FIXED ACCOUNT. Allocation and credits to Fixed Account -- The Fixed Account will receive the net payment allocated to it, guaranteed interest, excess interest and dollar amounts transferred from the Variable Account. On the date we receive your purchase payment for the Fixed Account, the net payment will be allocated to this account. As of the date we receive your request to transfer an amount from the Variable Account, such amount will be deposited to the Fixed Account. Guaranteed interest rate -- Prior to the Maturity Date, guaranteed interest will be credited on a daily basis to the Fixed Account. The guaranteed interest rate is shown on the Contract Data pages. This interest will be credited from: 1. the date the purchase payment is received by us; or 2. the date a dollar amount is transferred from the Variable Account. The guaranteed interest rate and the guaranteed annuity income option rates are established on the Contract Date. These rates will never be changed. Excess interest rate -- We may pay interest in excess of the guaranteed amount. This excess interest will be credited on a daily basis to the Fixed Account. Transfers -- You may transfer money from the Fixed Account to various divisions of the Variable Account. Any 1 transfer must be for an amount not less than $200. A partial transfer may not be made if such transfer would reduce the Fixed Account's cash value to less than $200. Your written request to make a transfer must be sent to the Home Office. An approved transfer will be made as of the date we receive your request. Fixed Account cash withdrawal and surrender privilege -- You may at any time during the Annuitant's lifetime and prior to the Maturity Date, elect to withdraw part or surrender all of the fixed cash value. Any 1 withdrawal must be for an amount not less than $200. We will deduct the surrender charges, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not more than 6 months from the date your request was received by us. If payment is deferred after the 30 days, we will continue to credit current interest, if any. Surrender charge -- A surrender charge is deducted from your fixed cash value if you make a cash withdrawal from or surrender the fixed cash value. The rate varies by contract year as shown on the Contract Data pages. Waiver of charges -- No surrender charge will apply:
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FIXED ACCOUNT. Allocation and credits Option If all or part of a Purchase Payment is allocated to the Dollar Cost Averaging Fixed Account -- Option, we will credit interest at a specified rate on amounts prior to their being transferred to the selected Portfolios. Monthly transfers are made over the period selected by the Annuitant. The Annuitant may not make another Purchase Payment to this option until the entire value in this option has been transferred out and may not transfer money into this option. This option may not be chosen within 12 months of the Annuity Date. Upon annuitization, death of the Annuitant or a total withdrawal of the Dollar Cost Averaging Fixed Account Option, the minimum value that will be paid to the Beneficiary or Annuitant will not be less than 90% of the Purchase Payments allocated to the Dollar Cost Averaging Fixed Account Option accumulated at an annual effective interest rate of 3% each year, less prior transfers from the Dollar Cost Averaging Fixed Account Option accumulated at an annual effective interest rate of 3% each year. If necessary to meet this minimum, charges will be waived. Enhanced Fixed Account Option Each Purchase Payment allocated to the Enhanced Fixed Account Option will be credited with the interest rate established for the date that we receive the net payment allocated Purchase Payment. This rate will apply to it, guaranteed interest, excess interest and dollar amounts transferred the Purchase Payment for an initial period of at least 12 months from the Variable Account. On the date we receive your purchase payment it. We can adjust the interest rate after the completion of that initial period. The adjusted rate will apply to that Purchase Payment and its credited interest for at least 12 months, when the rate can again be adjusted. From then on, we cannot adjust the interest rate more often than every 12 months. Different interest rates may apply to each Purchase Payment depending on the interest rate established for the date that we received the Purchase Payment and any subsequent rate adjustments. For the purpose of crediting interest, when a withdrawal is taken or a transfer is made from the Enhanced Fixed AccountAccount Option, the net payment last Purchase Payment made, and the interest credited to it, is considered to be withdrawn first. If a withdrawal is taken while a distribution charge applies, the withdrawal may be less than the Purchase Payment(s). Upon annuitization, death of the Annuitant, or a total withdrawal from the Enhanced Fixed Account Option, the minimum value that will be applied toward annuity payments or paid to the Beneficiary or Annuitant will not be less than 90% of the Purchase Payments and transfers allocated to the Enhanced Fixed Account Option accumulated at an annual effective interest rate of 3% each year, less prior withdrawals and transfers from the Enhanced Fixed Account Option accumulated at an annual effective interest rate of 3% each year. If necessary to meet this minimum, charges will be waived. Guaranteed Interest Period Fixed Account Option If money is allocated to the Guaranteed Interest Period Fixed Account Option, we will credit interest at a specified rate for a Guaranteed Period. The Annuitant may select different Guaranteed Periods for each amount allocated to this accountoption, and each allocation starts a new Guaranteed Period. As Each Guaranteed Period we offer may have a different interest rate. We may change the rates we offer for new Guaranteed Periods at any time. In the future we may offer Guaranteed Periods of different lengths or stop offering some Guaranteed