FIXED ACCOUNT. 8 TRANSFERS AMONG ACCOUNTS...................................................9 SURRENDERING, OR WITHDRAWING PART OF YOUR ACCOUNT VALUE...................10 CHARGES...................................................................10
FIXED ACCOUNT. An account that is part of SBL's General Account. SBL guarantees that it will credit interest on Contract Value allocated to the Fixed Account at an annual rate at least equal to the Guaranteed Rate set forth on page 3.
FIXED ACCOUNT. FIXED ACCOUNT The fixed account is comprised of a one-year guaranteed period option and the dollar cost averaging fixed option that we may choose to offer. Premium payments applied to and any amounts transferred to the fixed account will reflect a fixed interest rate. The interest rates we set will be credited for increments of at least one year measured from each premium payment or transfer date. These rates will never be less than the Fixed Account Guaranteed Minimum Effective Annual Interest Rate shown on Page 3. We reserve the right, to prohibit premium payments and/or transfers allocated to any of the fixed account options described in this section after the policy date. We will provide 30 days advance written notice of this decision. We will also provide timely written notification to you once any such prohibition of premium payments and/or transfers is no longer in effect. GUARANTEED PERIOD OPTION We will offer the one-year guaranteed period option for the initial premium payment and may offer it for subsequent premium payments or amounts transferred to the fixed account. The current interest rate we set for funds entering a guaranteed period option (GPO) is guaranteed until the end of that option’s guaranteed period. At that time, the premium payment made or amount transferred into the GPO, less any withdrawals or transfers from that GPO, plus accrued interest, will be rolled into a new one-year GPO or may be transferred to any subaccount(s) within the separate account(s). You may choose the investment option(s) you want the funds transferred into by giving us a written notice within 30 days before the end of the expiring option’s guaranteed period. However, any guaranteed period elected may not extend beyond the maximum annuity commencement date defined in Section 11. In the absence of such election, the funds will be rolled into a new one-year GPO. You will be mailed a notice of completion of any rollover with the new interest rate applicable. The new GPO will be deemed as accepted if we do not receive a written rejection within 30 days from the postmark date of the completion notice. When funds are withdrawn or transferred from the one year GPO, the policy value associated with the oldest premium payment or rollover is considered to be withdrawn/transferred first. If the amount withdrawn/transferred exceeds the policy value associated with the oldest premium, the policy value associated with the next oldest premium payment or rollover is conside...
FIXED ACCOUNT. An account that is part of our general account. The investment performance of the Variable Account has no impact on the Fixed Account.
FIXED ACCOUNT. The Fixed Account is funded by the General Account of the Company. The Fixed Account is credited with interest as described under the Nonforfeiture Provisions. In addition to allocating your Net Premiums to one or more of the Subaccounts described above, you may direct all or part of your Net Premiums into the Fixed Account.
FIXED ACCOUNT. [Initial Guarantee Period: Through the end of the current calendar year Renewal Guarantee Period: A calendar year Initial Current Interest Rate: 4.60% Minimum Guaranteed Interest Rate: 3.00% annually] ANNUITY SERVICE OFFICE: Cova Financial Services Life Insurance Company [P.O. Box 10366 Des Moines, Iowa 50306-0366 (000) 000-0000] ENDORSEMENTS AND RIDERS ATTACHED TO THIS CONTRACT: [Fixed Account Rider for Variable Annuity Death Benefit Rider - Annual Step-up Death Benefit Rider - Compounded-Plus Guaranteed Minimum Income Benefit Rider - [Living Benefit] Additional Death Benefit Rider - [Earnings Preservation Benefit] Individual Retirement Annuity Endorsement Xxxx Individual Retirement Annuity Endorsement Tax Sheltered Annuity Endorsement 401 Plan Endorsement Unisex Annuity Rates Rider] DEFINITIONS ACCOUNT VALUE -- The sum of your interests in the Subaccounts of the Separate Account. ACCUMULATION PERIOD -- The period prior to the Annuity Date during which you can make Purchase Payments. ANNUITANT -- The natural person(s) on whose life Annuity Payments are based. You may change the Annuitant at any time prior to the Annuity Date unless an Owner is not a natural person. Any reference to Annuitant shall also include any Joint Annuitant under an Annuity Option. The Annuitant and Owner do not have to be the same person. ANNUITY PAYMENTS -- The series of payments made to the Owner or other named payee after the Annuity Date under the Annuity Option elected. ANNUITY DATE -- The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY PERIOD -- The period starting on the Annuity Date during which Annuity Payments are payable. ANNUITY SERVICE OFFICE -- The office indicated on the Contract Schedule to which notices, requests and Purchase Payments must be sent, or as otherwise directed by Notice from us. All sums payable by us under the Contract are payable through the Annuity Service Office. ANNUITY UNIT -- A unit of measure used to calculate Variable Annuity Payments after the Annuity Date. ATTAINED AGE -- The age of any Owner or Annuitant on his/her last birthday. BENEFICIARY -- The person(s) or entity(ies) you name to receive a death benefit payable under this Contract upon the death of the Owner or a Joint Owner, or in certain, circumstances, an Annuitant. BUSINESS DAY -- Each day that the New York Stock Exchange is open for business. The Separate Account will be valued each Business Day. A Business Day ends as of the close...
