CONTRIBUTIONS AND ACCOUNTS Clause Samples

CONTRIBUTIONS AND ACCOUNTS. SECTION 1- CONTRIBUTIONS. Contributions may be accepted by us under this contract on any date on or after the Contract Date, subject to the provisions of Article VII, Section 10. A Contribution is any amount determined or allowed by the Plan to be paid to us. Contributions which correlate to a Plan Participant may be paid to us at any time on or after the Contract Date. Contributions in excess of those determined by the Plan may be paid to us only with our consent. All Contributions are payable directly to us at our home office in Des Moines, Iowa. Contributions may be directed to any Investment Accounts available as described in Section 3 of this Article, as specified by Notification to us. Contributions will be added to each Investment Account in the amount or percentage specified in the Notification on file with us. If we have no Notification on file for a particular Contribution, we will direct such Contribution to the Money Market Division Investment Account which correlates to the Plan Participant in whose name the Contribution was made. The investment direction may be changed at any time by filing a new Notification with us. The Money Market Division will be available for this purpose even if you choose not to make the Money Market Division available as an investment option for Plan Participants under this contract. We will maintain separate accounting records for each type of Contribution which correlate to Plan Participants that is permitted or required to be made under the Plan. SECTION 2- SEPARATE ACCOUNT B. We have established and will maintain a separate account called Principal Mutual Life Insurance Company Separate Account B (Separate Account B). Separate Account B is divided into several Divisions. The Divisions of Separate Account B available on the Contract Date for Contributions are the Capital Accumulation Division, Government Securities Division and Money Market Division. Each Division invests amounts credited in a Mutual Fund at net asset value. Any and all distributions made by a Mutual Fund in respect of its shares held by Separate Account B will be reinvested in additional shares of such Mutual Fund, at net asset value. A redemption of Mutual Fund shares by Separate Account B is at net asset value. We reserve the right to change the Mutual Funds in which Separate Account B invests as provided in Article VII, Section 18. Amounts which will be credited to Separate Account B include amounts held in connection with this contract and ot...

CONTRIBUTIONS AND ACCOUNTS