Periods. Money allocated to a Guaranteed Period under this option matures the day after the Guaranteed Period ends. Within 30 days after the end of the date Guaranteed Period, the Annuitant may: • take no action and we will automatically apply the value to a new Guaranteed Period of the same or next shorter duration. The next shorter duration will be used if the prior Guaranteed Period is not currently available. The new Guaranteed Period earns interest at the then current interest rate for that Guaranteed Period and begins the day after the prior Guaranteed Period ended; or • notify us to allocate all or a portion of the value to one or more new Guaranteed Periods beginning the day after the prior Guaranteed Period ended; or • notify us to allocate all or a portion of the value to one or more of the Portfolios on the day we receive your request to transfer an amount the notification; or • withdraw all or a portion of the value. If the Annuitant selects one of the last two alternatives, we will credit interest at the rate we are currently offering for Guaranteed Periods of the same or next shorter duration from the Variable Accountday after the Guaranteed Period ended until the day we receive the instructions. If the Annuitant moves money out before the end of a Guaranteed Period, such amount either as a transfer, withdrawal, or to purchase annuity payments, there will be deposited to the Fixed Account. Guaranteed interest rate -- Prior to the Maturity Date, guaranteed interest will be credited on a daily basis to the Fixed AccountMarket Value Adjustment (MVA). The guaranteed interest rate formula used to calculate the MVA is shown on the Contract Data pagescontract data page. This The MVA is based primarily on the difference between the interest rate being credited to the money you move and the current interest rate offered for a Guaranteed Period of the same duration. In general, if interest rates have dropped, the MVA will be credited from:
1positive and if interest rates have risen, it will be negative. Unless we are instructed otherwise, the date MVA will be applied to your remaining contract value. If amounts are taken from more than one Guaranteed Period at the purchase payment same time, the MVA is received by us; or
2calculated individually for each Guaranteed Period. We will not apply an MVA if the date Annuitant moves money within 30 days after the end of a dollar Guaranteed Period. Upon annuitization, death of the Annuitant, or a total withdrawal from a Guaranteed Period, the minimum value that will be applied toward annuity payments or paid to the Beneficiary or Annuitant will not be less than 90% of the original amount is transferred from the Variable Account. The guaranteed allocated to that Guaranteed Period accumulated at an annual effective interest rate of 3%, less prior withdrawals and the guaranteed annuity income option rates are established on the Contract Date. These rates will never be changed. Excess transfers from that Guaranteed Period accumulated at an annual effective interest rate -- We may pay interest in excess of 3% each year. If necessary to meet this minimum, the MVA will be adjusted or charges will be waived. CONTRACT VALUE The contract value is the sum of the guaranteed amount. This excess interest will be credited on a daily basis to values in the Fixed Account. Transfers -- You may transfer money from Portfolios and the Fixed Account Options attributable to various divisions the Contract. We calculate this by: • adding all the Purchase Payments invested; • subtracting the charges which have been deducted; • subtracting the withdrawals made (adjusted for any MVA); • adjusting for any MVA on amounts that were transferred to the Portfolios; • adjusting for each Portfolio’s gain or loss; • adding the interest we credit to each Fixed Account Option while any of the Variable Account. Any 1 transfer must be contract value is in that option; • subtracting the amounts withdrawn for an amount annuity option; and • subtracting the amounts withdrawn to pay the death benefit. TRANSFERS During the Accumulation Phase, the Annuitant can transfer money between investment options. (For purposes of these transfer provisions, “investment options” does not less than $200include the Dollar Cost Averaging Fixed Account Option.) The minimum amounts that can be transferred are shown on the contract data page. A partial In each Contract Year a specified number of transfers are free of charge. Each additional transfer in a Contract Year may not be made if such transfer would reduce the Fixed Account's cash value to less than $200. Your written request to make have a transfer must be sent charge. The number of free transfers and the transfer charge are shown on the contract data page. We reserve the right to the Home Officemodify, suspend, or terminate transfer privileges at any time. An approved transfer will be made as of the date In addition, if we receive your request. a transfer request that is to be allocated to a Fixed Account cash withdrawal Option and surrender privilege -- You may we are not able to invest the money such that we can credit at any time during least the Annuitant's lifetime and prior to the Maturity Date, elect to withdraw part or surrender all of the fixed cash value. Any 1 withdrawal must be for an amount not less than $200. We will deduct the surrender charges, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. Howeverminimum guaranteed interest rate, we reserve the right to postpone payment for not more than 6 months from reject the date your portion of the transfer request that was received by us. If payment is deferred after the 30 days, we will continue to credit current interest, if any. Surrender charge -- A surrender charge is deducted from your fixed cash value if you make a cash withdrawal from or surrender the fixed cash value. The rate varies by contract year as shown on the Contract Data pages. Waiver of charges -- No surrender charge will apply:be allocated to that option.
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FIXED ACCOUNT. Allocation and credits to VALUE The value of the Fixed Account -- on the Investment Start Date is equal to:
1. The Fixed Account will receive the net payment allocated to it, guaranteed interest, excess interest and dollar amounts transferred from the Variable Account. On the date we receive your purchase payment for the Fixed Account, the net payment will be allocated to this account. As portion of the date we receive your request to transfer an amount from the Variable Account, such amount will be deposited initial net premium which has been paid and allocated to the Fixed Account; MINUS
2. Guaranteed interest rate -- Prior to the Maturity Date, guaranteed interest will be credited on a daily basis The portion of any monthly deductions charged to the Fixed Account. The guaranteed interest rate value of the Fixed Account on any day after the Investment Start Date is shown on the Contract Data pages. This interest will be credited from:equal to
1. The value on the date preceding day, with interest on such values at the purchase payment is received by us; orcurrent applicable rates. PLUS
2. Any portion of net premium paid and allocated to the date a dollar Fixed Account on that day; PLUS
3. Any amount is transferred to the Fixed Account on that day; MINUS
4. Any amount transferred from the Variable AccountFixed Account on that day; MINUS
5. Any cash withdrawal made from the Fixed Account on that day; MINUS
6. The guaranteed interest rate and portion of any transfer charge allocated to the guaranteed annuity income option rates are established value of the Fixed Account; MINUS, IF THAT DAY IS A MONTHLY ANNIVERSARY,
7. The portion of the monthly deduction which is charged to the Fixed Account, to cover the policy month which starts on the Contract Datethat day.
1. These rates will never be changed. Excess interest rate -- We may pay declare rates of interest in excess of the guaranteed amountrate on amounts in the Fixed Account at any time, subject to the following conditions: the rate of excess interest on any net premiums paid during a month of the year will not change until the first day of the same month in the following year. This We also may credit different rates of excess interest to premium payments made in different months of the year and different rates of excess interest at the end of each twelve-month period for Cash Value related to premiums received in a given month of each prior year. Transfers made into the Fixed Account will be treated as new premium payments for these purposes. We will credit the guaranteed and any excess interest on every Valuation Date. Once credited, that interest will be credited on a daily basis to guaranteed and will become part of the Fixed Account. Transfers -- You may transfer money from value in the Fixed Account to various divisions of the Variable Accountfrom which monthly deductions are made. Any 1 transfer must be for an amount not less than $200. A partial transfer may not be made if such transfer would reduce the Fixed Account's cash value to less than $200. Your written request to make a transfer must be sent to the Home Office. An approved transfer The monthly deduction will be made as of charged against the date we receive your request. Fixed Account cash withdrawal most recent premiums paid (and surrender privilege -- You may at any time during the Annuitant's lifetime transfers made) and prior to the Maturity Date, elect to withdraw part or surrender all of the fixed cash value. Any 1 withdrawal must be for an amount not less than $200. We will deduct the surrender charges, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not more than 6 months from the date your request was received by us. If payment is deferred after the 30 days, we will continue to credit current interest, if any. Surrender charge -- A surrender charge is deducted from your fixed cash value if you make a cash withdrawal from or surrender the fixed cash value. The rate varies by contract year as shown on the Contract Data pages. Waiver of charges -- No surrender charge will apply:interest credited.
Appears in 1 contract
FIXED ACCOUNT. Allocation and credits to Fixed Account -- The Fixed Account will receive the net payment allocated to it, guaranteed interest, excess interest and dollar amounts transferred from the Variable Account. On the date we receive your purchase payment for the Fixed Account, the net payment will be allocated to this account. As of the date we receive your request to transfer an amount from the Variable Account, such amount will be deposited to the Fixed Account. Guaranteed interest rate -- Prior to the Maturity Date, guaranteed interest will be credited on a daily basis to the Fixed Account. The guaranteed interest rate is shown on the Contract Data pages. This interest will be credited from:
1. the date the purchase payment is received by us; or
2. the date a dollar amount is transferred from the Variable Account. The guaranteed interest rate and the guaranteed annuity income option rates are established on the Contract Date. These rates will never be changed. Excess interest rate -- We may pay interest in excess of the guaranteed amount. This excess interest will be credited on a daily basis to the Fixed Account. Renewal of Fixed Account -- The fixed portion of your contract will be automatically renewed on the contract Renewal Date. The new Renewal Date will be set for a period equal to the initial renewal period. You may choose a different renewal period if allowed by us. If you choose, you may withdraw your fixed cash value from the Fixed Account without charge or penalty on the Renewal Date. We will send you a notice 90 days prior to the Renewal Date. This notice will explain your renewal rights. If you want a different Renewal Date or choose to withdraw the fixed cash value, your written request must be received at the Home Office prior to the Renewal Date. If we do not receive a written request, we will automatically renew the fixed portion of your contract. Upon each renewal, new Contract Data pages will be sent to you. Transfers -- You may transfer money from the Fixed Account to various divisions of the Variable Account. Any 1 transfer must be for an amount not less than $200. A partial transfer may not be made if such transfer would reduce the Fixed Account's cash value to less than $200. The early withdrawal penalty will be charged when transfers are made at any time other than on the Renewal Date. Your written request to make a transfer must be sent to the Home Office. An approved transfer will be