MAXIMUM ANNIVERSARY VALUE Sample Clauses
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MAXIMUM ANNIVERSARY VALUE. The Maximum Anniversary Value is equal to the greatest anniversary value for the Contract. An anniversary value is equal to the Contract Value on a Contract Anniversary increased by premium payments and decreased by "adjusted" withdrawals, as defined in Section 7.1.1(a), since that anniversary. To determine the Maximum Anniversary Value, we will calculate an anniversary value for each Contract Anniversary through the earlier of your attained age 80 or the anniversary on or prior to your date of death. If the Contract has co-owners, we will calculate the anniversary value through the earlier of the older Owner's attained age 80 or the anniversary on or prior to any Owner's date of death if a death benefit is payable. We will calculate the Maximum Anniversary Value based on your age (or the age of the older Owner, if the Contract has co-owners) on the Contract Date. Subsequent changes in Owner will not increase the period of time used to determine the Maximum Anniversary Value. If a new Owner has not reached attained age 80 and is older than the Owner whose age is being used to determine the Maximum Anniversary Value at the time of the ownership change, the period of time used in the calculation of the Maximum Anniversary Value will be based on the age of the new Owner at the time of the ownership change. If at the time of an ownership change the new Owner is attained age 80 or over, we will use the Maximum Anniversary Value as of the anniversary on or prior to the ownership change, increased by premium payments and decreased by "adjusted" withdrawals, as defined in Section 7.1.1(a), since that anniversary.
MAXIMUM ANNIVERSARY VALUE. The Maximum Anniversary Value is based on a series of calculations on Contract Anniversaries, of Contract Values, premium payments and partial surrenders. As of the date We receive notification of Due Proof of Death, We will calculate an Anniversary Value for each Contract Anniversary prior to the decedent’s death and 81st birthday. The Anniversary Value is equal to the Contract Value as of a Contract Anniversary, increased by the dollar amount of any premium payments made since that anniversary and reduced by the dollar amount of any partial surrenders since that anniversary. The Maximum Anniversary Value is equal to the greatest Anniversary Value attained from this series of calculations.
MAXIMUM ANNIVERSARY VALUE. 4.1 WHAT IS THE MAXIMUM On the contract issue date, the maximum ANNIVERSARY VALUE? anniversary value is equal to your initial purchase payment. After the contract issue date, the maximum anniversary value will be calculated on the following dates:
a.) the date we receive an additional purchase payment;
b.) the date of payment of a partial withdrawal; and
c.) on each contract anniversary. Such value is calculated on each of these dates as follows: PURCHASE PAYMENT. The maximum anniversary value upon receipt of a purchase payment is equal to:
a.) the most recently calculated maximum anniversary value;
MAXIMUM ANNIVERSARY VALUE. WHAT IS THE MAXIMUM On the contract issue date, the maximum ANNIVERSARY VALUE? anniversary value is equal to your initial purchase payment. After the contract issue date, the maximum anniversary value will be issue calculated on the following dates: