------------------------- Free Transfers 12 ------------------------------------------------------------------------------- TOTAL NUMBER OF TRANSFERS PERMITTED --------------------------------------------------------------------------------------- Total Number of Transfers Permitted Unlimited ------------------------------------------------------------------------------- EXCESS TRANSFER CHARGE --------------------------------------------------------------------------------------- Excess Transfer Charge $25 for each transfer in excess of 12 during any Policy year. ------------------------------------------------------------------------------- --------------------------------------------------------------------------------------- TRANSFERS TO OR FROM THE GUARANTEED INTEREST DIVISION Once during the first 30 days of each Policy year, you may transfer amounts from the Guaranteed Interest Division. Transfer requests received within 30 days prior to the Policy anniversary will be deemed to occur as of the Policy anniversary. Transfer requests received on the Policy anniversary or within the following 30 days will be processed; transfer requests received at any other time will not be processed. Transfers of your Account Value to the Guaranteed Interest Division are not limited to this 30-day period. The maximum transfer amount from the Guaranteed Interest Division in any Policy year is the greatest of: a) 25% of your Account Value in the Guaranteed Interest Division at the time of the first transfer or withdrawal in a Policy year;:
Appears in 1 contract
Samples: Security Life Separate Account L1
Transfer Provisions. After the Right to Examine Policy Period, your Account Value in each Division may be transferred to any other Division of the Variable Account upon written request. Transfers from the Guaranteed Interest Division are subject to the limitations as described in the Transfer To or From The Guaranteed Interest Division provision. The number of free transfers permitted in any one Policy year without an Excess Transfer Charge, the total number of transfers permitted and the Excess Transfer Charge are shown in the table below. Any transfers made due to the operation of the Automatic Rebalancing Feature or Dollar Cost Averaging will not count toward the transfers allowed free of charge. The minimum amount that may be transferred from each Division is the lesser of $100 or the balance of a Division. The following table summarizes the number of transfers available and the associated charges during any Policy year. ------------------------------------------------------------------------------- ----------------------------------------------------------------------- FREE TRANSFERS 12 ------------------------------------------------------------------------------- ----------------------------------------------------------------------- TOTAL NUMBER OF TRANSFERS PERMITTED Unlimited ------------------------------------------------------------------------------- ----------------------------------------------------------------------- EXCESS TRANSFER CHARGE $25 for each transfer in excess of 12 during any Policy year. ------------------------------------------------------------------------------- ----------------------------------------------------------------------- TRANSFERS TO OR FROM THE GUARANTEED INTEREST DIVISION Once during the first 30 days of each Policy year, you may transfer amounts from the Guaranteed Interest Division. Transfer requests received within 30 days prior to the Policy anniversary will be deemed to occur as of the Policy anniversary. Transfer requests received on the Policy anniversary or within the following 30 days will be processed; transfer requests received at any other time will not be processed. Transfers of your Account Value to the Guaranteed Interest Division are not limited to this 30-day period. The maximum transfer amount from the Guaranteed Interest Division in any Policy year is the greatest of: Form 1197 (VUL) - MD Page 13 a) 25% of your Account Value in the Guaranteed Interest Division at the time of the first transfer or withdrawal in a Policy year;; b) The minimum transfer amount; or c) The sum of the amounts transferred and withdrawn from the Guaranteed Interest Division in the prior Policy year. For purposes of calculating the maximum transfer from the Guaranteed Interest Division, all Partial Withdrawals and transfers from the Guaranteed Interest Division in a Policy year are summed. EXCESS TRANSFER CHARGE If you exceed the number of free transfers allowed, you will be assessed an Excess Transfer Charge. This charge will be deducted from each of the Divisions in which you are invested in the same proportion that the amount of Account Value in that Division bears to the Net Account Value immediately after the transfer. DOLLAR COST AVERAGING If you have at least $10,000 of Account Value in either the [Fidelity Investments Money Market Division] or the [Xxxxxxxxx & Xxxxxx Limited Maturity Bond Division], you may choose to transfer a specified dollar amount each month from one of these Divisions to other Divisions of the Variable Account. Dollar Cost Averaging transfers may not be made to the Guaranteed Interest Division. The minimum amount that you may elect to transfer each month is $100. The maximum amount that you may transfer is equal to your Account Value in the Division from which the transfer is taken when the election is made, divided by 12. Dollar Cost Averaging may be elected to end on a specified date or when a specific balance remains in the [Fidelity Investments Money Market Division] or the [Xxxxxxxxx & Xxxxxx Limited Maturity Bond Division]. Percentage allocations of the transfer amount must be designated as whole number percentages; no specific dollar designation may be made to the Divisions of the Variable Account. If you elect to transfer to a particular Division, the minimum percentage that may be transferred to that Division is 1% of the total amount transferred provided that the allocation is at least $100. The transfer date will be the same calendar day each month as the Monthly Processing Date. If this calendar day is not a Valuation Date, the next Valuation Date will be used. If, on any transfer date, your Account Value in the chosen Division is equal to or less than the amount you have elected to have transferred, the entire amount will be transferred, and this option will end. Dollar Cost Averaging may not begin until the Monthly Processing Date following the end of the Right to Examine Policy Period. You may change the transfer amount or the Divisions to which transfers are to be made once each Policy year. You may cancel this election by sending us written notice at our Customer Service Center at least 7 days before the next transfer date. Any transfer under this option will not be included for purposes of the Excess Transfer Charge. If you elect both Dollar Cost Averaging and Automatic Rebalancing, Dollar Cost Averaging will occur first. On the first Valuation Date of the next calendar quarter after Dollar Cost Averaging has terminated, Automatic Rebalancing will begin. Form 1197 (VUL) Page 14 AUTOMATIC REBALANCING Automatic Rebalancing allows you to match your Account Value in each Division to your allocation percentage for new Premiums. Automatic Rebalancing can be elected in your application or by completing the Automatic Rebalancing form and returning it to our Customer Service Center. As of the first Valuation Date of each calendar quarter thereafter we will reallocate your Net Account Value so that the amount in each Division matches your Premium allocation. Automatic Rebalancing may not begin until the end of the Right to Examine Policy Period. While this feature is in effect, we require that you allocate no more than 35% of your Premiums to any one Division, and you must allocate your Premiums to at least 5 Divisions. If at any time during the operation of the Automatic Rebalancing feature you request a change in Premium allocation which does not meet these requirements, we will notify you that your allocation must be changed. We will not process such a request unless you also request that the Automatic Rebalancing feature be discontinued. When you request a change in Premium allocation that meets these requirements, your Net Account Value will be reallocated as of the Valuation Date that we receive your written allocation instructions. Amounts will be transferred among the Divisions to match the allocation for new Premiums. During the operation of Automatic Rebalancing, you may not change your allocation percentage to the Guaranteed Interest Division by more than 25% of the percentage previously allocated to the Guaranteed Interest Division. If you change your Premium allocation more than five times per Policy year, there will be a $25 charge taken from your Account Value. This charge will be deducted from each of the Divisions of the Variable Account and the Guaranteed Interest Division in the same proportion that your Account Value of each Division bears to your Net Account Value as of the Valuation Date the allocation change is effective. Any transfer as a result of the operation of Automatic Rebalancing will not be included in determining if the Excess Transfer Charge will apply. You may not transfer among Divisions while the Automatic Rebalancing feature is in effect. If you elect both Dollar Cost Averaging and Automatic Rebalancing, Dollar Cost Averaging will occur first. On the first Valuation Date of the next calendar quarter after Dollar Cost Averaging has terminated, Automatic Rebalancing will begin. ACCOUNT VALUE PROVISIONS The Account Value is the sum of the current amounts allocated to the Divisions of the Divisions of the Variable Account and to the Guaranteed Interest Division plus your balance in the loan Division. The Account Value is based on the amount and number of Premiums paid, Policy and rider charges assessed, loans and withdrawals taken, monthly deductions, Premium Expense Charges, transaction charges, and the investment experience or credited interest of the Division to which your Account Value is allocated. Your Net Account Value is equal to your Account Value minus any Policy Loan and accrued but unpaid loan interest. NET PREMIUM The Net Premium equals the Premium paid minus the Premium Expense Charges for taxes and the appropriate Sales Load shown in the Schedule. Premiums allocated to an increase in coverage will be subject to a new Sales Load. Premiums are allocated in the same proportion that the Guideline Annual Premium of each segment bears to the sum of the Guideline Annual Premiums of all segments. The Guideline Annual Premium for each coverage segment is shown in the Schedule. ACCOUNT VALUES ON THE INVESTMENT DATE The Account Value of each Division of the Variable Account and the Guaranteed Interest Division as of the Investment Date is equal to:
Appears in 1 contract
Samples: Security Life Separate Account L1
Transfer Provisions. After the Right to Examine Policy Period, your Account Value in each Division may be transferred to any other Division of the Variable Account upon written request. Transfers from the Guaranteed Interest Division are subject to the limitations as described in the Guaranteed Interest Division provision. The number of free transfers permitted in any one Policy year without an Excess Transfer Charge, the total number of transfers permitted and the Excess Transfer Charge are shown in the table below. Any transfers made due to the operation of the Automatic Rebalancing Feature or Dollar Cost Averaging will not count toward the transfers allowed free of charge. The minimum amount that may be transferred from each Division is the lesser of $100 or the balance of a Division. The following table summarizes the number of transfers available and the associated charges during any Policy year. ------------------------------------------------------------------------------- FREE TRANSFERS ----------------------------------------------------------------------------------------------------- Free Transfers 12 ------------------------------------------------------------------------------- TOTAL NUMBER OF TRANSFERS PERMITTED ----------------------------------------------------------------------------------------------------- Total Number of Transfers Permitted Unlimited ------------------------------------------------------------------------------- EXCESS TRANSFER CHARGE ----------------------------------------------------------------------------------------------------- Excess Transfer Charge $25 for each transfer in excess of 12 during any Policy year. ------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- TRANSFERS TO OR FROM THE GUARANTEED INTEREST DIVISION Once during the first 30 days of each Policy year, you may transfer amounts from the Guaranteed Interest Division. Transfer requests received within 30 days prior to the Policy anniversary will be deemed to occur as of the Policy anniversary. Transfer requests received on the Policy anniversary or within the following 30 days will be processed; transfer requests received at any other time will not be processed. Transfers of your Account Value to the Guaranteed Interest Division are not limited to this 30-day period. The maximum transfer amount from the Guaranteed Interest Division in any Policy year is the greatest of: Form 1197 (VUL) Page 13 a) 25% of your Account Value in the Guaranteed Interest Division at the time of the first transfer or withdrawal in a Policy year;; b) The minimum transfer amount; or c) The sum of the amounts transferred and withdrawn from the Guaranteed Interest Division in the prior Policy year. For purposes of calculating the maximum transfer from the Guaranteed Interest Division, all Partial Withdrawals and transfers from the Guaranteed Interest Division in a Policy year are summed. EXCESS TRANSFER CHARGE If you exceed the number of free transfers allowed, you will be assessed an Excess Transfer Charge. This charge will be deducted from each of the Divisions in which you are invested in the same proportion that the amount of Account Value in that Division bears to the net Account Value immediately after the transfer. DOLLAR COST AVERAGING If you have at least $10,000 of Account Value in either the [Fidelity Investments Money Market Division] or the [Xxxxxxxxx & Xxxxxx Limited Maturity Bond Division], you may choose to transfer a specified dollar amount each month from one of these Divisions to other Divisions of the Variable Account. Dollar Cost Averaging transfers may not be made to the Guaranteed Interest Division. The minimum amount that you may elect to transfer each month is $100. The maximum amount that you may transfer is equal to your Account Value in the Division from which the transfer is taken when the election is made, divided by 12. Dollar Cost Averaging may be elected to end on a specified date or when a specific balance remains in the [Fidelity Investments Money Market Division] or the [Xxxxxxxxx & Xxxxxx Limited Maturity Bond Division]. Percentage allocations of the transfer amount must be designated as whole number percentages; no specific dollar designation may be made to the Divisions of the Variable Account. If you elect to transfer to a