FRM Sample Clauses

FRM. PREMIUM The Contract Owner may transfer Contract Values held in the Accounts into other PAYMENTS Accounts; however, the Company reserves the right to limit the number of transfers (Continued) to no more frequently than 12 per Contract Year with no two transfers being made on consecutive Valuation Days. Subject to the following two paragraphs, any such limitations will apply to all Contract Owners. The right to reallocate Contract Values between the Accounts is subject to modification if the Company determines, in its sole opinion, that the exercise of that right by one or more Contract Owners is, or would be, to the disadvantage of other Contract Owners. Any modification could be applied to transfers to or from some or all of the Accounts and could include, but not be limited to, the requirement of a minimum time period between each transfer, not accepting transfer requests of an agent acting under a power of attorney on behalf of more than one Contract Owner, or limiting the dollar amount that may be transferred between the Accounts by a Contract Owner at any one time. Such restrictions may be applied in any manner reasonably designed to prevent any use of the transfer right which is considered by the Company to be to the disadvantage of other Contract Owners. The maximum amount transferable from the Fixed Account during any Contract Year is the greater of 30% of the Fixed Account balance as of the last Contract Anniversary or the greatest of any prior transfer from the Fixed Account. This limitation does not apply to Dollar Cost Averaging. However, if any interest rate is renewed at a rate at least one percentage point less than the previous rate, the Contract Owner may elect to transfer up to 100% of the Funds receiving that reduced rate within 60 days of notification of the interest rate decrease. Transfers may not be made from the Sub-Accounts into the Fixed Account for the six-month period following any transfer from the Fixed Account into the other Sub-Accounts. The Company reserves the right to defer transfers from the Fixed Account for up to six months from the date of request.

FRM. DEFINITION OF ASSUMED INVESTMENT RETURN ("AIR") - The investment return CERTAIN TERMS upon which the variable Annuity payments in this contract (CONTINUED) will be based. The annual rates available are 3%, 5%, and 6%. You may select one of these rates prior to the Annuity Commencement Date. BENEFICIARY - The person(s) entitled to receive benefits as per the terms of the contract in the event of the death of the Contract Owner or Annuitant, as applicable. COMMUTED VALUE - The present value of the remaining guaranteed Annuity Payments, under Option Six (Payment for a Period Certain). The present value is computed using the AIR for the Contract and the Annuity Unit value(s) calculated as of the date that We receive a fully completed request for surrender and, in the event of the Annuitant's death, Due Proof of Death of the Annuitant.

FRM. If a spouse continues the contract under the “Spouse Beneficiary” provision of the contract, then the “date of receipt of Due Proof of Death” as used in this rider means the date of receipt of Due Proof of Death of the decedent that dies after the death Ownership Change - Upon a change in Contract Owner, where the new Owner is ineligible for this rider, the Death Benefit set forth under this rider becomes null and void. The charge for this rider is included in the net investment factor as an optional rider charge. It is an annual charge of 0.00% that is deducted daily from the value of the Sub-Accounts until the Annuity Commencement Date, however, the Company reserves the right to assess a charge of up to [0.50%] for newly issued riders. Signed for Hartford Life Insurance Company HL-VAROP03 Page 2 of 2 Printed in U.S.A. This rider is issued as part of the contract to which it is attached. The effective date of this rider is the same as the Contract Issue Date. This rider cannot be terminated either by the Contract Owner or the Company. Except where this rider provides otherwise, it is subject to all of the terms and conditions of the contract. In Your contract, the paragraph entitled “Death Benefit Before the Annuity Commencement Date”, the following is added: The Death Benefit payable before the Annuity Commencement Date is equal to the greater of the amounts determined in (A) or (B) below:

FRM. 2. The Annuity Options under Settlement Provisions of the Contract is amended to add the following: EIGHTH OPTION – Joint and Last Survivor Life Annuity With a Cash Refund - Prior to the Annuity Commencement Date, this is an Annuity which provides for Personal Pension Account Payouts for as long as the Owner, Annuitant and the Joint Annuitant are alive based on [100%] of the applicable scheduled Payout Purchase Rate(s). The previously established Guarantee Window, Payout Purchase Rate(s), and Credited Interest Rate(s) will continue to apply for the duration of the Personal Pension Account Annuity Rider following the first death of the Owner, Annuitant or the Joint Annuitant. Personal Pension Account Payouts will cease with the death of the remaining survivor and any remaining Benefit Balance will be paid to the Beneficiary. On or after the Annuity Commencement Date, this is an Annuity which provides for Personal Pension Account Payouts for as long as the Annuitant or Joint Annuitant is alive based on [100%] of the applicable scheduled Payout Purchase Rate(s). Personal Pension Account Payouts will cease with the death of the remaining survivor and any remaining Benefit Balance will be paid to the Beneficiary. You must irrevocably designate a Joint Annuitant when electing this option. The Joint Annuitant must be the Annuitant’s spouse (as defined in the Code). The Joint Annuitant must also be the sole Beneficiary, an Owner or Contingent Annuitant. By electing this option, You will also be deemed to have elected spousal contract continuation not later than the first death of the Owner, Annuitant or Joint Annuitant. This option is only available for fixed dollar Personal Pension Account Payouts and may not be combined with the Second Option – Life Annuity with Cash Refund. You may make a one time election to convert to the Second Option upon completion of divorce proceedings provided that You become the sole, remaining Owner and Personal Pension Account Payouts have not commenced. The Target Income Age will be reset depending on whether it was initially established based on Your age or the age of Your Spouse. Credited Interest Rates and Payout Purchase Rates will also be reset based on the remaining Owner’s age and gender as of the date of conversion.

FRM. The Corporation has not received any notice of deficiency or assessment or proposed deficiency or assessment from any federal, state, local or foreign taxing authority which has not been paid. There are no agreements, consents or waivers by FRM for the extension of the time for the assessment of any taxes or deficiencies against or with respect to its operations or assets, and no power of attorney granted by FRM with respect to any matter relating to taxes is currently in force. The Corporation is not a party to any agreement pursuant to the Internal Revenue Code of 1986, as amended, to be treated as a Subchapter S Corporation.

FRM. FRM engages in a variety of other production activities. During the term of the Venture and for a period of five years thereafter, FRM covenants and agrees that it will not, and will not permit any of its Affiliates, to own, control, manage or operate, or participate in the ownership, control, management or operation of, or otherwise engage in or have any interest in, directly or indirectly, as principal, partner, stockholder of a corporation, agent, or otherwise, in its own behalf or through any person, firm, corporation, association, trust or other entity, any business engaged in the Business or any component thereof within the United States.

FRM. DEFINITION OF ASSUMED INVESTMENT RETURN ("AIR") - The investment return CERTAIN TERMS upon which the variable Annuity payments in this contract (CONTINUED) will be based. The annual rates available are 3%, 5%, and 6%. You may select one of these rates prior to the Annuity Commencement Date. BENEFICIARY - The person(s) entitled to receive benefits as per the terms of the contract in the event of the death of the Contract Owner or Annuitant, as applicable.

FRM. For cumulative Transfers to Other Account(s) during each Contract Year during the effective Bonus Period that are equal to or less than the Transfer Limit, Your Bonus Base will be reduced on a dollar-for-dollar basis. For cumulative Transfers to Other Account(s) during each Contract Year during the effective Bonus Period that are greater than the Transfer Limit, such Transfers will cause the Bonus Period to end and the Bonus Base becomes zero.