Coverage Charge. The Coverage Charge is the sum of the Coverage Charges for all Coverage Layers. The Coverage Charge for each Coverage Layer will not exceed the Coverage Charge shown in the Policy Specifications or, if applicable, the Supplemental Schedule of Coverage that is sent to you when a Coverage Layer is added. This charge is based on the Face Amount of the Coverage Layer as of its effective date. The Coverage Charge will not decrease even if the Face Amount of the associated Coverage Layer is decreased. The Coverage Charge for any Coverage Layer will cease if the Coverage Layer is terminated.
Coverage Charge. The Coverage Charge is based on the Face Amount of the policy as of the Policy Date and will not exceed the Maximum Monthly Coverage Charge shown in the Policy Specifications. The Coverage Charge will not decrease even if you decrease the Face Amount of the policy. Asset Charge — The Asset Charge is equal to the Monthly Asset Charge Rate multiplied by the Unloaned Accumulated Value. The Unloaned Accumulated Value is equal to a — b where: a = the Accumulated Value at the beginning of the policy month before the current Monthly Deduction is charged; and b = the Loan Account. P09MVP The Monthly Asset Charge Rate is: • 0.000375 (equivalent to 0.45% annually) for the first $25,000 of Unloaned Accumulated Value • 0.000042 (equivalent to 0.05% annually) for any Unloaned Accumulated Value in excess of $25,000 Other Taxes — In addition to the charges imposed under the policy, we reserve the right to make a charge for federal, state or local taxes that may be attributable to the Variable Accounts or to our operations with respect to this policy if we incur any such taxes. POLICY LAPSE AND REINSTATEMENT
Coverage Charge. The Coverage Charge is based on the Face Amount of the policy as of the Policy Date and will not exceed the Maximum Monthly Coverage Charge shown in the Policy Specifications. The Coverage Charge will not decrease even if you decrease the Face Amount of the policy.
Examples of Coverage Charge in a sentence
There is a Coverage Charge associated with each Scheduled Increase that has gone into effect.
The Coverage Charge for each Scheduled Increase in Basic Life Coverage that has gone into effect does not decrease or terminate even if the associated Coverage Layer is decreased or terminated.
However, if any Scheduled Increase in Basic Life Coverage does not go into effect as scheduled, the Coverage Charge for the Scheduled Increase will not go into effect, and we will send you a Supplemental Schedule of Coverage to reflect the change.
It is equal to the sum of the following items: • The Cost of Insurance Charge • The Administrative Charge • The Coverage Charge • The Asset Charge • Rider or benefit charges, if any The maximum for each such charge is described below or in the rider or benefit forms.
The Total Coverage Charge for all Scheduled Increases in Basic Life Coverage are shown in the Policy Specifications.
More Definitions of Coverage Charge
Coverage Charge. The Coverage Charge is the sum of the Coverage Charges for each Coverage Layer. The Coverage Charge for each Coverage Layer will not exceed the Maximum Monthly Coverage Charge shown in the Policy Specifications or any Supplemental Schedule of Coverage. The Coverage Charge will not change even if the Face Amount of the associated Coverage Layer is increased or decreased. Asset Charge — The Asset Charge is equal to the Monthly Asset Charge Rate shown in the Policy Specifications multiplied by the Unloaned Accumulated Value. The Unloaned Accumulated Value is equal to a – b where: a = the Accumulated Value at the beginning of the policy month before the current Monthly Deduction is charged; and
Coverage Charge. The Coverage Charge is the sum of the Coverage Charges for each Coverage Layer. The Coverage Charge for the initial Coverage Layer will not exceed the Basic Life Coverage Charge shown in the Policy Specifications. The Coverage Charge for any later Coverage Layer will not exceed the Basic Life Coverage Charge shown in the Supplemental Schedule of Coverage to be sent to you when the Coverage Layer is added. This charge is based on the Face Amount of the Coverage Layer as of its effective date. The Coverage Charge will not change even if the Face Amount of the associated Coverage Layer is increased or decreased.
Coverage Charge. Each Business Day, we deduct a Coverage Charge from the Subaccounts of the Separate Account which is equal, on an annual basis, to the amount shown on the Contract Schedule. CONTRACT MAINTENANCE CHARGE PROVISION We deduct an annual Contract Maintenance Charge shown on the Contract Schedule. TRANSFER PROVISION A transfer is subject to the following:
Coverage Charge. The Coverage Charge is the sum of the Coverage Charges for each Coverage Layer. The Coverage Charge for the initial Basic Life Coverage will not exceed the Basic Life Coverage Charge or the Basic Preferred Coverage Charge shown in the Policy Specifications. The Coverage Charge for any later Coverage Layer will not exceed the Basic Life Coverage Charge shown in the Supplemental Schedule of Coverage to be sent to you when the Coverage Layer is added. This charge is based on the Face Amount of the Coverage Layer as of its effective date. The Coverage Charge will not change even if the Face Amount of the associated Coverage Layer is increased or decreased. Basic Preferred Coverage Charge – For the initial Basic Life Coverage Layer that meets the Minimum Premium Requirement, the Basic Preferred Coverage Charge will be used instead of the Basic Life Coverage Charge. The maximum Basic Preferred Coverage Charge for the initial Base Coverage Layer and the policy years it is available are shown in the Policy Specifications. The Basic Preferred Coverage Charge will not be used for any increases in Basic Life Coverage. The Basic Preferred Coverage Charge will not decrease even if there is a decrease in Face Amount.
Coverage Charge. The Coverage Charge for each Coverage Layer is based on the Face Amount of the Coverage Layer as of its effective date and is shown in the Policy Specifications or in a Supplemental Schedule of Coverage sent to you at the time of any increase in coverage. The Coverage Charge for any Coverage Layer will not decrease even if you decrease the Face Amount of that Coverage Layer.
Coverage Charge. The Coverage Charge is the sum of the Coverage Charge for each Coverage Layer. The Coverage Charge for the initial Coverage Layer will not exceed the Coverage Charge shown in the Policy Specifications. The Coverage Charge for any later Coverage Layer will not exceed the Coverage Charge shown in the Supplemental Schedule of Coverage to be sent to you when the Coverage Layer is added. This charge is based on the Face Amount of the Coverage Layer as of its effective date. The Coverage Charge will not decrease even if the Face Amount of the associated Coverage Layer is decreased. Asset Charge — The Asset Charge is equal to the Monthly Asset Charge Rate multiplied by the Unloaned Accumulated Value. The Unloaned Accumulated Value is equal to a — b where: a = the Accumulated Value at the beginning of the policy month before the current Monthly Deduction is charged; and b = the Loan Account. The Monthly Asset Charge Rate is shown in the Policy Specifications. Rider Charges — Any rider or benefit charges are described in the rider or benefit forms.
Coverage Charge. The Coverage Charge is the sum of the Coverage Charges for each Coverage Layer. The Coverage Charge for the initial Coverage Layer will not exceed the Basic Life Coverage Charge shown in the Policy Specifications. The Coverage Charge for any later Coverage Layer will not exceed the Basic Life Coverage Charge shown in the Supplemental Schedule of Coverage to be sent to you when the Coverage Layer is added. This charge is based on the Face Amount of the Coverage Layer as of its effective date. The Coverage Charge will not change even if the Face Amount of the associated Coverage Layer is increased or decreased. Tax-Related Charges – In addition to the charges described in this Policy, we reserve the right to make a charge for federal, state or local taxes generated by this Policy, or generated by our operations with respect to this Policy, to the extent such tax was not applicable to the Policy or our operations at the time of Policy issuance. POLICY LAPSE AND REINSTATEMENT