PURCHASE PAYMENTS. Initial Purchase Payment — This Contract will not be in force until we receive at our Service Center the Initial Purchase Payment. The Initial Purchase Payment is shown in the Contract Specifications. Additional Purchase Payments — You may make additional Purchase Payments within the first 60 days of the Contract Date, while the Annuitant is living and this Contract is in force. Each additional Purchase Payment must be at least $1,000. We may limit the amount of any single Purchase Payment. You must obtain our consent before making a Purchase Payment that will bring the aggregate additional Purchase Payments or aggregate Purchase Payments over the Maximum Purchase Payment amounts shown in the Contract Specifications. Purchase Payments are payable in U.S. dollars either at our Service Center or through our agent. Checks should be made payable to Pacific Life & Annuity Company. If you make Purchase Payments by check other than a cashier’s check, withdrawal payments and any refund under the Right to Cancel provision may be delayed until your check has cleared. On request, a receipt for the Purchase Payment signed by an officer of the Company will be provided after payment. Purchase Payment Allocation — You may allocate all or part of your Purchase Payments to one or more of the Investment Options available under this Contract. The Investment Options available on the Contract Date are shown in the Contract Specifications. The following conditions apply: • At least 80% of the Initial Purchase Payment must be allocated to the FAO. • No more than 20% of the Initial Purchase Payment may be made to the Variable Investment Options. • Subsequent Purchase Payments will be allocated at the same percentage to the investment options as the Initial Purchase Payment, unless otherwise instructed. However, any subsequent Purchase Payment is subject to the first two conditions listed above. Subject the above conditions, you may change the Purchase Payment allocation by providing us with instructions in a form satisfactory to us. We will allocate any Purchase Payment according to your most recent allocation instructions. We may reject any instruction or Purchase Payment if your instructions are not clear or we cannot determine your allocation instructions.
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PURCHASE PAYMENTS. Initial Purchase Payment — This Contract will not be in force until we receive at our Service Center the Initial Purchase Payment. The Initial Purchase Payment is shown in the Contract Specifications. Additional Purchase Payments — You may make additional Purchase Payments within subsequent purchase payments during the first 60 days of Accumulation Phase. The minimum subsequent purchase payment amount is $50. We reserve the Contract Date, while right to reduce the Annuitant is living and this Contract is in force. Each additional Purchase Payment must be at least $1,000minimum purchase payment. We may limit the maximum amount of any single Purchase Paymentpurchase payments we will accept. You must obtain our consent before making a Purchase Payment that We may limit your ability to make subsequent purchase payments in order to comply with the laws of the state where this Contract is delivered. We will bring invest the aggregate additional Purchase Payments or aggregate Purchase Payments over the Maximum Purchase Payment amounts shown purchase payments in the Contract SpecificationsInvestment Alternatives you select. Purchase Payments are payable in U.S. dollars either at our Service Center or through our agent. Checks should be made payable to Pacific Life & Annuity Company. If you make Purchase Payments by check other than a cashier’s check, withdrawal payments and any refund under the Right to Cancel provision may be delayed until your check has cleared. On request, a receipt for the Purchase Payment signed by an officer of the Company will be provided after payment. Purchase Payment Allocation — You may allocate all or part any portion of your Purchase Payments purchase payment in whole percents from 0% to one 100% or more in exact dollar amounts to any of the Investment Options Alternatives. The total allocation must equal 100% or the total dollar amount of your purchase payment. For each purchase payment, the minimum amount that may be allocated to any Fixed Account option is $50. The allocation of the initial purchase payment is shown on the Annuity Data Page. Allocation of each subsequent purchase payment will be the same as for the most recent purchase payment unless you change the allocation. You may change the allocation of subsequent purchase payments at any