MISSTATEMENT OF AGE OR. Sex On the date of death of the insured, the death benefit will be reduced or increased if the Age or sex is misstated. The adjustment will be based upon the ratio of the Maximum Payment for this Contract to the Maximum Payment for the Contract issued at the correct Age or sex. No adjustment will be made if: o The insured dies after the final payment date; or o The underwriting class is unisex and there has been a misstatement only of sex. Protection Of Benefits To the extent allowed by law, the benefits provided by this Contract cannot be reached by the beneficiary's creditors. No beneficiary may assign, transfer, anticipate, or encumber the Contract Value or benefit unless you give them this right. Periodic Report We will mail a report to you at your last known address at least once a year. This report will provide the following information: o Contract Values in each sub-account and in the Fixed Account; o the value of the Contract if surrendered; o payments made by you and charges deducted by us since the last report; o the outstanding loan and any other information required by law; and o the death benefit. Information about you and the beneficiary Owner The insured is the owner of this Contract unless another person (which could include a trust, corporation, partnership, etc.) is named as the owner in the application. The owner may change the ownership of this Contract without the consent of any beneficiary except that an irrevocable beneficiary must agree to the change in writing. Assignment You may change the ownership of this Contract by sending us a signed written request. An absolute assignment will transfer ownership of the Contract from you to another person called the assignee. You may also assign this Contract as collateral to a collateral assignee. The limitations on your ownership rights while a collateral assignment is in effect are specified in the assignment. An assignment will take place only when the signed written request is recorded at our Variable Life Service Center. When recorded, it will take effect on the date it was signed by you. Any rights created by the assignment will be subject to any payments made or actions taken by us before the change is recorded. We are not responsible for assuring that any assignment or any assignee's interest is valid. Beneficiary You name the beneficiary to receive the net death benefit. The beneficiary's interest will be affected by any assignment you make. If you assign this Contract as collateral...
MISSTATEMENT OF AGE OR. GENDER In the event of a change in the amount of the Ceding Company's liability on a policy due to a misstatement of age or gender, the Reinsurer's liability on its Proportionate Share will change within the terms of this Agreement. The Reinsured Net Amount at Risk will be adjusted from the inception of the Original Policy, and any difference will be settled without interest.
MISSTATEMENT OF AGE OR. SEX If an Annuitant's Age or sex was misstated on the Application, Income Payments will be adjusted to the correct amount for the true Age and sex. If this misstatement caused the Company to make an overpayment, the company will deduct the amount of the overpayment from succeeding Income Payment. The Owner will be liable to the Company for the difference between the amount of any overpayments made and the amount of any remaining Income Payments. If the misstatement caused the Company to make an underpayment, the Company will make up the difference immediately. Overpayments and underpayments will be made up with interest at 6% per year.
MISSTATEMENT OF AGE OR. Sex Income Date Conditions for Termination of this Contract L40529-NY01 2 ------------------------------------------------------------------------------ DEFINITIONS ------------------------------------------------------------------------------ This section provides the meaning of terms used throughout this contract. Most of these terms are capitalized throughout this contract to help you easily recognize them. Provision titles, section titles, and terms used in the Contract Schedule are also capitalized for your convenience. COMPANY Allianz Life Insurance Company of New York. The terms "we", "our", and "us" also refer to the Company.
MISSTATEMENT OF AGE OR. Sex ACCUMULATION VALUE Non-Participating Contract Accumulation Value Contestability Term Indexed Division Accumulation Value Payments We May Defer Annual Interest Division Accumulation Value Authority to Make Agreements Market Value Adjustment Required Note on Our Computations MVA Index Rate Copies of any additional Riders and Endorsements are at the back of this Contract. THE SCHEDULE The Schedule gives specific facts about this Contract and its coverage. Please refer to the Schedule while reading this Contract. IU-IA-3010 2 THE SCHEDULE CONTRACT FACTS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Annuitant Owner(s) [XXXXXX X. XXX] [XXXX X. XXX] -------------------------------------------------------------------------------- Annuitant's Issue Age Annuitant's Sex Owner's Issue Age [55] [Male] [35] ------------------------------------------------------------------------------- Initial Premium Annuity Option Annuity Commencement Date [$25,000] [LIFE 10-YEAR CERTAIN] [JANUARY 1, 2026] -------------------------------------------------------------------------------- Contract Date Issue Date Residence Status [January 1, 2005] [January 1, 2005] [Iowa] -------------------------------------------------------------------------------- Separate Account(s) Contract Number [THE MVA FIXED ACCOUNT] [123456] -------------------------------------------------------------------------------- INITIAL INVESTMENT Initial Premium Payment received: [$25,000] Your initial Accumulation Value has been allocated to the Term Indexed Division as follows: Minimum Guaranteed Percentage of Indexed Participation Rate Account Factor Accumulation Value ------------------ -------------- ------------------ [5-Year Guarantee Period [70% [100% [50%
