Common use of Coverage Amount Clause in Contracts

Coverage Amount. (a) Prior to the Lock-In Date, the Coverage Amount is equal to zero. The Certificate Owner may elect at any time on or after the earliest Lock-In Date to “Lock-In” the Coverage Amount. At the Lock-In Date, the Coverage Amount is calculated by multiplying the Coverage Base by the applicable Coverage Percentage shown on the Contract Data Pages. The Lock-In Date is affected by the Certificate Owner’s election on or after the minimum age shown on the Certificate Owner Coverage Percentages table on the Contract Data Pages to “Lock-In” the Coverage Amount. (b) After the Lock-In Date but before the Insured Event, the Coverage Amount is calculated on each Certificate Anniversary. The Coverage Amount is the greater of: 1) the current Coverage Amount; or 2) the current value of the Covered Asset Pool on the Certificate Anniversary multiplied by the current Coverage Percentage as determined by the Annuitant’s attained age (or for a joint life Certificate, the age of the younger Spouse) on the Lock-In Date and the current 10-year United States Treasury Bond Yield. If the Certificate Owner’s Coverage Amount increases pursuant to 2, We will treat the increase as an automatic step-up. The Certificate Fee Percentages may be changed due to an automatic step-up of the Coverage Amount unless the Certificate Owner rejects the automatic step-up in accordance with section 3.4(b). (c) The Coverage Amount is the maximum amount a Certificate Owner can withdraw each Certificate Year from the Covered Asset Pool without causing an Excess Withdrawal. If the Certificate Owner withdraws or transfers less than the Coverage Amount in a Certificate Year from his or her Covered Asset Pool, the unused portion cannot be carried over to the next Certificate Year. (d) After the Insured Event, the Coverage Amount is the amount of the lifetime fixed annuity payments We will make to the Certificate Owner (or, for joint life coverage, the Certificate Owner’s surviving Spouse) each Certificate Year.

Coverage Amount. The Coverage Amount establishes limits for the amount that may be withdrawn without reducing the Coverage Amount in future years, and represents the amount that may be payable by Us following the Insured Event provided all conditions of the Contract and Certificate are met. The Coverage Amount will vary during the term of the Certificate. (a) Prior to the Lock-In Date, the Coverage Amount is equal to zero. . (b) The Certificate Owner may elect at any time on or after the earliest Lock-In Date to “Lock-In” the Coverage Amount. At On the Lock-In Date, We calculate the initial Coverage Amount is calculated by multiplying the Coverage Base by the applicable Coverage Percentage shown on the Contract Data Pages. The Lock-In Date is affected by the Certificate Owner’s election on or after the minimum age shown on the Certificate Owner greater of: a. The Coverage Percentages table on the Contract Data Pages to “Lock-In” the Coverage AmountBase; or b. The then current Covered Asset Value. (bc) After the Lock-In Date but before the Insured Event, the Coverage Amount is calculated on each Certificate Anniversary. ; a. The Coverage Amount is and any Annual Fee Allowance, if any, each Certificate Year and/or the greater of: 1) the current Additional Coverage Amount; or 2) the current value of the Covered Asset Pool on the Certificate Anniversary multiplied by the current Coverage Percentage as determined by the Annuitant’s attained age (or for , if any, in a joint life Certificate, the age of the younger Spouse) on the Lock-In Date and the current 10-calendar year United States Treasury Bond Yield. If the Certificate Owner’s Coverage Amount increases pursuant to 2, We will treat the increase as an automatic step-up. The Certificate Fee Percentages may be changed due to an automatic step-up of the Coverage Amount unless the Certificate Owner rejects the automatic step-up in accordance with section 3.4(b). (c) The Coverage Amount is the maximum amount a Certificate Owner can withdraw each Certificate Year from the Covered Asset Pool without causing an Excess Withdrawal. If the Certificate Owner withdraws or transfers takes a Withdrawal(s) less than the Coverage Amount or the Annual Fee Allowance, if any, during a Certificate Year, the unused portion cannot be carried over to another Certificate Year. If the Certificate Owner withdraws less than the Additional Coverage Amount, if any, in a Certificate Year from his or her Covered Asset Poolcalendar year, the unused portion cannot be carried over to the next calendar year. b. The Coverage Amount is recalculated on each Certificate YearAnniversary. The Coverage Amount is the greater of: i. The then current Coverage Amount; or ii. The current Covered Asset Value on the Certificate Anniversary multiplied by the then current Coverage Percentage as determined by the Covered Person’s Attained Age on the Lock-In Date (for a joint life Certificate, the Attained Age of the younger Spouse on the Lock-In Date) and the current 10-year United States Treasury Bond Yield. Subject to Section 3.4, if the Certificate Owner’s Coverage Amount increases pursuant to ii above, We will treat the increase as an Automatic Step-Up and the Coverage Base will be reset as noted in Section 3.2(d). (d) After the Insured EventEvent and provided certain conditions are met, the Coverage Amount is the amount of the lifetime fixed annuity payments We will make to the Certificate Owner (or, for joint life coverage, the Certificate Owner’s surviving Spouse) each Certificate Year. The Annual Fee Allowance, if applicable, no longer applies. Advisory Fees, if any, must be paid by the Certificate Owner from another source. For Certificates issued as part of a Conversion, the Coverage Amount will be no less than the Coverage Amount on the day the prior Certificate was terminated.