Policy Year means a period of twelve (12) consecutive calendar months starting with the Date of Commence- ment of the Policy as stated in the Policy Schedule and ending at midnight on the day immediately preceding the following anniversary date and each subsequent period of twelve (12) consecutive months thereafter.
Interest is payable in advance at the time any Policy Loan is made (for the remainder of the Policy Year) and on each Policy Anniversary thereafter (for the entire Policy Year) so long as there is Policy Debt outstanding.
The term "Excess Premium" means that portion of the total Premiums received during any Policy Year that exceeds the Target Premium.
The maximum adjustable rate is the published monthly average for the calendar month ending two months before the Policy Year begins, or 5%, whichever is higher.
Only one transfer per Policy Year may be made between the Declared Interest Option and the Variable Account.
The Policyowner may exercise this special transfer privilege once each Policy Year.