made as of the date we receive your request. Fixed Account cash withdrawal and surrender privilege -- You may at any time during the Annuitant's lifetime and prior to the Maturity Date, elect to withdraw part or surrender all of the fixed cash value. Any 1 withdrawal must be for an amount not less than $200. We will deduct the surrender chargescharges and early withdrawal penalties, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not more than 6 months from the date your request was received by us. If payment is deferred after the 30 days, we will continue to credit current interest, if any. Surrender charge -- A surrender charge is deducted from your fixed cash value if you make a cash withdrawal from or surrender the fixed cash value. The rate varies by contract year as shown on the Contract Data pages. Early withdrawal penalty -- An early withdrawal penalty is deducted from your fixed cash value if you make a partial withdrawal from, make a transfer to the Variable Account or surrender your fixed cash value. There will be no early withdrawal penalty for cash withdrawals, transfers or surrenders made on the Renewal Date. The early withdrawal penalty is shown on the Contract Data pages. Waiver of charges and penalties -- No surrender charge or early withdrawal penalty will apply:
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FIXED ACCOUNT. Allocation and credits to Fixed Account -- The Fixed Account will receive is divided into Sub-accounts. A Sub-account is identified by the net payment allocated to it, guaranteed interest, excess interest Guarantee Period and dollar amounts transferred from the Variable Account. On the date we receive your the Guarantee Period begins. You create a Sub-account when: - you make a purchase payment for payment; or - you select a new Guarantee Period after the Fixed Account, the net payment will be allocated to this account. As of the date we receive your request to prior Sub-account expires; or - you transfer an amount from an existing Sub-account of the Variable Account or the Fixed Account, such amount will be deposited . A Sub-account continues until the end of the Guarantee Period. You must select the Guarantee Period for all purchase payments and transfers allocated to the Fixed Account. Guaranteed interest rate -- Prior If you do not select a Guarantee Period for a purchase payment or transfer, we will assign the same period(s) as used for the most recent purchase payment. Guarantee Periods are offered at our discretion and may range from on to ten years. We may change the Maturity Date, guaranteed interest will be credited on a daily basis Guarantee Periods available for future purchase payments or transfers allocated to the Fixed Account. We will mail you a notice prior to the expiration of each Sub-account outlining the options available at the end of a Guarantee Period. During the 30 day period after a Guarantee Period expires you may: - take no action and we will automatically renew the Sub-account value to a Guarantee Period of the same duration to be established on the day the previous Guarantee Period expired; or - notify us to apply the Sub-account value to a new Guarantee Period(s) to be established on the day the previous Guarantee Period expired; or - notify us to apply the Sub-account value to any Sub-account of the Variable Account on the day we receive the notification; or - receive a portion of the Sub-account value or the entire Sub-account value through a partial or full withdrawal that is not subject to a Market Value Adjustment. In this case, the amount withdrawn will be deemed to have been withdrawn on the day the Guarantee Period expired. The guaranteed minimum amount that can be allocated to a new Sub-account is $500. CREDITING INTEREST. We credit interest daily to money allocated to the Fixed Account at a rate which compounds over one year to the interest rate is shown on we guaranteed when the Contract Data pagesmoney was allocated. This We will credit interest to the initial purchase payment from the issue date. We will be credited from:
1credit interest to subsequent purchase payments from the date we receive them. We will credit interest to transfers from the date the purchase payment transfer is received by us; or
2. the date a dollar amount is transferred from the Variable Accountmade. The guaranteed interest rate and the guaranteed annuity income option rates are established on the Contract Date. These rates will never be changedless than the minimum guaranteed rate shown on the Annuity Data Page. Excess interest rate -- We TRANSFERS. Prior to the Payout Start Date, you may pay interest transfer amounts between Investment Alternatives. You may make 12 transfers per Certificate Year without charge. Each transfer after the 12th transfer in excess any Certificate Year may be assessed a $10 transfer fee. Transfers are subject to the following restrictions. - The minimum amount that may be transferred into a Sub-account of the guaranteed amountFixed Account is $500. This excess interest - Any transfer from a Sub-account of the Fixed Account at a time other than during the 30 day period after a Guarantee Period expires will be credited on subject to a daily basis to Market Value Adjustment. - If any transfer reduces the Fixed Account. Transfers -- You may transfer money from value of a Sub-account of the Fixed Account to various divisions of the Variable Account. Any 1 transfer must be for an amount not less than $200. A partial transfer may not be made if such transfer would reduce 500, we will treat the Fixed Account's cash value to less than $200. Your written request to make as a transfer must be sent to the Home Office. An approved transfer will be made as of the date we receive your request. Fixed Account cash withdrawal and surrender privilege -- You may at any time during the Annuitant's lifetime and prior to the Maturity Date, elect to withdraw part or surrender all of the fixed cash entire Sub- account value. Any 1 withdrawal must be for an amount not less than $200. We will deduct the surrender charges, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not more than 6 months from waive the date your request was received by us. If payment is deferred after the 30 days, we will continue to credit current interest, if any. Surrender charge -- A surrender charge is deducted from your fixed cash value if you make a cash withdrawal from or surrender the fixed cash value. The rate varies by contract year as shown on the Contract Data pages. Waiver of charges -- No surrender charge will apply:transfer fees and restrictions contained in this Certificate.