particular Division, the minimum percentage that may be transferred to that Division is 1% of the total amount transferred provided that the allocation is at least $100. The transfer date will be the same calendar day each month as the Monthly Processing Date. If this calendar day is not a Valuation Date, the next Valuation Date will be used. If, on any transfer date, your Account Value in the chosen Division is equal to or less than the amount you have elected to have transferred, the entire amount will be transferred, and this option will end. Dollar Cost Averaging may not begin until the Monthly Processing Date following the end of the Right to Examine Policy Period. You may change the transfer amount or the Divisions to which transfers are to be made once each Policy year. You may cancel this election by sending us written notice at our Customer Service Center at least 7 days before the next transfer date. Any transfer under this option will not be included for purposes of the Excess Transfer Charge. If you elect both Dollar Cost Averaging and Automatic Rebalancing, Dollar Cost Averaging will occur first. On the first Valuation Date of the next calendar quarter after Dollar Cost Averaging has terminated, Automatic Rebalancing will begin. Form 1197 (VUL) Page 14 AUTOMATIC REBALANCING Automatic Rebalancing allows you to match your Account Value in each Division to your allocation percentage for new Premiums. Automatic Rebalancing can be elected in your application or by completing the Automatic Rebalancing form and returning it to our Customer Service Center. As of the first Valuation Date of each calendar quarter thereafter we will reallocate your Net Account Value so that the amount in each Division matches your Premium allocation. Automatic Rebalancing may not begin until the of the Right to Examine Policy Period. While this feature is in effect, we require that you allocate no more than 35% of your Premiums to any one Division, and you must allocate your Premiums to at least 5 Divisions. If at any time during the operation of the Automatic Rebalancing feature you request a change in Premium allocation which does not meet these requirements, we will notify you that your allocation must be changed. We will not process such a request unless you also request that the Automatic Rebalancing feature be discontinued. When you request a change in Premium allocation that meets these requirements, your Net Account Value will be reallocated as of the Valuation Date that we receive your written allocation instructions. Amounts will be transferred among the Divisions to match the allocation for new Premiums. During the operation of Automatic Rebalancing, you may not change your allocation percentage to the Guaranteed Interest Division by more than 25% of the percentage previously allocated to the Guaranteed Interest Division. If you change your Premium allocation more than five times per Policy year, there will be a $25 charge taken from your Account Value. This charge will be deducted from each of the Divisions of the Variable Account and the Guaranteed Interest Division in the same proportion that your Account Value of each Division bears to your net Account Value as of the Valuation Date the allocation change is effective. Any transfer as a result of the operation of Automatic Rebalancing will not be included in determining if the Excess Transfer Charge will apply. You may not transfer among Divisions while the Automatic Rebalancing feature is in effect. If you elect both Dollar Cost Averaging and Automatic Rebalancing, Dollar Cost Averaging will occur first. On the first Valuation Date of the next calendar quarter after Dollar Cost Averaging has terminated, Automatic Rebalancing will begin. ACCOUNT VALUE PROVISIONS The Account Value is the sum of the current amounts allocated to the Divisions of the Variable Account and to the Guaranteed Interest Division plus your balance in the Loan Division. The Account Value is based on the amount and number of Premiums paid, Policy and rider charges assessed, loans and withdrawals taken, monthly deductions, Premium Expense Charges, transaction charges, any Surrender Charges and the investment experience or credited interest of the Division to which your Account Value is allocated. Your net Account Value is equal to your Account Value minus any Policy Loan and accrued but unpaid loan interest. NET PREMIUM The Net Premium equals the Premium paid minus the Premium Expense Charges for taxes and the appropriate Sales Load shown in the Schedule. Premiums allocated to an increase in coverage will be subject to a new Sales Load. Premiums are allocated in the same proportion that the Guideline Annual Premium of each segment bears to the sum of the Guideline Annual Premiums of all segments. The Guideline Annual Premium for each coverage segment is shown in the Schedule. ACCOUNT VALUES ON THE INVESTMENT DATE The Account Value of each Division of the Variable Account and the Guaranteed Interest Division as of the Investment Date is equal to:
Appears in 1 contract
Samples: Security Life Separate Account L1
