Adjusted Contract definition

Adjusted Contract. Value The Contract Value less any deduction made that is an amount equal to the applicable Premium Tax paid by the Company. Age The Annuitants age on his or her last birthday unless otherwise specified. Annuitant The natural person upon whose continuation of life any Annuity Payments involving life contingencies are based. The Annuitant is the person designated by the Owner. The Annuitant is shown in the Contract Schedule. Annuity Option An arrangement under which Traditional Annuity Payments are made under this contract. Annuity Payments The series of payments made to you or any named Payee after any Income Date. Annuity Phase The period of time beginning on the first Income Date during which Annuity Payments are made. Annuity Unit The units into which we convert amounts invested in the subaccount of your selected Investment Options during the Annuity Phase if we make Traditional Annuity Payments. Assumed Investment Return (AIR) The investment return upon which we base the Traditional Annuity Payments. Authorized Request A request in a form that is satisfactory to the Company. This request must be received by the Service Center. Beneficiary The person(s) or entity(ies) to whom we will pay the death benefit under this contract. The Beneficiary is named in the application, or as later changed with an Authorized Request, or upon the death of a Joint Owner. In the event that a Joint Owner becomes the Beneficiary, their rights take precedence over any primary and contingent Beneficiary(ies) previously named. Business Day Any day that the New York Stock Exchange is open for trading. Contract Anniversary A 12-month anniversary of the Issue Date of this contract. Any contract functions that are scheduled to occur on a Contract Anniversary will occur on the next Business Day if the Contract Anniversary does not occur on a Business Day. 4 L40527 DEFINITIONS (continued) -------------------------------------------------------------------------------- Contract Value The Contract Value for any Valuation Period is equal to the total dollar value accumulated under this contract in the subaccounts for each of the Investment Options. Contract Year A period of 12 consecutive months. The first Contract Year begins on the Issue Date, and subsequent Contract Years begin on the Contract Anniversary. All Contract Years end on the day before the next Contract Anniversary. Full Annuitizaton The application of all of the Contract Value to variable Annuity Payments according to the ...
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Adjusted Contract means a Contract which has been the subject of a material modification or adjustment which is not permitted under this Agreement.
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Adjusted Contract has the meaning set forth above in this Exhibit 13.1.
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Examples of Adjusted Contract in a sentence

  • The amount of the first payment for each $1,000 of Adjusted Contract Value is shown in the Annuity Tables.

  • The Adjusted Contract Value will be applied to the applicable Annuity Table contained in this Contract based upon the Annuity Option you have selected.

  • On the Annuity Date, the Adjusted Contract Value will be applied under the Annuity or Settlement Option you have selected.

  • The amount of the refund equals the Adjusted Contract Value on the Annuity Date minus all Annuity Payments made.

  • On the Annuity Date, the Adjusted Contract Value will be applied under the Annuity Option selected by the Owner.

  • If the payment under any option selected would be less than $20 per month, we reserve the right to pay out the Adjusted Contract Value in a lump sum.

  • At your choice, we will pay interest on the Adjusted Contract Value not yet withdrawn annually, semi-annually, quarterly or monthly.

  • Annuity Payments are equal to the Adjusted Contract Value, divided by $1,000, and then multiplied by the applicable purchase rate for the Annuity Option you select.

  • If you do not begin Annuity Payments before the Scheduled Annuity Date, we will begin Annuity Payments on the Scheduled Annuity Date if the Adjusted Contract Value on that date is greater than zero.

  • On the Income Date, the Adjusted Contract Value will be applied under the Annuity Option you have selected.