Common use of CONTRACT OPTION PROVISIONS Clause in Contracts

CONTRACT OPTION PROVISIONS. The Contract contains two (2) types of Contract Options: Fixed Account and Index Account. Upon Good Order, all Premium will be allocated to the Contract Options as elected on the application. The Company reserves the right to restrict or prohibit allocation of Premium to the Fixed Account at its discretion, on a non-discriminatory basis, at any time. No Premium will be accepted after the Issue Date. TRANSFERS. Transfers may only occur on the Contract Anniversary, when transferring out of the Fixed Account, and on the Index Account Option Term Anniversary when transferring out of an Index Account Option. When the Contract Anniversary or Index Account Option Term Anniversary occurs on a non-Business Day, the transfer will be effective on the following Business Day using the following Business Day's values. You will receive notice thirty (30) days prior to the Index Account Option Term Anniversary. The notice will include information on the Contract Options available to You. You may request a transfer to or from the Fixed Account and to or from the Index Account Options. You may also request transfers among the available Index Account Options within the Index Account. A request for a transfer must be received in Good Order prior to the Index Account Option Term Anniversary. If no transfer request is received on or prior to the Index Account Option Term Anniversary, the Fixed Account value will remain in the Fixed Account and the Index Account Option value(s) will be reallocated to the same Index Account Option(s) for the same term, Crediting Method and Index, if available. If the Crediting Method, or Index is no longer available as of the Index Account Option Term Anniversary, the Index Account Option value(s) will be reallocated to the Fixed Account until further instruction is received. If You do not select an Index Account Option term within thirty (30) days prior to the end of the expired Index Account Option term: 1. if the same Index Account Option term is available at the time and does not extend beyond the Income Date, the Company will renew the Index Account Option into the same Index Account Option term.

CONTRACT OPTION PROVISIONS. The Contract contains two (2) types of Contract Options: Fixed Account and Index Account. Upon Good Order, all Premium will be allocated to the Contract Options as elected on the application. The Company reserves the right to restrict or prohibit allocation of Premium to the Fixed Account at its discretion, on a non-discriminatory basis, at any time. No Premium will be accepted after the Issue Date. TRANSFERS. Transfers may only occur on the Contract Anniversary, when transferring out of the Fixed Account, and on the Index Account Option Term Anniversary when transferring out of an Index Account Option. When the Contract Anniversary or Index Account Option Term Anniversary occurs on a non-Business Day, the transfer will be effective on the following Business Day using the following Business Day's values. You will receive notice thirty (30) days prior to the Index Account Option Term Anniversary. The notice will include information on the Contract Options available to You. You may request a transfer to or from the Fixed Account and to or from the Index Account Options. You may also request transfers among the available Index Account Options within the Index Account. Transfers from an Index Account Option to the Fixed Account may incur an MVA. A request for a transfer must be received in Good Order prior to the Index Account Option Term Anniversary. If no transfer request is received on or prior to the Index Account Option Term Anniversary, the Fixed Account value will remain in the Fixed Account and the Index Account Option value(s) will be reallocated to the same Index Account Option(s) for the same term, Crediting Method and Index, if available. If the Crediting Method, or Index is no longer available as of the Index Account Option Term Anniversary, the Index Account Option value(s) will be reallocated to the Fixed Account Account, without being subject to an MVA, until further instruction is received. If You do not select an Index Account Option term within thirty (30) days prior to the end of the expired Index Account Option term: 1. if the same Index Account Option term is available at the time and does not extend beyond the Income Date, the Company will renew the Index Account Option into the same Index Account Option term.