Appears in 1 contract
Sources: Specimen Contract (Allstate Life of New York Variable Annuity Account)
FIXED ACCOUNT. Allocation and credits to Fixed Account -- The Fixed Account will receive the net payment payments allocated to it, guaranteed interest, excess interest and dollar amounts transferred from the Variable Account. On the date we receive your purchase payment for the Fixed Account, the net payment will be allocated to this account. As of the date we receive your request to transfer an amount from the Variable Account, such amount will be deposited to the Fixed Account. All purchase payments must be received at the Home Office. Guaranteed interest rate -- Prior to the Maturity Date, guaranteed interest will be credited on a daily basis to the Fixed Account. The guaranteed interest rate is shown on the Contract Certificate Data pagespage. This interest will be credited from:
1. the date the purchase payment is received by us; or
or 2. the date a dollar amount is transferred from the Variable Account. The guaranteed interest rate and the guaranteed annuity income option rates are established on the Contract Date. These rates will never be changed. Excess interest rate -- We may pay interest in excess of the guaranteed amount. This excess interest will be credited on a daily basis to the Fixed Account. Any excess interest paid, as determined by us, will be applied on an equitable basis and credited to this class of certificates. The excess interest will be over and above the guaranteed interest applied to this class of certificates. Renewal of Fixed Account -- The Fixed Account will be automatically renewed on its Renewal Date. The new Renewal Date will be set for a period equal to the initial renewal period. You may choose a different Renewal Date if allowed by us. If you choose, you may withdraw the fixed cash value of the Fixed Account without charge or penalty on the Renewal Date. We will send you a notice 90 days prior to the Renewal Date. This notice will explain your renewal rights. If you want a different Renewal Date or choose to withdraw the fixed cash value, your request must be received at least 30 days prior to the Renewal Date. If we do not receive a request, we will automatically renew your Fixed Account. Upon each renewal, a new Certificate Data page will be sent to you. The guaranteed interest rate and the guaranteed settlement option factors are established on the Certificate Date. These rates will never be changed. Transfers -- You may transfer money from the Fixed Account to various divisions of the Variable Account. Any 1 transfer must be for an amount not less than $2001,000. A partial transfer may not be made if such transfer would reduce the Fixed Account's cash value to less than $200600. Transfers must be made at least 30 days prior to the Maturity Date. The early withdrawal penalty will be charged when transfers are made at any time other than on the Renewal Date. Your written request to make a transfer must be sent to the Home Office. An approved transfer will be made as of the date we receive your request. Fixed Account cash withdrawal and surrender privilege -- You may at any time during the Annuitant's lifetime and prior to the Maturity Date, elect to withdraw part or surrender all of the fixed cash value. Any 1 one withdrawal must be for an amount not less than $200. We will deduct the surrender chargescharges and early withdrawal penalties, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in on a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not more than 6 months from the date your request was received by us. If payment is deferred after the 30 days, we will continue to credit current interest, if any. Surrender charge -- A The surrender charge during the first 5 years is deducted from your a portion of the fixed cash value kept by us if you make a cash withdrawal from or surrender the fixed cash valueFixed Account. The rate varies by contract certificate year as shown on the Contract Certificate Data pagespage. There is no surrender charge after the fifth certificate year. Early withdrawal penalty -- The early withdrawal penalty is a portion of the fixed cash value kept by us if you make a partial withdrawal, make a transfer to the Variable Account or surrender this certificate for its total cash value. There will be no early withdrawal penalty for cash withdrawals, transfers or surrenders on any Renewal Date. The early withdrawal penalty is established on the Certificate Date. This fee will not be changed throughout the lifetime of the certificate prior to the Maturity Date. Waiver of charges and penalties -- No surrender charge or early withdrawal penalty will applybe made on a partial withdrawal from the Fixed Account or a transfer to the Variable Account if all the following occur:
1. it is made after the certificate has been in force 2 years;
2. it is more than 12 months since the last transfer or withdrawal was made; and
Appears in 1 contract
FIXED ACCOUNT. Allocation and credits to Fixed Account -- The Fixed Account is a separate account under state insurance law and is not required to be registered with the Securities and Exchange Commission under the Investment Company Act of 1940. The Fixed Account includes the Single Premium Paid which we credit with fixed rates of interest for the Guarantee Period the Certificate Owner selects. We reset the interest rates for subsequent Guarantee Periods based on our sole discretion. GUARANTEE PERIODS The Initial Guarantee Period is selected by the Certificate Owner from among the durations then being offered by the Company and is shown in the Certificate. The length of the Initial Guarantee Period will receive determine the net payment allocated to itInitial Guaranteed Interest Rate. Upon the expiry of a Guarantee Period, guaranteed interesta subsequent Guarantee Period will begin. Each subsequent Guarantee Period will be the same length as the previous Guarantee Period, excess interest and dollar amounts transferred unless a) the Certificate Owner elects a different duration from among those then being offered by the Company; or b) the new Guarantee Period would extend beyond the Annuity Commencement Date then in effect. If the period remaining from the Variable Account. On expiry of the date we receive your purchase payment for previous Guarantee Period to the Fixed AccountAnnuity Commencement Date is less than the period the Certificate Owner has elected or the period expiring, the net payment next shortest period then available that will not extend beyond the Annuity Commencement Date will be allocated to this account. As of the date we receive your request to transfer an amount from the Variable Account, such amount will be deposited offered to the Fixed AccountCertificate Owner. Guaranteed interest rate -- Prior to We will notify the Maturity Date, guaranteed interest will be credited on a daily basis to the Fixed Account. The guaranteed interest rate is shown on the Contract Data pages. This interest will be credited from:
1. the date the purchase payment is received by us; or
