Common use of POLICY VALUES Clause in Contracts

POLICY VALUES. POLICY VALUE The Policy Value is the sum of this policy's share in the value of each Subaccount of the Separate Account, the value of this policy's LT-GIA and the value of this policy's GIA. SHARE OF SEPARATE ACCOUNT SUBACCOUNT VALUES The share of this policy in the value of each Subaccount of the Separate Account on a Valuation Date is the Unit Value of that Subaccount on that date multiplied by the number of this policy's Units in that Subaccount after all transactions for the Valuation Period ending on that day have been processed. For any day which does not fall on a Valuation Date, the share of this policy in the value of each Subaccount of the Separate Account is determined using the number of Units on that day after all transactions for that day have been processed and the Unit Values on the next Valuation Date. UNITS The number of Units credited to each Subaccount of the Separate Account will be determined by dividing the net premium payment applied to that Subaccount by the Unit Value of that Subaccount on the Payment Date. UNIT VALUE The Unit Value of each Subaccount of the Separate Account was set by Us on the first Valuation Date of each such Subaccount. The Unit Value of a Subaccount of the Separate Account on any other Valuation Date is determined by multiplying the Unit Value of that Subaccount on the just prior Valuation Date by the Net Investment Factor for that Subaccount for the then current Valuation Period. The Unit Value of each Subaccount of the Separate Account on a day other than a Valuation Date is the Unit Value on the next Valuation Date. Unit Values are carried to 6 decimal places. The Unit Value of each Subaccount of the Separate Account on a Valuation Date is determined at the end of that day.