SURVIVORSHIP FLEXIBLE PREMIUM
VARIABLE LIFE
INSURANCE POLICY
- -------------------------------------------------
Variable and/or Fixed
Accumulation Values
Flexible Premiums Payable During
Lifetime of Surviving Joint Insured
Adjustable Face Amount
Death Benefit Guarantee
Death Benefit Options
Nonparticipating
- --------------------------------------------------
NOTICE
Right to Return Policy
Please read this policy carefully. If for any reason you don't want it, you may
return it for a refund of all premiums paid. You must return this policy to us
or your agent by midnight of the 10th day after you receive it.
We will then consider this policy void from the start and refund all premiums
you paid.
The Death Benefit is payable on the death of the Surviving Joint Insured. We
will pay the proceeds according to the Death Benefits portion of the Summary of
Benefits on page 3, if we receive written proof that the Surviving Joint Insured
died while this policy was in force. However, you must give us written proof of
the first death of a Joint Insured as soon as it occurs. This policy also
provides other benefits and rights. We issue this policy in consideration of the
application and payment of the initial premium.
THE AMOUNT OF THE PROCEEDS PAYABLE AT THE SURVIVING JOINT INSURED'S DEATH PRIOR
TO AGE 100 OF THE YOUNGER JOINT INSURED WILL BE AT LEAST EQUAL TO THE FACE
AMOUNT OF THE POLICY AS LONG AS THIS POLICY IS IN FORCE AND THERE IS NO LOAN
AMOUNT OR UNPAID MONTHLY DEDUCTIONS.
THE PERIOD OF TIME THIS LIFE INSURANCE STAYS IN FORCE WILL VARY DEPENDING ON THE
INVESTMENT PERFORMANCE OF THE VARIABLE ACCOUNT, INTEREST CREDITED TO THE NET
PREMIUMS ALLOCATED TO THE FIXED ACCOUNT, THE AMOUNT OF PREMIUMS YOU PAY, ANY
PARTIAL WITHDRAWALS, LOANS, AND CHARGES MADE AGAINST THIS POLICY. IF YOU PAY
PREMIUMS SUFFICIENT TO MAINTAIN THE DEATH BENEFIT GUARANTEE, WE GUARANTEE THIS
POLICY WILL STAY IN FORCE DURING THE DEATH BENEFIT GUARANTEE PERIOD SHOWN ON THE
POLICY DATA PAGE.
THE VARIABLE ACCUMULATION VALUE WILL INCREASE OR DECREASE REFLECTING THE
INVESTMENT PERFORMANCE OF THE VARIABLE ACCOUNT.
RELIASTAR RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK Executed at our Home
Office
P.O. Box 9004 John H. Flittie President
1000 Woodbury Road, Suite 102 /s/ John H. Flittie
Woodbury, NY 11797-9004
Susan M. Bergen Secretary
----------------------------
/s/ Susan M. Bergen
Page 1 85-438
INDEX
PAGE
Accumulation Value 10
Age and Sex 27
Allocation of Premiums 8
Amendment 29
Annual Statement 28
Beneficiary 20
Cash Surrender Value 17
Cash Value 17
Changes in Face Amount 6
Changes in Death Benefit Option 7
Claims 30
Contract 3
Control of Policy 20
Conversion Right 27
Death Benefit 5
Definitions 3
Death Benefit Guarantee 9
Fixed Accumulation Value 10
General Provisions 25
Grace Period 9
Incontestability 27
Insureds 1
Monthly Deduction 12
Net Premium 7
Nonforfeiture Provision 14
Ownership 20
Partial Withdrawal 17
Payment of Proceeds 26
Policy Data Page A
Policy Loans 18
Premiums 7
Reinstatement 9
Right to Return Policy 1
Settlement Options 21
Suicide 27
Summary of Benefits 3
Termination 27
Total Surrender 17
Transfers 14
Variable Accumulation Value 11
Voting of Mutual Fund Shares 25
Additional benefits and restrictions, if any, are listed on the Policy Data
Page.
Page 2 5391
Summary of Benefits
Living Benefits
While any Joint Insured is alive, subject to this policy's provisions, you may:
Change the amount and frequency of your premium payments;
Change the allocation of your premiums;
Make transfers between accounts;
Surrender this policy for its
Cash Surrender Value;
Make a Partial Withdrawal;
Take a Policy Loan;
Assign this policy as collateral;
Change the beneficiary;
Transfer ownership; and
Exercise any other rights this policy provides.
While both Joint Insureds are alive, subject to this policy's provisions, you
may:
Change the Face Amount; and
Change the Death Benefit Option.
Death Benefits
At the Surviving Joint Insured's death, the proceeds payable include the Death
Benefit then in force:
Plus any additional amounts provided by rider;
Plus a refund of any policy loan interest we have charged but not earned;
Minus any Loan Amount; and
.Minus any unpaid Monthly Deductions.
The Death Benefit Option in effect is shown on the Policy Data Page. All values
are determined as of the Valuation Date on or next following the date of the
Surviving Joint Insured's death. The Death Benefit after the younger Joint
Insured reaches age 100 is the Accumulation Value.
The Contract
This policy is a legal contract. Read your policy carefully! You rely on us to
provide its benefits; we rely on you to pay its premiums. The entire contract is
this policy and all applications, Policy Data Pages, riders, and amendments
attached at time of issue or agreed upon later.
All statements made by or on behalf of anyone covered by this policy are
representations and not warranties. No statement can be used to cancel this
policy or can be used in our defense if we refuse to pay a claim, unless it is
found in an application, rider, or amendment.
Changes
Policy changes must be in writing and signed by our President or Secretary, or
one of our Vice Presidents or Assistant Secretaries. No agent or any other
person may alter or change the terms and conditions of this policy.
General Definitions
In Force
This policy is in effect.
Joint Insureds
The persons upon whose lives this policy is issued. The Policy Data Page lists
the Joint Insureds.
Surviving Joint Insured
The Joint Insured who remains alive after the other Joint Insured dies.
Proceeds
The amount we pay when the Surviving Joint Insured dies or when this policy is
surrendered.
We, Us, Our
ReliaStar Life Insurance Company of New York at our Home Office in Woodbury, New
York.
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Page 3
General Definitions
Written, In Writing
A written request or notice, signed and dated, and received at our Home Office.
The form and content of the request or notice must be acceptable to us.
You, Your
The owner of this policy, as shown on the Policy Data Page, unless changed as
allowed in this policy. The Joint Insureds own this policy as joint tenants with
right of surviviorship, unless another owner is named. During the lifetime of
the Joint Insureds, if owners, we reserve the right to require both Joint
Insured's to sign any request to exercise rights under this policy.
Policy Definitions
Accumulation Unit
A unit of measure used to determine the Variable Accumulation Value.
Accumulation Value
The total amount that this policy provides for investment at any time. The
Accumulation Value is the total of the Fixed Accumulation Value and the Variable
Accumulation Value.
Average Age
The sum of the ages of the Joint Insureds divided by two, rounded to the higher
age.
Cash Value
The Accumulation Value minus any Surrender Charge.
Cash Surrender Value
The amount payable to you if you surrender this policy. It is the Cash Value
minus any Loan Amount and unpaid Monthly Deductions.
The Code
The Internal Revenue Code of 1986, as amended.
Face Amount
The minimum Death Benefit payable as long as this policy is in force. The
Initial Face Amount is shown on the Policy Data Page. You may change the Face
Amount as described in this policy.
Fixed Account
All our assets other than those allocated to the Variable Account or any other
separate account. We have complete ownership and control of the assets in the
Fixed Account.
Loan Amount
The sum of all unpaid policy loans including preferred loans.
Monthly Anniversary
Whenever your Monthly Anniversary falls on a date other than a Valuation Date,
the Monthly Anniversary will be the next Valuation Date. The first Monthly
Anniversary is on the Policy Date.
Policy Date
The Policy Date is shown on the Policy Data Page. We use the Policy Date to
determine policy years, policy months, Monthly Anniversaries, and policy
anniversaries.
Sub-Account
A subdivision of the Variable Account. Each Sub-account invests exclusively in
the shares of one of the mutual funds shown on the Policy Data Page, or added
later.
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Valuation Date
The close of business each day that the New York Stock Exchange is open for
trading and valuations have not been suspended by the Securities and Exchange
Commission. We may also declare a Valuation Date on any other day on which there
is sufficient trading in the mutual funds' portfolio to materially affect the
Accumulation Unit Value in the corresponding Sub-account.
Valuation Period
The period of time between a Valuation Date and the next Valuation Date.
Variable Account
ReliaStar Life Insurance Company of New York Variable Life Separate Account I, a
separate investment account of ours. The Variable Account is used only to
receive and invest Net Premiums paid under our variable life insurance policies.
The assets of the Variable Account will be valued on each Valuation Date. We
have complete ownership and control of the assets in the Variable Account.
Assets of the Variable Account equal to its liabilities will not be charged with
liabilities arising out of any other business we conduct. However, we may
transfer any assets which exceed the liabilities of the Variable Account to our
Fixed Account.
The Variable Account is treated as a unit investment trust under federal
securities laws. It is registered with the Securities and Exchange Commission
according to the Investment Company Act of 1940. It was established under the
insurance laws of the State of New York. Any change in the investment policy of
the Variable Account must be approved by the Department of Insurance of the
State of New York according to the approval process on file with the State.
Death Benefit Options
This policy has two Death Benefit Options. The Death Benefit Option in effect
on the Policy Date is shown on the Policy Data Page. All values are determined
as of the Valuation Date on or next following the date of the Surviving Joint
Insured's death. The two Death Benefit Options are:
Option A (Level Amount Option)
The Death Benefit prior to age 100 of the younger Joint Insured is the greater
of:
The Face Amount; or
The Accumulation Value multiplied by the Corridor Percentage, as shown on the
Policy Data Page, according to the younger Joint Insured's attained age.
Option B (Variable Amount Option)
The Death Benefit prior to Age 100 of the younger Joint Insured is the greater
of:
The Face Amount plus the Accumulation Value; or
The Accumulation Value multiplied by the Corridor Percentage, as shown on the
Policy Data Page, according to the younger Joint Insured's attained age.
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Requested Changes in Face Amount
After the fourth policy year, you may request an increase or decrease in your
Face Amount by notifying us in writing. Changes in Death Benefit Option also
change the Face Amount. (See Changes in DeathBenefit Option.)
Increases
Increases in Face Amount must be at least $5,000. You cannot increase the Face
Amount after any Joint Insured's age exceeds age 85.
We may require written proof that each Joint Insured is still insurable before
making an increase. An approved increase goes into effect on the Monthly
Anniversary on or next following the date of the approval.
Decreases
You cannot decrease the Face Amount below the Minimum Face Amount shown on the
Policy Data Page. You cannot decrease the Face Amount if any Survivorship Term
Rider (STR) is attached. If, following a requested decrease in Face Amount, this
Policy would no longer qualify as life insurance under federal tax law, we will
limit the decrease to an amount that would maintain that qualification.
Changes go into effect on the Monthly Anniversary on or next following the date
we receive your request. At least six months must lapse between decreases.
For the purpose of determining the cost of insurance when more than one Rate
Class applies to the current Face Amount, the Face Amount will be reduced in the
following order:
The Face Amount provided by the most recent increase;
The next most recent increases successively; and
The Initial Face Amount.
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Requested Changes in Face Amount
Effect of Requested Changes in Face Amount
A change in Face Amount will affect the Monthly Deduction because the cost of
insurance and the Monthly Expense Charge are based on the Face Amount. The cost
of certain rider benefits may also be affected.
If the Death Benefit Guarantee is in effect, we will calculate a new Minimum
Monthly Premium for the Death Benefit Guarantee from the effective date of the
change in Face Amount. Additional premium payments may be required to maintain
the Death Benefit Guarantee. A decrease in Face Amount will reduce the Minimum
Monthly Premium. We will send you a new Policy Data Page with the new Minimum
Monthly Premium.
An increase in Face Amount will increase Surrender Charges. We will send you a
new Policy Data Page showing the amount and duration of the new Surrender
Charges. Decreases in Face Amount do not reduce the Surrender Charge.
Changes in Death Benefit Option
You may request in writing to change the Death Benefit Option. A change in Death
Benefit Option will also change the Face Amount. If you change from Option A
(Level Amount Option) to Option B (Variable Amount Option), the Face Amount is
decreased by an amount equal to the Accumulation Value on the effective date of
the change. The change is effective on the Monthly Anniversary on or next
following the date we receive your request. You cannot change the Death Benefit
Option if the resulting Face Amount would fall below the Minimum Face Amount
shown on the Policy Data Page. :p.If you change from Option B (Variable Amount
Option) to Option A (Level Amount Option), the Face Amount is increased by an
amount equal to the Accumulation Value on the effective date of the change. The
change is effective on the Monthly Anniversary on or next following the date we
receive your request.
A change in Face Amount due to a change in Death Benefit Option will affect the
Monthly Deduction because the cost of insurance and the Monthly Expense Charge
depend on the Face Amount. The cost of certain rider benefits may also be
affected.
The Surrender Charges will not be affected by a change in the Death Benefit
Option.
Premiums
There is no insurance under this policy until the initial premium is paid. The
initial premium is shown on the Policy Data Page. All premiums are payable in
advance of the period to which they apply.
Net Premium
When you pay a premium, we deduct the Premium Expense Charge. The Premium
Expense Charge is equal to 1 plus 2, (1 + 2), where:
Is the premium multiplied by the Percent of Premium Charge shown on the Policy
Data Page; and Is the Premium Processing Charge. The Premium Processing Charge
is subject to change, but will not exceed the Maximum Premium Processing Charge
shown on the Policy Data Page.
The amount remaining after we have deducted the Premium Expense Charge from a
premium is the Net Premium. The Net Premium is credited to the Fixed Account and
the Sub-accounts of the Variable Account according to your allocation.
The portion of the Net Premium allocated to the Fixed Account earns interest as
described in the Fixed Accumulation Value provision of the policy.
The portion of the Net Premium allocated to a Sub-account is invested at net
asset value in shares of a specified mutual fund. As of the Policy Date, the
mutual funds in which the Sub-accounts invest are listed on the Policy Data
Page. A Sub-account may be added later or deleted according to the "Substitution
of Mutual Fund Shares" provision of this policy.
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Premiums
Allocation of Premiums
The initial allocation of premiums to the Fixed Account and the Sub-accounts of
the Variable Account is specified on the application for this policy, and is
shown on the Policy Data Page. You may change the allocation at any time by
notifying us in writing. Changes will not be effective until the date we receive
your notice, and will only affect premiums we receive on or after that date. You
may allocate 100% to any account or divide your allocation in whole percentage
points totaling 100%. We reserve the right to adjust your allocations to
eliminate fractional percentages.
Amount and Timing of Premium Payments
The amount and frequency of premium payments will affect the Accumulation Value,
the Cash Surrender Value, and how long the life insurance provided by this
policy will remain in force.
After the initial premium you may determine the amount and timing of premium
payments, within the following restrictions:
We may require proof which satisfies us that each Joint Insured is still
insurable if any premium, planned or unscheduled, would increase the difference
between the Death Benefit and the Accumulation Value;
We reserve the right to refuse to accept any premium which would disqualify your
policy for favorable tax treatment under the Code. If premiums paid exceed the
maximum permitted under the Code, we will return the excess premiums with
interest to you within 60 days after the end of the policy year. However, you
have the right to pay the premium required to keep this policy in force to the
end of the policy year;
We may refuse to accept any premium less than $25; and
We will not accept premium payments after age 100 of the younger Joint Insured.
You may pay premiums by sending them to the address shown below. Please include
your policy number. The current address for payment is:
ReliaStar Life Insurance Company of New York
P.O. Box 802511
Chicago, Illinois 60680-2511
Upon request, we will send you a receipt signed by one of our officers.
Planned Periodic Premiums
You may pay planned periodic premiums annually, semi-annually, quarterly, or, if
you choose, we can also deduct planned periodic premiums from your bank account
monthly. We will notify you of your planned periodic premium at least once a
year.
