Common use of JOINT AND LAST SURVIVOR ANNUITY Clause in Contracts

JOINT AND LAST SURVIVOR ANNUITY. An annuity payable monthly during the joint lifetime of the Annuitant and a designated second person and continuing thereafter during the life of the survivor. If no settlement option is elected, Option 1 will automatically be applied. FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS - Annuity payments will be paid as monthly installments. However, if the net amount available to apply under any settlement option is less than $5,000, the Company shall have the right to pay such amount in one single lump sum. In addition, if the payments provided for would be or become less than $30, the Company shall have the right to change the frequency of payments to such intervals as will result in payments of at least $30. VARIABLE ANNUITY - A Variable Annuity is an annuity with payments which: (1) are not predetermined as to dollar amount; and (2) will vary in amount with the net investment results of the applicable sub-account(s) of the Variable Account. At the Income Date the sub-account(s) Contract Value will be applied to the applicable Annuity Tables. The Annuity Table used will depend upon the Settlement Option chosen. The amount payable for the first payment for each $1,000 so applied is shown in the Tables on pages 11 and 12. If, as of the Income Date, the then current settlement option rates applicable to this class of contracts will provide a larger income than that guaranteed for the same form of annuity under this Contract, the larger amount will be paid. The dollar amount of annuity payments after the first is determined as follows:

JOINT AND LAST SURVIVOR ANNUITY. An annuity payable monthly during the joint lifetime of the Annuitant and a designated second person and continuing thereafter during the life of the survivor. If no settlement option is elected, Option 1 will automatically be applied. FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS - Annuity payments will be paid as monthly installments. However, if the net amount available to apply under any settlement option is less than $5,0002,000, the Company shall have the right to pay such amount in one single lump sum. In addition, if the payments provided for would be or become less than $3020, the Company shall have the right to change the frequency of payments to such intervals as will result in payments of at least $3020. VARIABLE ANNUITY - A Variable Annuity is an annuity with payments which: (1) are not predetermined as to dollar amount; and (2) will vary in amount with the net investment results of the applicable sub-account(s) of the Variable Account. At the Income Date the sub-account(s) Contract Value will be applied to the applicable Annuity Tables. The Annuity Table used will depend upon the Settlement Option chosen. The amount payable for the first payment for each $1,000 so applied is shown in the Tables on pages 11 and 12. If, as of the Income Date, the then current settlement option rates applicable to this class of contracts will provide a larger income than that guaranteed for the same form of annuity under this Contract, the larger amount will be paid. The dollar amount of annuity payments after the first is determined as follows: