Guaranteed Term Classifications. The grouping of Terms according to their time to maturity. The following are the Classifications: (1) Short-Term: Terms of up to and including 3 years; or (2) Long-Term: Terms of greater than 3 years and up to and including 10 years. All amounts under Short-Term and Long-Term Classifications are made to a Nonunitized Separate Account. During a Deposit Period, the Company may make available one or more Terms within a Classification. Subject to the Company’s right to discontinue availability of the Terms of the GA Account for new allocations (see 1.14 above), you have the option to allocate Net Purchase Payment(s) and Transfers into any or all of the available Deposit Period Terms. If no specific direction is given, Net Purchase Payment(s) and Transfers will go into available Terms on a pro rata basis within the Classification(s) previously chosen by you. At least one Term in the Short-Term Classification will be available each Deposit Period.
Appears in 1 contract
Guaranteed Term Classifications. The grouping of Terms according to their time to maturity. The following are the Classifications:
(1) Short-Term: Terms of up to and including 3 years; or
(2) Long-Term: Terms of greater than 3 years and up to and including 10 years. All amounts under Short-Term and Long-Term Classifications are made to a Nonunitized Separate Account. During a Deposit Period, the Company may make available one or more Terms within a Classification. Subject to the Company’s right to discontinue availability of the Terms of the GA Account for new allocations (see 1.14 1.15 above), you have the option to allocate Net Purchase Payment(s) and Transfers into any or all of the available Deposit Period Terms. If no specific direction is given, Net Purchase Payment(s) and Transfers will go into available Terms on a pro rata basis within the Classification(s) previously chosen by you. At least one Term in the Short-Term Classification will be available each Deposit Period.
Appears in 1 contract