Exchange of Variable Annuity Units Clause Samples

Exchange of Variable Annuity Units. After the Annuity Commencement Date, the Payee may, by filing a written request with the Company at its Annuity Service Mailing Address, exchange the value of a designated number of Annuity Units of a particular Sub-Account then credited with respect to such Payee for other Annuity Units, the value of which would be such that the dollar amount of an annuity payment made on the date of the exchange would be unaffected by such exchange. The maximum number of exchanges that the Payee may make in any Account Year is set forth on the Certificate Specifications page. Exchanges may be made among the Sub-Accounts only. Exchanges shall be made using the Annuity Unit values for the Valuation Period during which the Company receives the request for exchange. After the Annuity Commencement Date, the Company will deduct, in equal amounts from each Variable Annuity payment made during the year, an annual account fee equal to the amount specified on the Certificate Specifications page. The Company makes no such deduction from Fixed Annuity payments. Annuity Options A, B, C and D are available on either a Fixed Annuity or a Variable Annuity basis.
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Related to Exchange of Variable Annuity Units

  • Fixed Annuity An Annuity with payments which do not vary in amount.

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