time, without charge, simply by giving us written notice. Any change will be effective at the time we receive the notice. INITIAL PURCHASE PAYMENT ALLOCATION. If the Return Privilege provision requires us to refund purchase payments, then during the Return Privilege period, we reserve the right to invest any purchase payments you allocated to the Variable Account to a money market portfolio available under this Contract. The Investment Options available on We will notify you if we do so. At the Contract Date are shown end of the Return Privilege period, the amount in the Contract Specifications. The following conditions apply: • At least 80% of the Initial Purchase Payment must money market portfolio may be allocated to the FAOVariable Account. • No more than 20% This allocation will not be considered a transfer. INVESTMENT ALTERNATIVES. Investment Alternatives are the Sub-accounts of the Initial Purchase Payment may be made Variable Account, the Dollar Cost Averaging Fixed Account, and the Sub-accounts of the Guaranteed Maturity Fixed Account shown on the Application. VARIABLE ACCOUNT. The "Variable Account" for this Contract is the Glenbrook Life Multi-Manager Variable Account. This account is a separate investment account to which we allocate assets contributed under this and certain other contracts. The income, gains and losses, realized or unrealized, from assets allocated to the Variable Investment OptionsAccount are credited to or charged against the account without regard to our other income, gains or losses. • Subsequent Purchase Payments will be allocated at VARIABLE SUB-ACCOUNTS. The Variable Account is divided into Sub-accounts. Each Sub-account invests solely in the same percentage to shares of the investment options as the Initial Purchase Payment, unless otherwise instructed. However, any subsequent Purchase Payment is subject to the first two conditions listed above. Subject the above conditions, you may change the Purchase Payment allocation by providing us with instructions in a form satisfactory to us. We will allocate any Purchase Payment according to your most recent allocation instructions. We may reject any instruction or Purchase Payment if your instructions are not clear or we cannot determine your allocation instructionsmutual fund underlying that Sub-account.
Appears in 1 contract
Samples: Allstate Life Insurance Co
PURCHASE PAYMENTS. Initial Purchase Payment — - This Contract will not be in force until we receive at our Service Center the Initial Purchase Payment. The Initial Purchase Payment is shown in the Contract Specifications. Additional Purchase Payments — - You may make additional Purchase Payments within the first 60 days of the Contract Date, while the Annuitant is living and this Contract is in force. Each additional Purchase Payment must be at least $1,000. We may limit the amount of any single Purchase Payment. You must obtain our consent before making a Purchase Payment that will bring the aggregate additional Purchase Payments or aggregate Purchase Payments over the Maximum Purchase Payment amounts shown in the Contract Specifications. Purchase Payments are payable in U.S. dollars either at our Service Center or through our agent. Checks should be made payable to Pacific Life & Annuity Company. If you make Purchase Payments by check other than a cashier’s check, withdrawal payments and any refund under the Right to Cancel provision may be delayed until your check has cleared. On request, a receipt for the Purchase Payment signed by an officer of the Company will be provided after payment. Purchase Payment Allocation — - You may allocate all or part of your Purchase Payments to one or more of the Investment Options available under this Contract. The Investment Options available on the Contract Date are shown in the Contract Specifications. The following conditions apply: • At least 80% of the Initial Purchase Payment must be allocated to the FAO. • No more than 20% of the Initial Purchase Payment may be made to the Variable Investment Options. • Subsequent Purchase Payments will be allocated at the same percentage to the investment options as the Initial Purchase Payment, unless otherwise instructed. However, any subsequent Purchase Payment is subject to the first two conditions listed above. Subject the above conditions, you may change the Purchase Payment allocation by providing us with instructions in a form satisfactory to us. We will allocate any Purchase Payment according to your most recent allocation instructions. We may reject any instruction or Purchase Payment if your instructions are not clear or we cannot determine your allocation instructions.