The amount and frequency of the initial planned periodic premiums are shown on
the Policy Data Page. You may change the frequency and amount of planned
periodic premiums by notifying us in writing of the change. We reserve the right
to limit the amount of any increase in planned periodic premiums if such
increase would result in planned periodic premiums that are larger than either
of 1 or 2, where:
Is the maximum premium we would accept under the terms of the Amount and Timing
of Premium Payments provision; and
Is a planned periodic premium which would total more than $50,000 per year.
We may send you periodic premium notices depending on the frequency and method
of premium payment you have chosen.
Unscheduled Additional Premiums
Premiums, other than planned periodic premiums, may be paid at any time. We may
limit the number and amount of these additional payments. (See "Amount and
Timing of Premium Payments" above.)
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Death Benefit Guarantee
The Death Benefit Guarantee Period is shown on the Policy Data Page and begins
on the Policy Date. The Death Benefit Guarantee is in effect during the Death
Benefit Guarantee Period if, on each Monthly Anniversary since the Policy Date,
1 is equal to or greater than 2, where:
Is the sum of all premiums paid minus any partial withdrawals and any Loan
Amount; and Is the sum of Minimum Monthly Premiums since the Policy Date,
including the Minimum Monthly Premium for the current Monthly Anniversary.
If the Death Benefit Guarantee is in effect, we guarantee that we will not lapse
your policy, even if the Cash Surrender Value is not sufficient to pay the
Monthly Deduction that is due. Although we determine each month whether or not
you have made sufficient premium payments to maintain the Death Benefit
Guarantee, you do not have to pay premiums monthly.
If, on any Monthly Anniversary you have not paid sufficient premiums to maintain
the Death Benefit Guarantee, we will send you notice of the required payment. If
we do not receive the required payment within 61 days following the date we mail
you written notice, the Death Benefit Guarantee is no longer in effect and
cannot be reinstated.
Policy Changes Affecting the Minimum Monthly Premium and the Death Benefit
Guarantee Period
The Minimum Monthly Premium may be affected by requested changes in Face Amount,
changes in the Death Benefit Option, and may also be changed when a rider is
added or terminated. The new Minimum Monthly Premium and Death Benefit Guarantee
Period will be shown on a new Policy Data Page and applies from the date of the
change.
Grace Period and Policy Lapse
If on any Monthly Anniversary the Death Benefit Guarantee is not in effect and
the Cash Surrender Value is less than the Monthly Deduction due, within 30 days
we will send you written notice of the payment required to keep this policy in
force.
If we do not receive sufficient premium from you within 61 days from the date we
send written notice to you, this policy will lapse. Sufficient premium is any
premium such that the Net Premium is larger than the sum of 1 plus 2, (1 + 2),
where:
Is the amount by which the Accumulation Value is less than the Surrender Charge
as of the beginning of the grace period; and
Is the sum of past due Monthly Deductions.
The grace period begins on the date we send you written notice of the required
payment.
If the Surviving Joint Insured dies during the grace period, we deduct any Loan
Amount and any unpaid Monthly Deductions from the proceeds.
If the Death Benefit Guarantee is in effect, we will not lapse the policy.
Reinstatement
Reinstatement means putting a lapsed policy back in force. You may reinstate
this policy by written request any time within five years after it has lapsed,
as long as it has not been surrendered for its Cash Surrender Value.
This policy will be reinstated only as of a Monthly Anniversary. To reinstate
this policy and any riders, you must:
Submit proof which satisfies us that each Joint Insured, or Surviving Joint
Insured, is still insurable. You must also submit due proof that any Joint
Insured not living when you apply for reinstatement died while the policy was in
force.
Pay a premium large enough such that the Net Premium is as large as the
sum of the Surrender Charge after reinstatement, plus the Monthly Deductions for
the date of reinstatement and the following Monthly Anniversary.
This policy will be reinstated only as of a Monthly Anniversary. If you have met
the above conditions, and the Surviving Joint Insured dies before the Monthly
Anniversary on which the policy would be reinstated, we will pay the Death
Benefit as of that Monthly Anniversary.
