ACCUMULATION PHASE DEFINED Sample Clauses
The "Accumulation Phase Defined" clause establishes the specific period during which contributions are made to a financial product, such as an annuity or retirement account, before any distributions or withdrawals begin. Typically, this phase involves regular deposits or premium payments by the account holder, with the invested funds growing on a tax-deferred basis. By clearly defining the accumulation phase, the clause ensures both parties understand when contributions are expected and when the transition to the payout or distribution phase will occur, thereby providing clarity and preventing disputes over timing and obligations.
ACCUMULATION PHASE DEFINED. The "Accumulation Phase" is the first of two phases during your Contract. The Accumulation Phase begins on the issue date stated on the Annuity Data Page. This phase will continue until the Payout Start Date unless the Contract is terminated before that date. CONTRACT YEAR. The one year period beginning on the issue date and on each anniversary of the issue date.
ACCUMULATION PHASE DEFINED. The accumulation phase is the first of two phases in the life of your Con-tract. During this period your cash value results from purchase payments made, investment experience of the variable account, interest credited to the fixed ac-count, and charges deducted. Any withdrawals you make and associated charges, if any, will reduce your cash value. The accumulation phase begins on the issue date stated on the Annuity Data page. This phase will con-tinue until the payout start date unless the Contract is terminated before that date. Time during the accumu-lation phase is measured in contract years. Contract years are those years that begin with the issue date or an anniversary of the issue date. Your Contract will stay in force until the payout start date, unless your cash value is reduced to zero.
ACCUMULATION PHASE DEFINED. The "Accumulation Phase" is the first of two phases during your Contract. The Accumulation Phase begins on the issue date stated on the Annuity Data Page. This phase will continue until the Payout Start Date unless this Contract is terminated before that date. Contract Year. The one year period beginning on the issue date and on each anniversary of the issue date. Purchase Payments. Purchase payments are initial and subsequent payments made by you, and do not include any Credit Enhancement. The initial payment is shown on the Annuity Data Page. You may make subsequent purchase payments during the Accumulation Phase. We may limit the amount of each purchase payment that we will accept to a minimum of $50 and a maximum of $1,000,000. We may limit your ability to make subsequent purchase payments in order to comply with the laws of the state where this Contract is delivered. We will invest the purchase payments in the Investment Alternatives you select. You may allocate any portion of your purchase payment in whole percents from 0% to 100% or in exact dollar amounts to any of the Investment Alternatives. The total allocation must equal 100%. The allocation of the initial purchase payment is shown on the Annuity Data Page. Allocation of each subsequent purchase payment will be the same as the allocation for the most recent purchase payment unless you change the allocation. You may change the allocation of subsequent purchase payments at any time, without charge, simply by giving us written notice. Any change will be effective at the time we receive the notice. Initial Purchase Payment Allocation. If the Return Privilege provision requires us to refund purchase payments, then during the Return Privilege period, we reserve the right to invest any purchase payments you allocated to the Variable Account to a Money Market Variable Sub-Account available under this Contract. We will notify you if we do so. At the end of the Return Privilege period, the amount in the Money Market Variable Sub-Account will be allocated to the Variable Account as originally designated by you. This allocation will not be considered a transfer.