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PURCHASE PAYMENTS. Initial Purchase Payment — This Contract will not WHEN PERMITTED The initial purchase payment must be in force until we receive at our Service Center the Initial Purchase Payment. The Initial Purchase Payment is shown in the Contract Specifications. Additional Purchase Payments — You may make additional Purchase Payments within the first 60 days of paid on the Contract Date. Subsequent purchase payments may be made at any time before the Annuity Date. Minimum purchase payment amounts are shown on a Contract Data page; we reserve the right to establish a maximum amount. INVESTED PURCHASE Corresponding to each purchase payment, while there is an "invested PAYMENTS purchase payment." This is the Annuitant is living balance of the purchase payment after we make any applicable deduction for (1) state and this Contract is in force. Each additional Purchase Payment must be at least $1,000. We may limit local premium taxes; and (2) any other type of tax (or component thereof) measured by or based upon the amount of any single Purchase Paymentthe purchase payment we receive. You must obtain our consent before making a Purchase Payment that will bring the aggregate additional Purchase Payments or aggregate Purchase Payments over the Maximum Purchase Payment amounts shown in the Contract Specifications. Purchase Payments are payable in U.S. dollars either at our Service Center or through our agent. Checks should be made payable to Pacific Life & Annuity Company. If you make Purchase Payments by check other than a cashier’s check, withdrawal payments and any refund under the Right to Cancel provision may be delayed until your check has cleared. On request, a receipt for the Purchase Payment signed by an officer of the Company will be provided after payment. Purchase Payment Allocation — ALLOCATIONS You may allocate all or a part of your Purchase Payments an invested purchase payment to one or more of the Investment Options available under this Contractinvestment options described below. The Investment Options allocation of the initial invested purchase payment is shown on a Contract Data page. You may change the allocation of future invested purchase payments at any time. The change will take effect on the date we receive your request. If, after the initial purchase payment, we receive a purchase payment without allocation instructions, we will allocate the corresponding invested purchase payment in the same proportion as the most recent purchase payment you made (unless that was a purchase payment you directed us to allocate on a one-time-only basis). We reserve the right to establish minimum percentage and dollar amounts for invested purchase payment allocations. (VFM--96)--NY Page 5 INTEREST-RATE INVESTMENT OPTIONS OPTIONS AVAILABLE As shown on a Contract Data page, two types of interest-rate investment options were available on the Contract Date fixed-interest-rate option (Fixed-Rate option) and market-value adjustment option (MVA option). We may add other options in the future. Each option may be divided into interest cells (described below). INTEREST RATES The annual interest rates applicable to the interest-rate investment options on the Contract Date are shown on a Contract Data page. We will credit interest each day on amounts allocated to any of these options at the daily equivalent of the rate shown for that option. Interest rates for future allocations or transfers to interest-rate investment options will be declared when those allocations or transfers are made. The declared rates will never be less than the Minimum Interest Crediting Rate shown on a Contract Data page. INTEREST CELL An interest cell is created whenever you allocate or transfer an amount to an interest-rate investment option. We credit interest to the amount in each interest cell daily at a specific rate declared for that interest cell until the earliest of: the date it is withdrawn; the date it is transferred to another investment option; the maturity date (the date the cell was established plus the number of years for which the rate is guaranteed); and the date as of which a death benefit is determined. (An interest cell's declared rate is guaranteed for the Fixed-Rate option, and for the MVA option, if the amount in that cell is held to maturity.) Withdrawals and transfers from an MVA interest cell are subject to market-value adjustments, which may increase or decrease the cell's value. Withdrawals may also be subject to a withdrawal charge, which is described in Withdrawals below. At the maturity date of an interest cell, you may elect to transfer the amount in the Contract Specificationscell into any of the investment options available on that date. Once you have made an election and we have received it, it may not be reversed. If you do not make an election to transfer within 30 days following the maturity date, we will transfer the amount in the interest cell on the maturity date to an interest-rate investment option with the same duration to maturity as the maturing interest cell. Amounts that are transferred into the same interest-rate investment option during the 30-day period will receive the appropriate rate for that option, effective as of the maturity date. Amounts that you withdraw, or transfer into any different investment option, during the 30-day period will receive interest from the maturity date to the date of withdrawal or transfer at the rate that would have applied to those amounts if you had taken no action within the 30-day