THE SEPARATE ACCOUNT Sample Clauses
The "Separate Account" clause establishes a distinct account, typically managed by an insurer or financial institution, to hold and invest assets separately from the general assets of the company. This account is often used for specific investment products, such as variable annuities or life insurance policies, where the performance of the separate account directly affects the returns to the policyholder. By segregating these assets, the clause ensures that the funds are protected from the company's creditors and are managed according to the terms of the relevant contract, thereby safeguarding the interests of the account holders and providing transparency in asset management.
THE SEPARATE ACCOUNT. The Separate Account is the separate account designated on the Policy Schedule Pages (page 7). It is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”). Unless required by law, the investment policy of the Separate Account may not be changed without the Company’s consent and subject to any required regulatory approval. The Company is the legal owner of the assets held in the Separate Account, but the Separate Account is legally segregated, meaning that its assets are kept separate from assets held in the Company’s general account and other separate accounts that it may have. Assets will be allocated to the Separate Account to support the operation of this Policy (except when this Policy is in force under the Paid-up Option under Section 11) and other flexible and scheduled premium variable life insurance policies. Assets may also be allocated for other purposes, but not to support the operation of any contracts or policies other than variable life insurance. ▇▇▇▇▇▇ and realized and unrealized gains and losses from assets in the Separate Account are credited to or charged against it without regard to other income, gains or losses of the Company. The portion of these assets that equals the reserves and other liabilities of the policies supported by the Separate Account will not be charged with liabilities arising out of any other business the Company may conduct. The Company reserves the right to transfer assets of the Separate Account in excess of these reserves and liabilities to its general account. The Company also reserves the right to transfer assets of the Separate Account that it determines to be associated with the class of policies to which this Policy belongs to another separate account. If this type of transfer is made, the term “Separate Account” as used in this Policy will mean the separate account to which the assets are transferred. When permitted by law and subject to any approvals that may be required by regulatory authorities, the Company reserves the right to: • operate the Separate Account or a Division as either a unit investment trust or a management company under the 1940 Act, or in any other form allowed by law, if deemed by the Company to be in the best interest of its policyowners; • register or deregister the Separate Account under the 1940 Act or change its classification under that Act; • create new separate accounts; • combine the S...
THE SEPARATE ACCOUNT. The Guardian Separate Account R Investment Divisions
THE SEPARATE ACCOUNT. The Separate Account is designated on the Contract Schedule and consists of assets set aside by the Company, which are kept separate from that of the general assets and all other separate account assets of the Company. The assets of the Separate Account equal to reserves and other liabilities will not be charged with liabilities arising out of any other business the Company may conduct. The Separate Account assets are divided into Sub-Accounts. The Sub-Accounts which are available under this Contract are listed in the Contract Schedule. The assets of the Sub-Accounts are allocated to the Eligible Investment(s) and the Series, if any, within an Eligible Investment shown on the Contract Schedule. The Company may, from time to time, add additional Eligible Investments or Series to those shown on the Contract Schedule. The Contract Owner may be permitted to transfer Contract Values or allocate Net Purchase Payments to the additional Eligible Investments or Series. However, the right to make such transfers or allocations will be limited by the terms and conditions imposed by the Company. Should the shares of any such Eligible Investment(s) or any Series within an Eligible Investment become unavailable for investment by the Separate Account, or the Company deems further investment in these shares inappropriate, the Company may limit further purchase of such shares or may substitute shares of another Eligible Investment or Series for shares already purchased under this Contract.
THE SEPARATE ACCOUNT. The Separate Account is registered and operated as a Unit Investment Trust under the Investment Company Act of 1940. As such, the assets of each Sub-Account are invested in a registered management investment company (mutual fund). The Separate Account will be legally separated from UNUM's other accounts. The Separate Account's assets will, at the time during the year that adjustments in the reserves are made, have a value of at least equal to the reserves and other contract liabilities with respect to the Separate Account, and at all other times, will have a value approximately equal to, or in excess of, such reserves and liabilities. The portion of the assets having a value equal to, or approximately equal to, the reserves and contract liabilities will not be chargeable with liabilities arising out of any other business which UNUM may conduct. UNUM reserves the right, subject to compliance with applicable law, including approval by You or the Participants if required by law, (1) to create additional Sub-Accounts, (2) to combine or eliminate Sub-Accounts, (3) to transfer assets from one Sub-Account to another, (4) to transfer assets to the General Account and other separate accounts, (5) to cause the deregistration and subsequent re-registration of the Separate Account under the Investment Company Act of 1940, (6) to operate the Separate Account under a committee and to discharge such committee at any time, and (7) to eliminate any voting rights which You or Participants may have with respect to the Separate Account, (8) to amend the Contract to meet the requirements of the Investment Company Act of 1940 or other federal securities laws and regulations, (9) to operate the Separate Account in any form permitted by law, (10) to substitute shares of another fund for the shares held by a Sub-Account, and (11) to make any change required by the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, or the Securities Act of 1933, to the extent not provided in Section 12.2.
THE SEPARATE ACCOUNT. The Separate Account is identified in the Contract Schedule. It is a separate investment account of ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life Insurance Company. With respect to the Separate Account, income, gains, and losses, whether or not realized, from assets allocated to the Separate Account are credited to or charged against the Separate Account without regard to other income, gains, or losses of the Company. Assets allocated to the Separate Account remain our property but are separate from our general account and any other separate accounts we may have. Separate Account assets, to the extent equal to the Separate Account's reserves and other liabilities, may not be charged with liabilities from any other business we conduct. We reserve the right to transfer any excess to our general account.
THE SEPARATE ACCOUNT. The Separate Account and the investment divisions. Allocation of net premiums, dividends and deductions. Transfer of assets.
THE SEPARATE ACCOUNT. Nature of the Separate Account Subaccounts Allocations to the Subaccounts
THE SEPARATE ACCOUNT. 9 4. Charges, Deductions and Credits ....................................... 11 5. Transfers ............................................................. 12 6. Withdrawals ...........................................................
THE SEPARATE ACCOUNT. We allocate to a separate account the Single Premium you make to put this Contract into effect. The separate account is shown on the first page of this Contract. This separate account is nonunitized, which means there are no discrete units of ownership of the assets of the separate account. We own the assets held in the separate account. We are not the trustee of these assets. The income, gains and losses, realized or unrealized, from the assets of the separate account shall be credited to or charged against the separate account, without regard to other income, gains or losses of ING Life Insurance and Annuity Company. The assets of the separate account, equal to the reserves and other contract liabilities with respect to the separate account, shall not be chargeable with liabilities arising out of any other business of ING Life Insurance and Annuity Company. We established and administer this separate account according to Section 38a-433 of the Connecticut General Statutes and its related regulations that are applicable. Although the offering of the Contract is registered with the Securities and Exchange Commission (SEC) under the Securities Act of 1933, as amended, we are not required to also register this separate account with the SEC under the Investment Company Act of 1940.
THE SEPARATE ACCOUNT. The Separate Account is identified on the Contract Schedule. It is a separate investment account of ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life Insurance Company. With respect to the Separate Account, income, gains, and losses, whether or not realized, from assets allocated to the Separate Account are credited to or charged against the Separate Account without regard to Our other income, gains, or losses. Assets allocated to the Separate Account remain Our property but are separate from Our general account and any other separate accounts We may have. Separate Account assets, to the extent equal to the Separate Account's reserves and other liabilities, may not be charged with liabilities from any other business We conduct. We reserve the right to transfer any amount in excess of the Separate Account's reserves and liabilities to our general account.