Segment Interim Value definition

Segment Interim Value means the Annuity Account Value in a Segment prior to the Segment Maturity Date.
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Segment Interim Value of a Segment Option at any time is determined based on the provisions of the Interim Value Endorsement.
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Segment Interim Value of a Segment Option at any time is determined based on the provisions of the Interim Value Endorsement. Segment Credits The dollar amounts we credit to each Segment Option under this contract are called “Segment Credits.” Segment Credits may be positive, negative, or zero. Segment Credits will be calculated for a Segment Option based on the provisions of the applicable Strategy Endorsement. Segment Allocation On the Contract Date, the Purchase Payment will be credited to the Holding Account. The Holding Account will be transferred to the Segment Options on the Initial Segment Start Date (shown in the Segment Contract Schedule) based on the Segment Allocation Percentages selected by the Owner. The Segment Allocation Percentages selected for each Segment Option must be a whole percentage ranging from 0% to 100%. The sum of the Segment Allocation Percentages must equal 100%. Segment Value Transfers At each Segment End Date that occurs before the Annuity Date, you may elect to transfer some or all of the Segment Value from a Segment Option into one or more of your contract’s other Segment Options, subject to any transfer limitations specified in the Strategy Endorsements. Each Segment Option involved in a transfer must be at the end of a Segment Term Period. We will notify you at least 15 days before the Segment End Date of the Cap Rates, Participation Rates, Downside Participation Rates, Trigger Rates, and Annual Interest Rates applicable to available Segment Options for the next Segment Term Period. Cap Rates, Participation Rates, Downside Participation Rates, Trigger Rates, and Annual Interest Rates are defined in the applicable Strategy Endorsements. To elect a transfer, you must notify us at least two Business Days before the Segment End Date on which the transfer is to be made. Your notice must specify the Segment Options to which each transfer is to be made. You must also specify the amount that is to be transferred, either as a total dollar amount or as a whole percentage of the Segment Value of the Segment Option from which the funds are being transferred.
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Examples of Segment Interim Value in a sentence

  • Amounts withdrawn from a Segment on a date other than the Segment Maturity Date will reflect the Segment’s Segment Interim Value.

  • We determine the Segment Interim Value of your investment in a Segment on each Business Day that falls between the Segment Start Date and Segment Maturity Date, based on the estimated value of financial instruments consistent with current market prices and representing our obligation to provide your Segment Maturity Value on the Segment Maturity Date.

  • The Segment Interim Value is equal to the sum of the Fair Value of Hypothetical Fixed Instruments, the Fair Value of Hypothetical Derivatives, and the Cap Calculation Factor.

  • Withdrawals from a Segment prior to your Segment Maturity Date reduce the Segment Investment on a pro rata basis by the same proportion that the Segment Interim Value is reduced on the date of the withdrawal.

  • The Segment Interim Value is the Annuity Account Value in a Segment prior to the Segment Maturity Date.

  • With respect to transfers from a Segment prior to the Segment Maturity Date, such transfers reduce the Segment Investment on a pro rata basis by the same proportion that the Segment Interim Value is reduced on the date of the transfer.


More Definitions of Segment Interim Value

Segment Interim Value for any Segment Option is calculated daily and is equal to A + B + C, where: A is the Segment Value on this date; B is any applicable Interest Adjustment on this date; and C is any applicable Equity Adjustment on this date. Interest Adjustment The “Interest Adjustment” is a positive or negative adjustment that approximates the change in the value of the fixed income assets purchased in support of the contract. The Interest Adjustment applies only during the Withdrawal Charge Period. On any day during the Withdrawal Charge Period, the Interest Adjustment for any Segment Option equals A x B, where: A is the portion of the Segment Value that is subject to a Withdrawal Charge on this date, immediately prior to any Withdrawal; and B is the Interest Adjustment Factor. Interest Adjustment Factor The “Interest Adjustment Factor” for any Index-Linked Segment Option equals (RN/12 – 1) x (1 – C), where: N is the number of complete months remaining before the Segment Term Period expires; R is equal to (1 + A) / (1 + B), where: A is the Beginning Interest Adjustment Index Value; B is the Closing Interest Adjustment Index Value; and C is equal to D x (1 – E), where: D is the value of certain derivative instruments on the Segment Start Date for the applicable Index-Linked Segment Option; and E is the number of days elapsed from the Segment Start Date to the day we calculate the Segment Interim Value, divided by the number of days in the Segment Term Period. On each Business Day, we calculate the value of the derivative instruments for each Index-Linked Segment Option based on the estimated market value of a set of put and call options as determined by an option pricing formula. Our method of estimating the current value of the derivative instruments is on file with the New York Department of Financial Services.
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