Common use of Fixed Options Clause in Contracts

Fixed Options. consist of the Fixed Account and the Fixed LT Account, which are part of our general account. Insureds – are the two persons insured under this policy, consisting of the Insured and the Additional Insured. The Insureds are shown in the Policy Specifications. Investment Options – consist of the Variable Accounts and the Fixed Options. In Force – means a policy is in effect and provides a death benefit on the Insureds. Monthly Deduction End Date – is shown in the Policy Specifications and is the date when Monthly Deductions end. Monthly Payment Date – is the same day in each month as the Policy Date and is the date on which certain policy charges are deducted from the Accumulated Value. The first Monthly Payment Date is the Policy Date. Net Accumulated Value – is the Accumulated Value less any Policy Debt. Net Amount at Risk – is equal to the Death Benefit as of the most recent Monthly Payment Date divided by the Net Amount at Risk Factor shown in the Policy Specifications, reduced by the Accumulated Value. The Accumulated Value used in this calculation will be as of the beginning of the policy month before the Monthly Deduction is assessed. The Net Amount at Risk is used to calculate the Cost of Insurance Charge (see the Policy Charges section).