Account: Your account at your Financial Firm in relation to which We provide the coverage under this Contract.
Annuitant: The person upon whose continued life We make payments should a Covered Event occur.
Benefit Amount: The amount We pay each Benefit Year.
Benefit Year: The one-year period measured from the Covered Event or any anniversary of the Covered Event.
Code: The Internal Revenue Code of 1986, as amended.
Contract: The agreement between you and Us, embodied in this document, that We issue and which provides the terms of the protection We provide.
Covered Event: This is the date the value of your Account becomes zero for reasons other than an Excess Withdrawal.
Cure Period: The period allowed to remedy a breach in the investment guidelines and risk profiles. We agree to this period with your Financial Firm. Such period may be as long as 30 days, but may be less.
Eligible Contribution: A contribution made into your Account after the Issue Date for which the Vesting Period for that contribution has passed. The Vesting Period is shown in Schedule.
Excess Withdrawal: There are two types of Excess Withdrawals. The first is any withdrawal during the Vesting Period. The second is any amount withdrawn on or after the end of the Vesting Period that exceeds the Income Amount for the then current Income Year. Excess Withdrawals reduce your subsequent Income Amount proportionately in the manner We describe in this Contract.
Exercise Date: The date of your first withdrawal after the Vesting Period .
Fee: The amount you owe Us for this coverage. The Fee is shown in the Schedule.
Financial Firm: An entity We approve for holding your Account.
Income Amount: A value We calculate as of the Exercise Date. We determine the Income Amount initially by applying the guaranteed income percentage shown in the Schedule to the Income Base. Subsequently, We increase the Income Amount due to Eligible Contributions to your Account or decrease the Income Amount due to Excess Withdrawals. If the Covered Event occurs, your Benefit Amount equals your then current Income Amount.
Income Base: A value We use to determine your Income Amount. It is the greater of the Accounts value on the Exercise Date or the Accounts value on the Issue Date adjusted by any Eligible Contributions and any Excess Withdrawals
Income Year: The one-year period measured from the Exercise Date or any anniversary of the Exercise Date.
Issue Date: The date We issue this Contract and initiate its protection.