PARTIAL ANNUITIZATION definition
PARTIAL ANNUITIZATION. The application of a portion of the Adjusted Contract Value to Annuity Payments according to the Annuity Options in this contract and/or any attached endorsements or riders. PAYEE The person to whom Annuity Payments are made payable. Unless you designate another Payee, you will be the Payee of the Annuity Payments. PREMIUM TAX Any Premium Taxes owed by the Company to any governmental entity. L40528 5 ------------------------------------------------------------------------------ DEFINITIONS (CONTINUED) ------------------------------------------------------------------------------ PURCHASE PAYMENT Any payment made toward this contract. You cannot make any Purchase Payments to the contract after the first Contract Year. SERVICE CENTER The office shown on the Contract Schedule of this contract. All notices, requests and Purchase Payments must be sent to the Service Center. TRADITIONAL ANNUITY PAYMENT A payment to the Payee made under the Annuity Provisions in this contract. This contract allows both fixed and variable Traditional Annuity Payments. VARIABLE ACCOUNT A separate account maintained by us in which a portion of our assets have been allocated for this contract and certain other variable annuity contracts. The Variable Account is shown on the Contract Schedule. -------------------------------------------------------------------------------- OWNERSHIP -------------------------------------------------------------------------------- ASSIGNMENT OF THIS CONTRACT You may assign or transfer all or specific ownership rights of this contract. An Authorized Request specifying the terms of an assignment of this contract must be provided to the Service Center and approved by us. We will record your assignment. We will not be responsible for its validity or effect; including tax consequences, nor will we be liable for actions we take or payments we make before we receive and record the assignment. Any assignment made after the death benefit has become payable will be valid only with our consent. If this contract is assigned, your rights may only be exercised only with the written consent of the assignee of record. CHANGE OF OWNERSHIP You may change ownership of this contract to a new Owner at any time subject to our approval. The change is effective as of the date the Authorized Request is signed; subject to our underwriting guidelines at the time of the request. We are not liable for any actions we take before we receive the request. A change of ownership will aut...