period. (VFM-96)-NY Page 6 VARIABLE SEPARATE "Variable Separate Account" refers to the Pruco Life of New ACCOUNT Jersey Flexible Premium Variable Annuity Account, its successors, if any, and any other variable separate accounts we add in the future. We established this account to hold and invest the assets that support this contract and variable annuity contracts like this one. The following conditions apply: • At least 80% Variable Separate Account is divided into divisions called "subaccounts," and the subaccounts available to you on the Contract Date are listed on a Contract Data page. We may establish additional subaccounts. Any income and realized or unrealized gains and losses in a subaccount are credited to or charged against that subaccount. This is without regard to income, gains, or losses in other investment options. SEPARATE ACCOUNT We may invest the assets of different subaccounts in INVESTMENTS different ways than are shown on a Contract Data page. We will do so only with the consent of the Initial Purchase Payment must be allocated SEC and, if required, of the insurance regulator where this contract is delivered. We will always keep assets in the Variable Separate Account with a total value at least equal to the FAOamount credited to all the subaccounts under contracts like this one. • No more than 20% That portion of the Initial Purchase Payment may be made assets of the Variable Separate Account equal to the reserves and other contract liabilities with respect to the Variable Investment OptionsSeparate Account shall not be chargeable with liabilities or obligations arising out of any other business we conduct. • Subsequent Purchase Payments will be allocated To the extent that those assets exceed that amount, we may use them in any way we choose. VARIABLE We show the options available on the Contract Date on a INVESTMENT Contract Data page. We may offer additional options. OPTIONS _______________________________________________________________________________ CONTRACT FUND The term "contract fund" refers to the total of all amounts credited to your contract as of any date as a result of your initial purchase payment and the increases and decreases described below. Note that this is not the same as the "cash value" of the contract, which is described under Withdrawals below. On the contract date, the contract fund is equal to the initial invested purchase payment. After that, the fund as of any day is determined by starting with the fund at the same percentage end of the previous day and adjusting it for items that increase it or decrease it. Items that increase the contract fund are: invested purchase payments; positive investment results in a variable investment option; interest credited to an interest-rate investment option; and any positive market-value adjustment associated with a transfer or withdrawal. Items that decrease the contract fund are: withdrawals and the charges associated with them; negative investment results in a variable investment option; mortality and expense risk charges; administration charges; any applicable federal, state, or local taxes charged to the contract; and any negative market-value adjustment associated with a transfer or withdrawal. Investment results are credited daily. Mortality and expense risk charges are deducted daily. There are two administration charges: one is deducted daily, and one is deducted on the Contract Anniversary and at the time of a surrender. Other charges may be assessed only if the appropriate event occurs. The maximum charges we may deduct are shown on a Contract Data page. The value of a variable investment option equals the unit value for that option as of a particular date times the number of units allocated to that option. Amounts transferred and invested purchase payments allocated to a variable investment option increase the number of units by an amount equal to the dollar amount of the transfer or payment divided by the unit value as of the effective date of the transfer or payment. Amounts withdrawn or transferred from a variable investment option, and the charges associated with them, decrease the number of units by an amount equal to the dollar amount of the withdrawal or transfer plus the amount of any charge associated with the transaction divided by the unit value as of the effective date of the withdrawal or transfer. (VFM-96)-NY The annual administration charge, and any applicable federal, state or local taxes also decrease the number of units by an amount equal to the dollar amount of the charge or tax divided by the unit value as of the date the charge or tax is assessed. Withdrawal charges are taken from the investment option from which the withdrawal is taken. Transfer charges are taken pro-rata from the investment options as from which the Initial Purchase Payment, unless otherwise instructedtransfers are being made. However, any subsequent Purchase Payment The annual administration charge is subject to taken pro-rata from all of the first two conditions listed aboveinvestment options in which you are invested at the time of the charge. Subject the above conditions, you may Investment results do not change the Purchase Payment allocation by providing us with instructions number of units; they are reflected in a form satisfactory to us. We will allocate any Purchase Payment according to your most recent allocation instructions. We may reject any instruction the increase or Purchase Payment if your instructions are not clear or we cannot determine your allocation instructionsdecrease in the unit value.
