Coverage Base Sample Clauses
Coverage Base. (a) We use the Certificate Owner’s Coverage Base to determine the Certificate Owner’s initial Coverage Amount. On the Certificate Date, the Coverage Base is equal to the value of the Certificate Owner’s Covered Asset Pool. Thereafter, prior to the Lock-In Date, the Coverage Base is increased by any Subsequent Contributions to the Certificate Owner’s Covered Asset Pool and is adjusted for any Withdrawals. Subsequent Contributions are permitted until the Lock-In Date. After the Lock-In Date, subsequent Contributions will no longer be permitted. The sum of the initial Contribution and any Subsequent Contributions may not exceed the Maximum Total Contributions shown on the Data Pages of the Contract and Certificates without Our prior approval. Subsequent Contributions do not include dividends or other distributions reinvested in the Covered Asset Pool.
(b) On each Certificate Anniversary prior to the Lock-In Date, the Certificate Owner’s Coverage Base will be the greater of: 1) the current Coverage Base; 2) the value of the Certificate Owner’s Covered Asset Pool on the Certificate Anniversary; or 3) if there have been no Excess Withdrawals during the preceding Certificate Year, the value of the Certificate Owner’s Covered Asset Pool as of any Quarterversary during the immediately preceding Certificate Year. If the Certificate Owner’s Coverage Base increases pursuant to 2 or 3, We will treat the increase as an automatic step-up. The Certificate Fee Percentages may be changed due to an automatic step-up of the Coverage Base unless the Certificate Owner rejects the automatic step-up in accordance with section 3.4(b). This feature does not require the termination of the existing Certificate. The Certificate will continue with the same Certificate Date and features. In the event a Certificate Anniversary or a Quarterversary occurs on a day that is not a Valuation Day, for purposes of the step-up calculation, We will use the applicable value of the Certificate Owner’s Covered Asset Pool on the next Valuation Day.
Coverage Base. The Plan term starts on the date of enrollment via the registration process. Products are eligible for coverage on the 31st day following the plan term start date. This plan will renew automatically on a monthly basis and will continue to renew until cancelled or non-renewed by you or us, or if full payment is not received by us or our representative by the billing due date. The coverage period must continue without any lapse in payment (i.e. the Monthly Plan Charge for this Plan is not paid when due). If there is a lapse in payment, the plan is cancelled and a new Plan will be issued upon receipt of the payment for the Monthly Charge. In the event of a breakdown of a covered item, we will repair, replace or refund the covered item, subject to the product being registered and paid for, and further subject to the limits set forth in this Agreement, regardless of when the original manufacturer’s warranty terminates. You have 30 days from your initial enrollment date to register pre-owned products. Newly purchased products must be enrolled in the Matrix Protection Plan within 30 days of the product’s original date of purchase and are eligible for coverage on the 31st day following the product’s enrollment via the registration process. This Plan is inclusive of the manufacturer’s warranty; it does not replace the manufacturer’s warranty. Actual service coverage under this Plan begins upon expiration of the shortest portion of the manufacturer’s original or factory-refurbished parts and/or labor warranty. During the manufacturer’s warranty period, any parts, labor, on-site service or shipping costs covered by that warranty are the sole responsibility of the manufacturer. After each portion or all of the manufacturer’s warranty expires, this Plan will furnish replacement parts and/or labor necessary to restore your covered product to standard manufacturer’s operating condition. If service is required because of a product failure during normal usage, the Administrator/Obligor has the option to repair the defective product or replace it with a product of equal or similar features and functionality, though not necessarily the same brand. A replacement part or product may be new or refurbished. Technological advances may result in a replacement product with a lower selling price than the original product. No refunds will be made based on the replacement product cost difference. Replacement products will include a manufacturer’s warranty. and the customer has the opt...
Coverage Base. The amount used to determine the initial Coverage Amount. The Coverage Base is also used to calculate the Certificate Fee for certain Fee Options as shown in Table 4. The Coverage Base has no surrender value and may not be withdrawn from the Contract or Certificate.