FIXED ACCOUNT. The Fixed Account is part of the Company's general account. The Company manages the general account and guarantees that it will credit interest on Fixed Account Contract Value at an annual rate at least equal to the Guaranteed Rate. This Rate is shown on page 3. GUARANTEE PERIOD Current Interest, if declared, is fixed for rolling periods of one year, referred to as Guarantee Periods. The Guarantee Period that applies to any Fixed Account Contract Value: (1) starts on the date that such Contract Value is allocated to the Fixed Account pursuant to: (a) a Purchase Payment Received by the Company; or (b) an Exchange to the Fixed Account; and (2) ends on the last day of the same month in the year in which the Guarantee Period expires. When any Guarantee Period expires, a new Guarantee Period shall start for such Contract Value on the date that follows such expiration date. Such period shall end on the immediately preceding date in the year in which the Guarantee Period expires. For example, Contract Value exchanged to the Fixed Account on June 1 would have a Guarantee Period starting on that date and ending on June 30 of the following year. A new Guarantee Period for such Contract Value would start on July 1 of that year and end on June 30 of the following year. HOME OFFICE The address of the Company's Home Office is First Security Benefit Life Insurance and Annuity Company of New York, 70 West Red Oax Xxxx, 0xx Xxxxx, Xxxxx Xxxxxx, Xxx Xxxx 00000. XXXXX XXXX The Issue Date is the date the Company uses to determine the date the Contract becomes incontestable. The Issue Date is shown on page 3. Please see "Incontestability" on page 7. JOINT OWNER The Joint Owner, if any, shares an undivided interest in the entire Contract with the Owner. The Joint Owner, if any, is named on page 3. Please see "Joint Ownership" provisions on page 9.
FIXED ACCOUNT. MINIMUM FIXED ALLOCATION The minimum allocation to the Fixed Account in any one Fixed Allocation is [$250.00]. MINIMUM GUARANTEED INTEREST RATE - [3%.] GUARANTEE PERIODS We currently offer Guarantee Periods of [1,2,3,4,5,6,7,8,9 and 10] year(s). We reserve the right to offer Guarantee Periods of durations other than those available on the Contract Date. We also reserve the right to cease offering a particular Guarantee Period or Periods. INDEX RATE The Index Rate is the average of the Ask Yields for the U.S. Treasury Strips as reported by a national quoting service for the applicable maturity. The average is based on the period from the 22nd day of the calendar month two months prior to the calendar month of Index Rate determination to the 21st day of the calendar month immediately prior to the month of determination. The applicable maturity date for these U.S. Treasury Strips is on or next following the last day of the Guarantee Period. If the Ask Yields are no longer available, the Index Rate will be determined using a suitable replacement method. We currently set the Index Rate once each calendar month. However, we reserve the right to set the Index Rate more frequently than monthly, but in no event will such Index Rate be based on a period less than 28 days. CREDIT ADDED TO PREMIUM A Credit will be added to each Premium Payment applied to the Accumulation Value. The Credit will be applied pro rata to each Variable Separate Account Division, Fixed Allocation or Guaranteed Interest Division in the same ratio as the applicable Premium Payment. The Credit is equal to [4%] of the Premium Payment applied to the Accumulation Value. In the following circumstances the Credit may not be payable:
FIXED ACCOUNT. The following provisions apply if the Fixed Account is available as shown on Contract Schedule I under Fixed Interest Options Available.