Appears in 1 contract
Samples: Pruco Life Insurance of New Jersey
PURCHASE PAYMENTS. Initial Purchase Payment — – This Contract will not be in force until we receive at our Service Center the Initial Purchase Payment. The Initial Purchase Payment is shown in the Contract Specifications. Additional Purchase Payments — – You may make additional Purchase Payments within the first 60 days of the Contract Date, while the Annuitant is living and this Contract is in force. Each additional Purchase Payment must be at least $1,000. We may limit the amount of any single Purchase Payment. You must obtain our consent before making a Purchase Payment that will bring the aggregate additional Purchase Payments or aggregate Purchase Payments over the Maximum Purchase Payment amounts shown in the Contract Specifications. Purchase Payments are payable in U.S. dollars either at our Service Center or through our agent. Checks should be made payable to Pacific Life & Annuity Insurance Company. If you make Purchase Payments by check other than a cashier’s check, withdrawal payments and any refund under the Right to Cancel provision may be delayed until your check has cleared. On request, a receipt for the Purchase Payment signed by an officer of the Company will be provided after payment. Purchase Payment Allocation — – You may allocate all or part of your Purchase Payments to one or more of the Investment Options available under this Contract. The Investment Options available on the Contract Date are shown in the Contract Specifications. The following conditions apply: • At least 80% of the Initial Purchase Payment must be allocated to the FAO. • No more than 20% of the Initial Purchase Payment may be made to the Variable Investment Options. • Subsequent Purchase Payments will be allocated at the same percentage to the investment options as the Initial Purchase Payment, unless otherwise instructed. However, any subsequent Purchase Payment is subject to the first two conditions listed above. Subject the above conditions, you may change the Purchase Payment allocation by providing us with instructions in a form satisfactory to us. We will allocate any Purchase Payment according to your most recent allocation instructions. We may reject any instruction or Purchase Payment if your instructions are not clear or we cannot determine your allocation instructions.
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PURCHASE PAYMENTS. Initial PURCHASE PAYMENTS: The initial Purchase Payment — This must be paid on the Contract will not Date. In general, subsequent Purchase Payments may be in force until made at any time before the Annuity Date. However, no Purchase Payments may be made on or after the sole or older of the Owner's or Joint Owner's, or Annuitant's 85th birthday, and we receive at our Service Center reserve the Initial right to decline any Purchase Payment. The Initial Minimum Subsequent Purchase Payment, Annual Purchase Payment is Limits and Aggregate Purchase Payment Limit are shown in on the Contract SpecificationsData pages. Additional Purchase Payments — You may make additional Purchase Payments within the first 60 days of the Contract Date, while the Annuitant is living and this Contract is in force. Each additional Purchase Payment must be at least $1,000. We may limit the amount of any single Purchase Payment. You must obtain our consent before making a Purchase Payment that will bring the aggregate additional Purchase Payments or aggregate Purchase Payments over the Maximum Purchase Payment amounts shown in the Contract Specifications. ALLOCATION OF PURCHASE PAYMENTS: Invested Purchase Payments are payable in U.S. dollars either at our Service Center or through our agent. Checks should be made payable to Pacific Life & Annuity Company. If you make Purchase Payments by check other than a cashier’s check, withdrawal payments and any refund under the Right to Cancel provision may be delayed until your check has cleared. On request, a receipt for the Purchase Payment signed by an officer of the Company will be provided after payment. Purchase Payment Allocation — You may allocate all or part of your Purchase Payments allocated to one or more of the Investment Allocation Options available under this Contractin accordance with your selection. The Investment Options available allocation of the initial Invested Purchase Payment is made in accordance with your selection made on the Contract Date are shown in Date. You may change the Contract Specifications. The following conditions apply: • At least 80% allocation of the Initial Purchase Payment must be allocated to the FAO. • No more than 20% of the Initial Purchase Payment may be made to the Variable Investment Options. • Subsequent future Invested Purchase Payments will be allocated at the same percentage to the investment options as any time. If, after the Initial Purchase Payment, we receive a Purchase Payment without allocations instructions, we will allocate the corresponding Invested Purchase Payment in the same proportion as the most recent Purchase Payment you made (unless otherwise instructedthat was a Purchase Payment you directed us to allocate on a one-time only basis.) If the only previous Purchase Payment made under the Contract was the Initial Purchase Payment and any part of it had been allocated to the DCA Option, then no part of the current Purchase Payment will be allocated to the DCA Option and the proportional allocation to the other Allocation Options will be adjusted to reflect this. Assuming that all other requirements are received in Good Order, we reserve the right to allocate your initial Invested Purchase Payment to the Money Market Subaccount until we receive your allocation selection. In addition, the Company has reserved the right to allocate the initial Invested Purchase Payment to the Money Market Subaccount under the Right to Cancel Contract provision shown on the cover page of this Contract. All allocations of Invested Purchase Payments are subject to the Allocation Guidelines shown on the Contract Data pages. Currently, you may select as many of the available Allocation Options as you wish. However, any subsequent Purchase Payment is subject we reserve the right to limit this in the first two conditions listed abovefuture. Subject the above conditions, you may change If the Purchase Payment allocation by providing us with instructions and forms required to issue a Contract are in a form satisfactory to us. We will allocate any Good Order, the initial Invested Purchase Payment according will be credited to your most recent allocation instructionsContract within two (2) Business Days after receipt at the Annuity Service Center. We may reject any instruction or Additional Invested Purchase Payment if Payments will be credited to your instructions Contract as of the Business Day they are not clear or we cannot determine your allocation instructionsreceived.
