MODIFICATION OF CONTRACT definition

MODIFICATION OF CONTRACT. This Contract may not be modified by us without your consent except as may be required by applicable law.

MODIFICATION OF CONTRACT. This Contract may not be modified by us without your consent except as may be required by applicable law. NON-PARTICIPATION IN SURPLUS - This Contract does not share in any distribution of our profits or surplus.

MODIFICATION OF CONTRACT. We may modify this contract in order to maintain compliance with state and federal law. This contract may be changed or altered only by our President or our Secretary. A change or alteration must be made in writing. INCOME DATE The Income Date must fall on the first day of the calendar month. The earliest Income Date that you can select is 13 months after the Issue Date. The latest Income Date we allow is the first day of the first calendar month following the Annuitant's 90th birthday. The Income Date will not be later than what is permitted by applicable state or federal law. You have the right to select the Income Date at contract issue. Unless you select a different Income Date, the Income Date shown on the Contract Schedule is the latest Income Date allowed for your contract. In order for Annuity Payments to begin, you must make an Authorized Request. You can make an Authorized Request for a different Income Date after the Issue Date. L40529-NY01 15 -------------------------------------------------------------------------------- GENERAL PROVISIONS (CONTINUED) -------------------------------------------------------------------------------- TAXES Taxes paid to any governmental entity will result in an amount equivalent to the tax being charged against the Contract Value. We will, in our sole discretion, determine whether taxes have resulted from the investment experience of the Variable Account, our receipt of the Purchase Payment(s), or commencement of Annuity Payments. We may, at our discretion, pay taxes when due and deduct that amount from the Contract Value at a later date. This will not waive any right we may have to deduct previously paid amounts at a later date. We reserve the right to establish a provision for federal income taxes if we determine, in our sole discretion, that we will incur such tax as a result of the operation of the Variable Account. We will deduct for any income taxes incurred as a result of the operation of the Variable Account whether or not there was a provision for taxes and whether or not it was sufficient. We will deduct any withholding taxes from any payment we make, as required by applicable law. PROTECTION OF PROCEEDS No Beneficiary may commute, encumber, alienate or assign any payment under this contract before it is due. To the extent permitted by law, no payment will be subject to the debts, contracts or engagements of any Beneficiary or to any judicial process to levy upon or attach the same for payment thereof. ...

MODIFICATION OF CONTRACT. This Contract may not be modified by us without your consent except as may be required by applicable law. --------------------------------------------------------------------------------------------------------------------------------- Guaranteed Monthly Payments Per $1,000 of Proceeds --------------------------------------------------------------------------------------------------------------------------------- Fixed Payouts --------------------------------------------------------------------------------------------------------------------------------- Age of Annuitant Option 2 --------------------------------------------------------------------------------------------- Nearest Birthday Option 1 5 Years 10 Years 15 Years 20 Years Option 5 When First Payment Minimum Minimum Minimum Minimum --------------------------------------------------------------------------------------------- Is Made M F M F M F M F M F M F --------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------