VARIABLE AND FIXED ANNUITIES Sample Clauses
VARIABLE AND FIXED ANNUITIES. (a) Variable Annuity--A variable annuity is an annuity with payments varying in amount in accordance with the net investment result of the Separate Account. The number of Separate Account annuity units is determined by dividing the first monthly payment, determined as described in Section 2.07, by the Separate Account annuity unit value based on the net investment factor calculated on the Valuation Date coincident with or next following the Annuity Commencement Date. The number of annuity units remains fixed during the annuity payment period. The dollar amount of the second and subsequent payments is not predetermined and may change from month to month. The actual amount of these payments is determined by multiplying the number of Separate Account annuity units by the Separate Account annuity unit value, determined as described in Section 4.03, for the valuation period in which the payment is due. The Company guarantees that the dollar amount of each payment after the first shall not be affected by variations in mortality experience from mortality assumptions used to determine the first payment.
VARIABLE AND FIXED ANNUITIES. 1. Variable Annuity The Variable Annuity is an annuity with payments varying in amount and in accordance with the net investment performance of the Sub-Account. At the Valuation Date on or immediately preceding the seventh day before the Annuity Commencement Date, the amount allocated to provide a Variable Annuity Payment is applied in accordance with Section VI-D to determine the amount of the first Variable Annuity Payment. The dollar amount of the first Variable Annuity Payment based on the Sub-Account determined as above, is divided by the value of an Annuity Unit for the Sub-Account as of the Valuation Date on or immediately preceding the seventh day before the Annuity Commencement Date to establish the number of Annuity Units representing each monthly Annuity Payment under the Sub-Account. This number of Annuity Units remains fixed for all subsequent Variable Annuity Payments. The dollar amount of the second and subsequent Variable Annuity Payments is not predetermined and may change from month to month. The dollar amount of each such subsequent payment is determined by multiplying the fixed number of Sub-Account Annuity Units for the Sub-Account by the Sub-Account Annuity Unit Value for the Valuation Date on or immediately preceding the seventh day before the due date of the payment. The Company guarantees that the dollar amount of each payment will not be affected by variations in mortality and expense experience and from the mortality and expense assumptions used to determine the first payment.