the Contract Value. The Death Benefit will be determined and paid as of the Valuation Period next following the date of receipt by the Company of both due proof of death and an election for a single sum payment or election under an Annuity Option. If a single sum payment is requested, the proceeds will be paid within seven (7) days of receipt of proof of death and the election. Payment under an Annuity Option may only be elected during the sixty-day period beginning with the date of receipt of proof of death or a single sum payment will be made to the Beneficiary at the end of the sixty-day period. The entire Death Benefit must be paid within five (5) years of the date of death unless:
the Contract Value. In the second Contract Year or any subsequent Contract Year the Annual Step-up Amount is equal to the greater of:
the Contract Value. 3. the greatest Contract Value at any seventh Contract Anniversary reduced proportionally by any surrenders subsequent to that Contract Anniversary in the same proportion that the Contract Value was reduced on the date of a surrender, plus any Premium paid subsequent to that Contract Anniversary. The surviving Joint Owner or Beneficiary may elect one of the following Death Benefit payment options to be paid as follows:
the Contract Value. The Death Benefit that is payable is determined as of the end of the Valuation Period during which the Company receives both due proof of death and an election of the payment method at its Annuity Service Center, adjusted for any applicable charges. After attaining Age 80 the death benefit during the Accumulation Period will be equal to the Contract Value determined at the end of the Valuation Period during which the Company receives both due proof of death and an election of the payment method at its Annuity Service Center. Partial annuitizations are considered withdrawals for purposes of this rider. If Joint Contract Owners are named, the Age of the oldest Joint Contract Owner will be used to determine the Death Benefit. If the Contract is owned by a non-natural person, then Contract Owner shall mean Annuitant. Signed for Massachusetts Mutual Life Insurance Company by: SECRETARY PRESIDENT DB-Basic.1 01-03 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY Springfield, MA 01111-0001
the Contract Value. The contract value is the sum of the Variable Account Value and the Fixed Account Value.
the Contract Value. This is a Variable Annuity Contract with Annuity Payments and Contract Values increasing or decreasing depending on the experience of the Variable Account which is set forth in the Contract Schedule. Annuity Payments and Contract Values in the Variable Account are not guaranteed as to fixed dollar amounts. Signed for Allianz Life Insurance Company of New York by: /s/Suzanne J. Xxxxx /s/ Charles Kxxxxxxx Suzanne J. Xxxxx Charles Kxxxxxxx Xxxxxx Vice President, Secretary Chairman of the Board, CEO and President and Chief Legal Officer INDIVIDUAL FLEXIBLE PAYMENT VARIABLE DEFERRED ANNUITY NON-PARTICIPATING Annuity Payments will not decrease as long as the investment return of the Variable Account assets equals or exceeds 6.25% (assuming a 4.5% Assumed Investment Return) on an annual basis. Variable Account expenses consist of a mortality and expense risk charge, a contract maintenance charge, and transfer fees. These are shown on the Contract Schedule Page. The variable provisions can be found on pages 6, 7 and 13 of this Contract. L40504 1 NY TABLE OF CONTENTS
the Contract Value. The rider fee is calculated and deducted after any applicable GMWB Roll-Up, and before any applicable GMWB Automatic Step-Up or GMAB Elective Step-Up. Unless we agree otherwise, the rider fee will be deducted proportionally from each investment option, GIA or MVA, if applicable. If you surrender the contract on a date other than on the Rider Anniversary, we will deduct a proportional rider fee from the amount paid upon surrender. If you cancel this rider, we will assess the current year rider fee at the time of cancellation prorated by the time elapsed for the Contract Year. Past rider fees will not be refunded. The rider fee will not be deducted after the Contract Value is reduced to zero.
the Contract Value. 2.1. The currency of the contract price is US dollars. The Coconut charcoal price is written in Proforma Invoice with is an integrated part of this contract. The price is based on FOB Semarang/Surabaya basics.
the Contract Value. The Rider Fee Percentage is based on the investment option shown on the rider specifications page. The rider fee is calculated and deducted after any applicable GMWB Roll-Up, and before any applicable GMWB Automatic Step-Up or GMAB Elective Step-Up. Unless we agree otherwise, the rider fee will be deducted proportionally from each investment option. If you surrender the contract on a date other than on the Rider Anniversary, we will deduct a proportional rider fee from the amount paid upon surrender. If you cancel this rider, we will assess the current year rider fee at the time of cancellation prorated by the time elapsed for the Contract Year. Past rider fees will not be refunded.
the Contract Value. If you exercise the GMIB the PB Value is equal to the MAV if it is greater than the AIA. However, if the AIA is greater than the MAV you can decide whether to set the PB Value equal to the AIA or the MAV. If you exercise the GPWB and select the 5% payment option the PB Value is equal to the greater of the MAV, the AIA, or the Contract Value as of the most recent Contract Anniversary, less any withdrawals and adjusted for any Partial Annuitizations taken since that Contract Anniversary. If you exercise the GPWB and select the 10% payment option the PB Value is equal to the greater of the MAV or the Contract Value as of the most recent Contract Anniversary, less any withdrawals and adjusted for any Partial Annuitizations taken since that Contract Anniversary. After you take a GMIB Partial Annuitization the AIA and MAV will decrease, but will continue to be calculated. After you take a GMIB Full Annuitization or exercise the GPWB and establish a PB Value, the AIA and MAV cease to exist. After you exercise the GPWB, the PB Value will continue to be calculated as follows: If you exercise the GPWB and elect the 5% payment option, the PB Value will only increase after you begin receiving GPWB Payments as a result of any step ups. If you exercise the GPWB and elect the 10% payment option the PB Value will stop increasing on the date you begin receiving GPWB Payments. In addition, if you exercise the GPWB the PB Value will decrease: (a) on a dollar for dollar basis for each withdrawal (GPWB Payments and Excess Withdrawals) taken that does not exceed the GPWB Maximum, (b) proportionately by the percentage of any Contract Value taken as a withdrawal (GPWB Payments and Excess Withdrawals), including any withdrawal charge, for each withdrawal taken that exceeds the GPWB Maximum. If you exercise the GPWB and later take a Full Annuitization the PB Value will decrease to zero.
