Common use of Specified Percentage Clause in Contracts

Specified Percentage. Payment of a designated percentage which cannot be greater than the percentage of the Certificate Holder's Account Value at the time of election as shown on the Contract Schedule. The percentage may be changed by written request. We reserve the right to limit the number of times the percentage may be changed. The annual amount is calculated by multiplying the Certificate Holder's Account Value as of December 31 of the year prior to the payment by the designated percentage. In our discretion, We may require a minimum initial Certificate Holder's Account Value for election of this option. SWO may be elected by submitting a completed and signed election form to Us. Once elected, this option may be revoked by submitting a written request to Us. SWO may be elected only once by the Certificate Holder or by a spousal Beneficiary. Certificate Holders should consult their tax adviser prior to requesting this distribution option. We are not responsible for any adverse tax consequences due to a Certificate Holder's receiving SWO payments. A ten (10) percent penalty tax may apply to distributions to a Certificate Holder who has not reached age 59-1/2. Upon death of the Certificate Holder, any payments will be made under the terms of Section 10.

Specified Percentage. Payment of a designated percentage which cannot be greater than the percentage of the Certificate Holder's Account Value at the time of election as shown on the Contract Schedule. The percentage may be changed by written request. We reserve the right to limit the number of times the percentage may be changed. The annual amount is calculated by multiplying the Certificate Holder's Account Value as of December 31 of the year prior to the payment by the designated percentage. In our discretion, We may require a minimum initial Certificate Holder's Account Value for election of this option. SWO may be elected by submitting a completed and signed election form to Us. <PAGE> Once elected, this option may be revoked by submitting a written request to Us. SWO may be elected only once by the Certificate Holder or by a spousal Beneficiary. Certificate Holders should consult their tax adviser prior to requesting this distribution option. We are not responsible for any adverse tax consequences due to a Certificate Holder's receiving SWO payments. A ten (10) percent penalty tax may apply to distributions to a Certificate Holder who has not reached age 59-1/2. Upon death of the Certificate Holder, any payments will be made under the terms of Section 10.