MISSTATEMENT OF AGE OR. GENDER In the event of a change in the amount of the Ceding Company's liability on a Policy due to a misstatement of the insured's age or gender, the reinsured net amount at risk will be adjusted, subject to the terms of this Agreement, as though such revised liability had been in effect on the date reinsurance for such Policy commenced under Article 3 of this Agreement. Any difference in reinsurance premium as the result of such change will be settled without interest. -------------------------------------------------------------------------------- TREATY #3684 MUNICH AMERICAN REASSURANCE COMPANY
MISSTATEMENT OF AGE OR. SEX If the age or sex of the Annuitant has been misstated, all payments and benefits under this Contract will be adjusted. Payments and benefits will be made, based on the correct information. Proof of age of an Annuitant may be required at any time, on a form satisfactory to the Company. When the age or sex of an Annuitant has been misstated, the dollar amount of any overpayments will be deducted from the next payment or payments due under this Contract. The dollar amount of any underpayment made by the Company as a result of any such misstatement will be paid in full with the next payment due under this Contract. EVIDENCE OF SURVIVAL Where any payments under this Contract depend on the recipient being alive on a given date, proof that such person is living may be required by the Company. PROTECTION OF PROCEEDS Payments under this Contract are not assignable by any Beneficiary prior to the time they are due. Payments are not subject to the claims of creditors or to legal process, except as mandated by applicable laws. REPORTS At least once each year prior to the Annuity Commencement Date, a Report showing the Contract Value will be provided to the Owner.
MISSTATEMENT OF AGE OR. Sex One of the questions in the application concerns the Annuitant's date of birth; another concerns the Annuitant's sex. If the sex or date of birth given is not correct, all benefits and amounts payable under this contract will be what would have been provided if the correct sex and date of birth had been given. No life income payments will be made until we have received satisfactory proof of the Annuitant's sex and date of birth at our Service Center.
MISSTATEMENT OF AGE OR. Sex If any age or sex has been misstated, we will pay the amounts which would have been paid at the correct age and sex. If we find the misstatement of age or sex after the income payments begin, we will:
MISSTATEMENT OF AGE OR. Sex Accumulation Value Non-Participating A Certificate's Accumulation Value Contestability Term Indexed Division Accumulation Value Payments We May Defer Annual Interest Division Accumulation Value Authority to Make Agreements Market Value Adjustment Required Note on Our Computations MVA Index Rate Facility of Payment Conformity with Law Records Certificate Owner's Right to Examine the Certificate Copies of any additional Riders and Endorsements are at the back of this Contract. THE SCHEDULE The Schedule gives specific facts about this Contract. Please refer to the Schedule while reading this Contract. IU-MP-3010 2 THE SCHEDULE -------------------------------------------------------------------------------- THE SEPARATE ACCOUNT THE SEPARATE ACCOUNT (THE MVA SEPARATE ACCOUNT) IS A NON-UNITIZED SEPARATE ACCOUNT ESTABLISHED BY US UNDER IOWA STATUTES, THAT HOLDS ASSETS FOR GUARANTEED TERMS. THERE ARE NO DISCRETE UNITS FOR THIS ACCOUNT SURRENDER CHARGE Allocations to a Term Indexed Division are subject to Surrender Charges if a Certificate is surrendered or an Excess Partial Withdrawal is taken at any time prior to a Guarantee Period Maturity Date. The Surrender Charge is calculated as a percentage of the Accumulation Value surrendered or withdrawn from each Guarantee Period, adjusted by the Market Value Adjustment. Surrender Charges vary according to the duration of each Guarantee Period. The Surrender Charges are 8% in the first Certificate Year and decrease by 1% every other Certificate Year thereafter until the end of each Guarantee Period as shown in the following table. Year in Guarantee Surrender Charges are not imposed on amounts withdrawn from the Annual Interest Division or if a Certificate is surrendered on the Annuity Commencement Date. Surrender is permitted on or before the Annuity Commencement Date. PREMIUM TAXES We deduct the amount of any premium or other state and local taxes levied by any state or governmental entity when such taxes are incurred. We reserve the right to defer collection of Premium Taxes until surrender or until application of Accumulation Value to an Annuity Option. An Excess Partial Withdrawal will result in the deduction of any Premium Tax then due us on such amount. We reserve the right to change the amount deducted for Premium Tax charges on future Premium Payments to conform with changes in the law or if the Certificate Owner changes state of residence. If the charge for Premium Taxes is incurred when premiums are receiv...