2. the date a dollar amount is transferred from the Variable Account. The guaranteed interest rate and the guaranteed annuity income option rates are established on the Contract Date. These rates will never be changed. Excess interest rate -- We may pay interest in excess of the guaranteed amount. This excess interest will be credited on a daily basis to the Fixed Account. Transfers -- You may transfer money from the Fixed Account to various divisions of the Variable Account. Any 1 transfer must be for an amount not less than $200. A partial transfer may not be made if such transfer would reduce the Fixed Account's cash value to less than $200. Your written request to make a transfer must be sent to the Home Office. An approved transfer will be made as of the date we receive your request. Fixed Account cash withdrawal and surrender privilege -- You may at any time during the Annuitant's lifetime and Certificate Owner prior to the Maturity DateDate of their options for renewal. In order to elect a different Guarantee Period, elect to withdraw part or surrender all the Certificate Owner must notify the Company in writing before the end of the fixed cash value30-day period immediately preceding the Maturity Date of the current Guarantee Period. Any 1 withdrawal must be for an amount The Certificate Owner may not less than $200select a Guarantee Period that would extend beyond the Annuity Commencement Date then in effect. We will deduct the surrender charges, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not offer Guarantee Periods of durations other than those available on the Certificate Date. We also reserve the right to cease offering a particular Guarantee Period or Periods. GA-MC-1070 8 6/00 HOW WE MEASURE THE CERTIFICATE'S ACCUMULATION VALUE (continued) ---------------------------------------------------------------------------- MARKET VALUE ADJUSTMENTS A Market Value Adjustment will be applied upon withdrawal or application to an Income Plan if made more than 6 months from 30 days prior to the date your request was received by usMaturity Date of the current Guarantee Period, except on free Partial Withdrawal amounts as described on page 10. If payment is deferred after the 30 days, we Market Value Adjustments will continue to credit current interest, if any. Surrender charge -- A surrender charge is deducted from your fixed cash value if you make a cash withdrawal from or surrender the fixed cash value. The rate varies by contract year be applied as shown on the Contract Data pages. Waiver of charges -- No surrender charge will applyfollows:
Appears in 1 contract
Sources: Master Contract (Golden American Life Insurance Co /Ny/)
FIXED ACCOUNT. Allocation and credits to Fixed Account -- FIXED ACCOUNT The Fixed Account will receive is comprised of a one-year Guaranteed Period Option and the net payment allocated Dollar Cost Averaging Fixed Option that we may choose to it, guaranteed interest, excess interest offer. Premium payments applied to and dollar any amounts transferred from the Variable Account. On the date we receive your purchase payment for the Fixed Account, the net payment will be allocated to this account. As of the date we receive your request to transfer an amount from the Variable Account, such amount will be deposited to the Fixed AccountAccount will reflect a fixed interest rate. Guaranteed The interest rate -- Prior to the Maturity Date, guaranteed interest rates we set will be credited for increments of at least one year measured from each premium payment or transfer date. These rates will never be less than the Fixed Account Guaranteed Minimum Effective Annual Interest Rate shown on a daily basis Page 3. We reserve the right, at our sole discretion, to prohibit premium payments and/or transfers allocated to any of the Fixed Account options described in this section after the Policy Date. We will provide 30 days advance written notice of this decision. We will also provide timely written notification to You once any such prohibition of premium payments and/or transfers is no longer in effect. GUARANTEED PERIOD OPTION We will offer the one-year Guaranteed Period Option for the initial premium payment and may offer it for subsequent premium payments or amounts transferred to the Fixed Account. The guaranteed current interest rate we set for funds entering a Guaranteed Period Option (GPO) is shown on guaranteed until the Contract Data pagesend of that option's Guaranteed Period. This interest At that time, the premium payment made or amount transferred into the GPO, less any Withdrawals or transfers from that GPO, plus accrued interest, will be credited from:
1rolled into a new one-year GPO or may be transferred to any Subaccount(s) within the Separate Account(s). You may choose the Investment Option(s) You want the funds transferred into by giving us a written notice within 30 days before the end of the expiring option's Guaranteed Period. However, any Guaranteed Period elected may not extend beyond the maximum Annuity Commencement Date defined in Section 11. In the absence of such election, the funds will be rolled into a new one-year GPO if we are allowing transfers into new one-year GPO's at that time You will be mailed a notice of completion of any rollover with the new interest rate applicable. The new GPO will be deemed as accepted if we do not receive a written rejection within 30 days from the postmark date of the purchase payment completion notice. If we are prohibiting transfers into new one-year GPO's, we will provide 30 days advance written notice of this decision. We will also provide timely written notification to you once any such prohibition of transfers is received by us; or
2no longer in effect. the date a dollar amount is When funds are withdrawn or transferred from the Variable Account. The guaranteed interest rate and one year GPO, the guaranteed annuity income option rates are established on Policy Value associated with the Contract Date. These rates will never oldest premium payment or rollover is considered to be changed. Excess interest rate -- We may pay interest in excess of the guaranteed amount. This excess interest will be credited on a daily basis to the Fixed Account. Transfers -- You may transfer money from the Fixed Account to various divisions of the Variable Account. Any 1 transfer must be for an amount not less than $200. A partial transfer may not be made if such transfer would reduce the Fixed Account's cash value to less than $200. Your written request to make a transfer must be sent to the Home Office. An approved transfer will be made as of the date we receive your request. Fixed Account cash withdrawal and surrender privilege -- You may at any time during the Annuitant's lifetime and prior to the Maturity Date, elect to withdraw part or surrender all of the fixed cash value. Any 1 withdrawal must be for an amount not less than $200. We will deduct the surrender charges, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not more than 6 months from the date your request was received by uswithdrawn/transferred first. If the amount withdrawn/transferred exceeds the Policy Value associated with the oldest premium, the Policy Value associated with the next oldest premium payment or rollover is deferred after considered to be withdrawn/transferred next, and so on until the 30 daysPolicy Value associated with the most recent premium payment or rollover is considered to be withdrawn/transferred (this is a "First-In, we will continue to credit current interest, if any. Surrender charge -- A surrender charge is deducted from your fixed cash value if you make a cash withdrawal from First-Out" or surrender the fixed cash value. The rate varies by contract year as shown on the Contract Data pages. Waiver of charges -- No surrender charge will apply:FIFO basis).
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FIXED ACCOUNT. Allocation and credits to Options There are 2 Fixed Account -- Options under this Contract. The Fixed Account will receive Options are the net Dollar Cost Averaging Fixed Account Option and the Standard Fixed Account Option. Dollar Cost Averaging Fixed Account Option The Dollar Cost Averaging Fixed Account is divided into individual Transfer Period Accounts. A new Transfer Period Account is established each time you allocate a purchase payment to the Dollar Cost Averaging Fixed Account and you choose the term length of the new Transfer Period Account. Purchase payments may not be allocated to any existing Transfer Period Account. No amount may be transferred into the Dollar Cost Averaging Fixed Account. Each Transfer Period Account is identified by the date the Transfer Period Account begins and the term length of the Transfer Period Account. Each purchase payment allocated to ita Transfer Period Account must be at least $500. We will offer term lengths from which you may select for your Transfer Period Account(s), guaranteed interestwhich may range from three to eighteen months; however, excess we may modify or eliminate the term lengths we offer at our discretion. Amounts in a Transfer Period Account will earn interest and dollar amounts transferred from at the Variable Account. On the date we receive your purchase payment rate declared for the Fixed Account, Transfer Period Account at the net payment will be allocated to this account. As of the date we receive your request to transfer an amount from the Variable Account, such amount will be deposited to the Fixed Account. Guaranteed interest rate -- Prior to the Maturity Date, guaranteed interest will be credited on a daily basis to the Fixed Account. The guaranteed interest rate time it is shown on the Contract Data pagesestablished. This interest rate will be credited from:
1in effect for the term of the Transfer Period Account. Each purchase payment and all associated interest in a Transfer Period Account must be transferred to the date other Investment Alternatives according to your allocation instructions in equal monthly installments during the term of the Transfer Period Account. We reserve the right to restrict the Investment Alternatives available for transfers from any Transfer Period Account. We may offer weekly, quarterly, semi-annual or other installment transfer period alternatives, at our discretion. For each purchase payment, the first transfer from a Transfer Period Account will begin on the first Valuation Date after the payment is received by us; or
2. If we do not receive an allocation instruction from you when payment is received by us, the date a dollar amount is transferred from the Variable Account. The guaranteed interest rate purchase payment and the guaranteed annuity income option rates are established on the Contract Date. These rates will never be changed. Excess interest rate -- We may pay interest in excess of the guaranteed amount. This excess all associated interest will be credited on a daily basis transferred to the Fixed money market Variable Sub-account in equal installments until we have received a different allocation instruction. At the expiration of a Transfer Period Account. Transfers -- You may transfer money from the Fixed Account to various divisions of the Variable Account. Any 1 transfer must , any residual amount will be for an amount not less than $200. A partial transfer may not be made if such transfer would reduce the Fixed Account's cash value to less than $200. Your written request to make a transfer must be sent automatically transferred to the Home Officemoney market Variable Sub-account. An approved transfer If you discontinue the Dollar Cost Averaging Option before the expiration of a Transfer Period Account, the remaining balance will be made as of transferred on the date day we receive your request. Fixed Account cash withdrawal and surrender privilege -- You may at any time during the Annuitant's lifetime and prior notification to the Maturity Date, elect to withdraw part or surrender all of the fixed cash value. Any 1 withdrawal must be for an amount not less than $200. We will deduct the surrender charges, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your money market Variable Sub-account as of the date we receive your written request. The written unless you request must be in a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not more than 6 months from the date your request was received by us. If payment is deferred after the 30 days, we will continue to credit current interest, if any. Surrender charge -- A surrender charge is deducted from your fixed cash value if you make a cash withdrawal from or surrender the fixed cash value. The rate varies by contract year as shown on the Contract Data pages. Waiver of charges -- No surrender charge will apply:different Investment Alternative.
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Sources: Flexible Premium Deferred Variable Annuity Contract (Allstate Life of New York Separate Account A)
FIXED ACCOUNT. Allocation and credits to Fixed Account -- The Fixed Account will receive the net payment payments allocated to it, guaranteed interest, excess interest and dollar amounts transferred from the Variable Account. On the date we receive your purchase payment for the Fixed Account, the net payment will be allocated to this account. As of the date we receive your request to transfer an amount from the Variable Account, such amount will be deposited to the Fixed Account. All purchase payments must be received at the Home Office. Guaranteed interest rate -- Prior to the Maturity Date, guaranteed interest will be credited on a daily basis to the Fixed Account. The guaranteed interest rate is shown on the Contract Data pagespage. This interest will be credited from:
1. the date the purchase payment is received by us; or
2. the date a dollar amount is transferred from the Variable Account. The guaranteed interest rate and the guaranteed annuity income option rates are established on the Contract Date. These rates will never be changed. Excess interest rate -- We may pay interest in excess of the guaranteed amount. This excess interest will be credited on a daily basis to the Fixed Account. Any excess interest paid, as determined by us, will be applied on an equitable basis and credited to this class of contracts. The excess interest will be over and above the guaranteed interest applied to this class of contracts. Renewal of Fixed Account -- The Fixed Account will be automatically renewed on its Renewal Date. The new Renewal Date will be set for a period equal to the initial renewal period. You may choose a different Renewal Date if allowed by us. If you choose, you may withdraw the fixed cash value of the account without charge or penalty on the Renewal Date. We will send you a notice 90 days prior to the Renewal Date. This notice will explain your renewal rights. If you want a different Renewal Date or choose to withdraw the fixed cash value, your request must be received at least 30 days prior to the Renewal Date. If we do not receive a request, we will automatically renew your Fixed Account. Upon each renewal, a new Contract Data page will be sent to you. The guaranteed interest rate and the guaranteed settlement option factors are established on the Contract Date. These rates will never be changed. Transfers -- You may transfer money from the Fixed Account to various divisions of the Variable Account. Any 1 transfer must be for an amount not less than $2001,000. A partial transfer may not be made if such transfer would reduce the Fixed Account's cash value to less than $200600. Transfers must be made at least 30 days prior to the Maturity Date. The early withdrawal penalty will be charged when transfers are made at any time other than on the Renewal Date. Your written request to make a transfer must be sent to the Home Office. An approved transfer will be made as of the date we receive your request. Fixed Account cash withdrawal and surrender privilege -- You may at any time during the Annuitant's lifetime and prior to the Maturity Date, elect to withdraw part or surrender all of the fixed cash value. Any 1 withdrawal must be for an amount not less than $200. We will deduct the surrender chargescharges and early withdrawal penalties, if any, from the fixed cash value. The amount due will be sent to you. We will figure the fixed cash value of your account as of the date we receive your written request. The written request must be in on a form satisfactory to us. The request must be sent to the Home Office. The payment is usually paid within 30 days. However, we reserve the right to postpone payment for not more than 6 months from the date your request was received by us. If payment is deferred after the 30 days, we will continue to credit current interest, if any. Surrender charge -- A The surrender charge during the first 5 years is deducted from your a portion of the fixed cash value kept by us if you make a cash withdrawal from or surrender the fixed cash valueyour Fixed Account. The rate varies by contract year as shown on the Contract Data pagespage. There is no surrender charge after the fifth contract year. Early withdrawal penalty -- The early withdrawal penalty is a portion of the fixed cash value kept by us if you make a partial withdrawal, make a transfer to the Variable Account or surrender this contract for its total cash value. There will be no early withdrawal penalty for cash withdrawals, transfers or surrenders on the Renewal Date. The early withdrawal penalty is established on the Contract Date. This fee will not be changed throughout the lifetime of the contract prior to the Maturity Date. Waiver of charges and penalties -- No surrender charge or early withdrawal penalty will applybe made on a partial withdrawal from the Fixed Account or a transfer to the Variable Account if all the following occur:
1. it is made after the contract has been in force 2 years;
2. it is more than 12 months since the last transfer or withdrawal was made; and
3. the amount is not more than 15 percent of the then current fixed cash value. No surrender charge or early withdrawal penalty will be made:
1. on any fixed cash value applied to the payment of either settlement Options 1, 2, 6 or 7; or
2. on or after the Maturity Date if the contract has been in force for at least 10 years; or
3. if annuity income payments are selected to be made in equal installments over a period of at least 5 years; during such period the elected annuity benefit cannot be surrendered; or
4. if an Annuitant is disabled continuously for 3 months and satisfactory proof of such disability is sent to the Home Office. Guaranteed return of payments -- We guarantee the return of the purchase payment credited to the Fixed Account or the surrender value of the Fixed Account, whichever is greater, upon surrender of this contract if:
1. the contract has been in force more than 2 years; and
2. no cash withdrawals or transfers to the Variable Account have been made from the Fixed Account.
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