Commuted Value. The present value of the remaining guaranteed Annuity Payments for any option with a Period Certain segment. To calculate the present value for fixed Annuity payments, We will use the same interest rate that was used to determine the amount of the Annuity payments. To calculate the present value of variable Annuity payments, We will use the AIR elected by the Contract Owner when this Annuity option was selected and the Annuity Unit value as of the date that We receive a fully completed request for surrender and, in the event of the Annuitant's death, Due Proof of Death of the Annuitant.
Appears in 2 contracts
Sources: Individual Flexible Premium Variable Annuity Contract (Hartford Life Insurance Co Separate Account Seven), Individual Flexible Premium Variable Annuity Contract (Hartford Life & Annuity Insurance Co Separate Account Seven)