Appears in 1 contract
Samples: Pruco Life Insurance Co
PURCHASE PAYMENTS. Initial Purchase Payment — This Contract will not be in force until we receive at our Service Center the Initial Purchase Paymentpayments for this contract are flexible. The Initial Purchase Payment is initial purchase payment shown in on Page 3 must be paid on the Contract Specificationsissue date. Additional Purchase Payments — You Thereafter, you may make additional Purchase Payments within the first 60 days payments of the Contract Date, while the Annuitant is living and this Contract is in force. Each additional Purchase Payment must be at least $1,000500 at any time prior to the annuity date. We may limit the maximum amount of any single premium payments we will accept. Purchase Paymentpayments are payable to us at our home office. You must obtain our consent before making We will supply a Purchase Payment that receipt if you ask us. allocation of purchase payments We will bring invest the aggregate additional Purchase Payments or aggregate Purchase Payments over the Maximum Purchase Payment amounts shown purchase payments in the Contract Specificationsinvestment alternatives as you have selected. Purchase Payments are payable in U.S. dollars either at our Service Center or through our agent. Checks should be made payable to Pacific Life & Annuity Company. If you make Purchase Payments by check other than a cashier’s check, withdrawal payments and any refund under the Right to Cancel provision may be delayed until your check has cleared. On request, a receipt for the Purchase Payment signed by an officer of the Company will be provided after payment. Purchase Payment Allocation — You may allocate all or part any portion of your Purchase Payments purchase payment, in whole percents from 0% to one 100%, or more in exact dollar amounts to any of the Investment Options available under this Contractsubaccounts or the fixed account options. The Investment Options available on the Contract Date are shown in the Contract Specificationstotal allocation must equal 100%. The following conditions apply: • At least 80% allocation of the Initial Purchase Payment must initial purchase payment is shown on page 3. Allocation of each subsequent purchase payment will be the same as the allocation for the most recent purchase payment unless you change the allocation. You may change the allocation percentages at any time by writing us. Any change will be effective when we receive it. credit enhancement A credit enhancement will be allocated to the FAOinvestment alternatives you have selected at the time of any purchase payment. • No more than 20% of the Initial Purchase Payment may be made to the Variable Investment Options. • Subsequent Purchase Payments It will be allocated among the investment alternatives in the same ratio as the appropriate purchase payment. fixed account options The fixed account options are the Dollar Cost Averaging Fixed Account Option and the Guaranteed Maturity Fixed Account. Dollar Cost Averaging Fixed Account Money allocated to the Dollar Cost Averaging Fixed Account option will earn interest for one year at the same percentage current rate in effect at the time of allocation. Each purchase payment and associated interest in the Dollar Cost Averaging Fixed Account option must be transferred to other investment alternatives in equal monthly installments. The number of monthly installments must be no more than 12. At the end of 12 months from the date of a purchase payment allocation to the investment options as the Initial Purchase Payment, unless otherwise instructed. HoweverDollar Cost Averaging Fixed Account, any subsequent Purchase Payment is subject remaining portion of the purchase payment and interest in the Dollar Cost Averaging Fixed Account will be allocated to other investment alternatives as defined by the current Dollar Cost Averaging Fixed Account allocation. You may only allocate money to the first two conditions listed aboveDollar Cost Averaging Fixed Account option by allocating a portion of a purchase payment. Subject No amount may be transferred into the above conditions, you may change the Purchase Payment allocation by providing us with instructions in a form satisfactory to us. We will allocate any Purchase Payment according to your most recent allocation instructions. We may reject any instruction or Purchase Payment if your instructions are not clear or we cannot determine your allocation instructionsDollar Cost Averaging Fixed Account.
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