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.
Appears in 2 contracts
Sources: Individual Flexible Premium Variable Annuity Contract (Hartford Life Insurance Co Thomson McKinnon Separate Acct), Individual Flexible Premium Variable Annuity Contract (Hartford Life Insurance Co Separate Account Three)