Interest Credited. The Company guarantees that the interest credited during the first Policy Year to the initial Net Premiums allocated to the Fixed Account will be at a rate not less than the Initial Annual Effective Interest Rate for the Fixed Account shown on the Policy Schedule. For subsequent Net Premiums allocated to the Fixed Account or Policy Value transferred to the Fixed Account, the guaranteed interest rate applicable will be the annual effective interest rate in effect on the date we receive the subsequent Net Premium or the date the transfer is made. Such guaranteed interest rate will apply to such amounts for a twelve-month period which begins on the date the Net Premium is allocated or the date the transfer is made. After the guaranteed interest rate expires, we will credit interest on the Fixed Account Value attributable to such Net Premiums and transfers at the current interest rate in effect. New current interest rates are effective for such Fixed Account Value for 12 months from the time they are first applied. The Initial Annual Effective Interest Rate and the current interest rates the Company will credit are annual effective interest rates of not less than the annual Guaranteed Interest Rate for Fixed Account shown on the Policy Schedule. For purposes of crediting interest, amounts deducted, transferred or withdrawn from the Fixed Account will be accounted for on a “first-in, first-out” (FIFO) basis. We reserve the right to apply different interest rate guarantees to certain amounts credited to the Fixed Account. Interest shall be credited to the Fixed Account on a daily basis. DETERMINING VARIABLE ACCOUNT VALUES Variable Account: The Protective Variable Life Separate Account is a separate investment account of the Company used to fund variable life insurance benefits and to which Policy Value may be transferred or into which Net Premiums may be allocated. The variable benefits under this Policy are provided through the Variable Account. The Variable Account is registered with the Securities and Exchange Commission (the “SEC”) as a unit investment trust under the Investment Company Act of 1940. The portion of the assets of the Variable Account equal to the reserves and other contract liabilities of the Variable Account are not chargeable with the liabilities arising out of any other business the Company may conduct. We have the right to transfer to our General Account any assets of the Variable Account which are in excess of such reserves and other liab...
Interest Credited. (c) Surrenders by State (d) Death Claims by State (e) Any other Policyholder Benefits Paid by State.
Interest Credited. The guaranteed rate of interest for the Fixed Account options is an annual effective rate of at least [three] percent ([3]%) per year. We may, at any time, pay a higher current interest rate for any of the Fixed Account options. Such higher rate would be as declared by our Board of Directors from time to time. Interest on amounts held under a Fixed Account option is earned daily. We will stop crediting interest on an amount as of the date that it is transferred, withdrawn, surrendered, or applied to charges. We will stop crediting interest on an amount that is applied to a settlement option as of the Commencement Date. The interest rate credited to each Purchase Payment allocated to the Fixed Accumulation Account will not be changed for at least twelve (12) months following the date on which it was received. The interest rate credited to an amount that is held under a Fixed Account option that has a guarantee period will not be changed until the end of that period. The guarantee period is measured from the date that the amount is allocated or transferred to that option. Renewal An amount that is allocated or transferred to a Fixed Account option that has a guarantee period will mature at the end of that period. When an amount matures, a Participant may transfer it to any of the Fixed Account options or Sub-Accounts that are then available to him or her under this Contract. To do so, a Written Request must be received within the thirty (30) day period that ends on the date that the amount matures. If a Participant does not transfer the amount, then it will be applied to a new guarantee period under the same Fixed Account option if it is then available to him or her. The interest rate for the new period will be the then current rate for that option. If that option is not available, then the amount will be transferred to the Fixed Accumulation Account. Such a transfer or renewal will be effective on the day after the amount matures.
Interest Credited. The Lender shall pay interest on the tax account referred to in 1.8.2 at the average of the rates paid by chartered banks to customers with a savings and chequing account, calculated at least once a year.
Interest Credited. Where the Lender administers a Tax Account on behalf of the Borrower it is agreed that the Lender shall allow the Borrower interest at not less than the prevailing rate published by the Royal Bank of Canada on personal savings deposits with chequing privileges, on the minimum monthly balances standing in the Tax Account from time to time to the credit of the Borrower for payment of taxes, such interest to be credited monthly to the Tax Account.
Interest Credited. (c) Surrenders by State
Interest Credited. Interest will be credited daily using the effective annual interest rate declared by us for that particular guarantee period at the time the guarantee period is established. Interest will be credited to the purchase payment from the issue date. "Effective annual rate" is defined as the yield resulting when interest credited at the underlying daily rate has compounded for a full year. Interest rates will be declared periodically for each guarantee period then being offered. The declared rates will be greater than or equal to the minimum guaranteed rate shown on the Annuity Data Page. Partial Withdrawal or Surrender. You have the right to make a partial withdrawal or full surrender at any time during the accumulation phase. If a withdrawal is made prior to the end of a guarantee period, a market value adjustment will be applied. In addition, the amount you receive will reflect the deduction of any applicable withdrawal charge and taxes. Any partial withdrawal must be at least $100. If any partial withdrawal reduces the account value of your Contract to less than $1000, we will treat the request as a full surrender of the entire account value and the Contract will terminate. If you surrender your Contract, we will pay you its account value adjusted by any applicable market value adjustment, less any applicable withdrawal charges and taxes. Upon surrender, the Contract will terminate. During the first ten days of a renewal guarantee period, any amount withdrawn will not incur withdrawal charges or market value adjustments, nor will it reflect any interest earned during this period. Preferred Withdrawal Amount. A withdrawal amount not subject to withdrawal charges and market value adjustments will be available in each contract year for each initial and renewal guarantee period. The preferred withdrawal amount for an initial guarantee period is 10% of the amount of the initial guarantee period's purchase payment. The preferred withdrawal amount for a renewal guarantee period is 10% of the amount of the funds allocated to the renewal guarantee period. Any preferred withdrawal amount not withdrawn in a contract year may not be carried over to increase the preferred withdrawal amount in a subsequent contract year. The contract year is defined as beginning on the anniversary date of the establishment of the guarantee period. Preferred withdrawal amounts may be subject to tax or penalty imposed by the Internal Revenue Service.
Interest Credited. Participant loans are deemed to be investments made solely for the benefit of the account of the Participant under the Plan. Thus, all interest paid with respect to any Participant loan is credited to the account of the Borrower, and any loss or other expense associated with any such loan is borne by the account of the Borrower.
Interest Credited. Interest is credited to amounts allocated to the Fixed Rate Investment Option at a rate which, when compounded daily, equals the applicable effective annual interest rate. The effective annual interest rate credited on the portion of the Investment Value which is allocated to the Fixed Rate Investment Option may fluctuate from Interest Rate Period to Interest Rate Period, but will not fall below the minimum guaranteed effective annual rate of 3.0%.
Interest Credited. We will credit interest to Accumulation Value held in the General Account as follows: periodically, but not less than annually, We will declare interest rates that apply either to the entire Accumulation Value held in the General Account, or separately to amounts accumulated in separate time periods. We guarantee that the interest to be credited will not be less than the Minimum Guaranteed Interest Rate shown on the Contract Schedule. We may credit additional interest at Our discretion.
