SEGMENT INTERIM VALUE Clause Samples
The SEGMENT INTERIM VALUE clause establishes a temporary or provisional value for a specific segment within a larger project or contract. In practice, this clause is used when the final value of a segment cannot be determined immediately, so an interim value is assigned to facilitate ongoing work, payments, or progress tracking. This approach ensures that work can continue smoothly without delays due to unresolved valuations, and it helps manage cash flow and expectations until the final value is agreed upon or determined.
SEGMENT INTERIM VALUE. We determine the Interim Value of your investment in a Segment on each Business Day based on the estimated current value of financial instruments representing our obligation to provide your Segment Maturity Value on the Segment Maturity Date. Your Segment Interim Value will not exceed the sum of (i) your Segment Investment plus (ii) your Segment Investment multiplied by the portion of the Segment’s Performance Cap Rate corresponding to the elapsed portion of the Segment’s Duration. We may determine this cap on the Segment Interim Value on a periodic basis, such as monthly or quarterly, rather than daily.
SEGMENT INTERIM VALUE. The Segment Interim Value is the Annuity Account Value in a Segment prior to the Segment Maturity Date. It is the value used in computing the Cash Value and for all events including withdrawals, death, transfers, surrender, and annuitization prior to the Segment Maturity Date. We determine the Segment Interim Value of your investment in a Segment on each Business Day that falls between the Segment Start Date and Segment Maturity Date, based on the estimated value of financial instruments consistent with current market prices and representing our obligation to provide your Segment Maturity Value on the Segment Maturity Date. The Segment Interim Value is equal to the sum of the Fair Value of Hypothetical Fixed Instruments, the Fair Value of Hypothetical Derivatives, and the Cap Calculation Factor. Fair Value of Hypothetical Fixed Instrument, which is based on the investment rate associated with the Segment’s remaining time to maturity, matures with a maturity value of Segment Investment on the Segment Maturity Date. Investment rates are interest rates associated with investment grade fixed income instruments which can be used to back the Segment. The Fair Value of Hypothetical Derivatives is the estimated market value of hypothetical derivatives, including put and call options or similar instruments, of the risk of loss and the possibility of gain on the Segment Maturity Date. It also reflects the estimated transaction cost incurred in the event that the Segment ends prior to the Segment Maturity Date. The Cap Calculation Factor refunds the portion of the estimated annual expenses that we used in calculating the Performance Cap Rate at the Segment Start Date but has not been fully incurred due to the partial period.
SEGMENT INTERIM VALUE. We determine the Interim Value of your investment in a Segment on each Business Day based on the estimated current value of financial instruments representing our obligation to provide your Segment Maturity Value on the Segment Maturity Date. Your Segment Interim Value will not exceed the sum of (i) your Segment Investment plus (ii) your Segment Investment multiplied by the portion of the Segment’s Performance Cap Rate corresponding to the elapsed portion of the Segment’s Duration. We may determine this cap on the Segment Interim Value on a periodic basis, such as monthly or quarterly, rather than daily. Our Interim Value methodology is on file with the insurance regulator in New York State, our state of domicile.
SEGMENT INTERIM VALUE. We determine the Interim Value of your investment in a Segment on each Segment Business Day based on the estimated current value of financial instruments representing our obligation to provide your Segment Maturity Value on the Segment Maturity Date. For Segments which are not [Annual Lock] Segments, your Segment Interim Value will not exceed the sum of (i) your Segment Investment plus (ii) your Segment Investment multiplied by the portion of the Segment’s Performance Cap Rate corresponding to the elapsed portion of the Segment’s Duration. For Segments which are [Annual Lock] Segments, your Segment Interim Value in the first year of duration will not exceed the sum of your Segment Investment plus your Segment Investment multiplied by the portion of the [Annual Lock] Segment’s annual Performance Cap Rate corresponding to the elapsed portion of duration since the Segment Start Date. Your Segment Interim Value in the second and later years of duration will not exceed the sum of your previous year’s [Anniversary Ending Amount] plus your previous year’s [Anniversary Ending Amount] multiplied by the portion of the [Annual Lock] Segment’s annual Performance Cap Rate corresponding to the elapsed portion of duration since the previous [Annual Lock Anniversary]. Your Segment Interim Value will not exceed the [Anniversary Ending Amount] on any [Annual Lock Anniversary]. We may determine this cap on the Segment Interim Value on a periodic basis, such as monthly or quarterly, rather than daily. Our Interim Value methodology is on file with the insurance regulator in New York State, our state of domicile.
SEGMENT INTERIM VALUE. The Segment Interim Value for any Floor Segment Option on the initial Segment Start Date is the amount transferred from the Initial Holding Account allocated to that Segment Option. The Segment Interim Value for the Floor Segment Option after the initial Segment Start Date is comprised by the previous day’s Segment Interim Value, the Segment Credits, the Equity Adjustment, and any funds transferred into or out of the Segment Option reduced by any partial Surrender. The Segment Interim Value may be reduced by any premium taxes as provided for in the Premium Taxes section of Your contract. The Nonforfeiture Interest Rate is not applicable to the Floor Segment Option.
SEGMENT INTERIM VALUE. The Segment Interim Value for any Segment Option is calculated daily and is equal to A + B + C, where: A is the Segment Value on this date; B is any applicable Interest Adjustment on this date; and C is any applicable Equity Adjustment on this date.
SEGMENT INTERIM VALUE. We determine the Interim Value of your investment in a Segment on each Business Day based on the estimated current value of financial instruments representing our obligation to provide your Segment Maturity Value on the Segment Maturity Date, including (i) a fixed instrument that, with interest at the rate for such instruments on the Segment Start Date, matures on the Segment Maturity Date with a maturity value equal to the Segment Investment, and (ii) put and call options or similar instruments representing the potential Index Performance Rate for the Segment. However, your Segment Interim Value will not exceed the sum of (i) your Segment Investment plus (ii) your Segment Investment multiplied by the portion of the Segment's Performance Cap Rate corresponding to the elapsed portion of the Segment's Duration; we may determine this cap on the Segment Interim Value on a periodic basis, such as monthly or quarterly, rather than daily. Our Interim Value methodology is on file with the insurance regulator in New York State, our state of domicile.