The Accumulation Value on the date of reinstatement will be the amount provided
by the Net Premium paid to reinstate this policy. Subsequent Accumulation Values
will be calculated as shown in the Accumulation Value provision of this policy.
The Surrender Charges will also be reinstated.
The Death Benefit Guarantee cannot be reinstated.
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Accumulation Value
The Accumulation Value of this policy is equal to the sum of the Fixed
Accumulation Value plus the Variable Accumulation Value.
Fixed Accumulation Value
The Fixed Accumulation Value on the Policy Date is your Net Premium credited to
the Fixed Account on that date minus the Monthly Deduction applicable to the
Fixed Accumulation Value for the first policy month.
After the Policy Date, the Fixed Accumulation Value is calculated as 1 + 2 + 3
+ 4 -5 - 6, where:
Is the Fixed Accumulation Value on the preceding Monthly Anniversary, plus
interest from the Monthly Anniversary to the date of the calculation;
Is the total of your Net Premiums credited to the Fixed Account since the
preceding Monthly Anniversary, plus interest from the date premiums are credited
to the date of the calculation;
Is the total of your transfers from the Variable Account to the Fixed Account
since the preceding Monthly Anniversary, plus interest from the date of transfer
to the date of the calculation;
Is the total of your Loan Amount transferred from the Variable Account since the
preceding Monthly Anniversary;
Is the total of your transfers to the Variable Account from the Fixed Account
since the preceding Monthly Anniversary, plus interest from the date of transfer
to the date of the calculation; and
Is the total of your partial withdrawals from the Fixed Account since the
preceding Monthly Anniversary, plus interest from the date of withdrawal to the
date of the calculation.
If the date of the calculation is a Monthly Anniversary, we also reduce the
Fixed Accumulation Value by the applicable Monthly Deduction for the policy
month following the Monthly Anniversary.
Interest Rate on the Fixed Accumulation Value
The interest rate applied in the calculation of the Fixed Accumulation Value
will not be less than the Minimum Annual Interest Rate shown on the Policy Data
Page. This rate is an effective annual interest rate compounded yearly. Interest
in excess of the Minimum Annual Interest Rate may be applied in the calculation
of your Fixed Accumulation Value in a manner which our Board of Directors
determines. We will credit interest no less frequently than annually.
The interest rate applied to any portion of the Accumulation Value which
represents the Loan Amount may be less than the interest rate applied to the
rest of the Accumulation Value, but not less than the Minimum Annual Interest
Rate. Any interest is nonforfeitable, except as it is subject to the deductions
and charges, including Surrender Charges, stated elsewhere in this policy.
Interest credited on the loaned Accumulation Value is credited annually on the
Policy Anniversary to the Fixed Account and the Variable Account according to
your premium allocation.
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Accumulation Value
Variable Accumulation Value
The Variable Accumulation Value is the total of your values in each Sub-account.
The value for each Sub-account is equal to 1 multiplied by 2, (1 x 2), where:
Is your current number of Accumulation Units; and
Is the current Unit Value.
The Variable Accumulation Value will vary from Valuation Date to Valuation Date
reflecting changes in 1 and 2 above.
Accumulation Units
When transactions are made which affect the Variable Accumulation Value, dollar
amounts are converted to Accumulation Units. The number of Accumulation Units
for a transaction is found by dividing the dollar amount of the transaction by
the current Unit Value.
The number of Accumulation Units for a Sub-account increases when:
Net Premiums are credited to that Sub-account; or
Transfers from the Fixed Account or other Sub-accounts are credited to that
Sub-account.
The number of Accumulation Units for a Sub-account decreases when:
You take out a Policy Loan from that Sub-account;
You take a partial withdrawal from that Sub-account;
We take a portion of the Monthly Deduction from that Sub-account; or
Transfers are made from that Sub-account to the Fixed Account or other
Sub-accounts.
Unit Value
The Unit Value for a Sub-account on any Valuation Date is equal to the previous
Unit Value multiplied by the Net Investment Factor for that Sub-account for the
Valuation Period ending on that Valuation Date.
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Accumulation Value
Net Investment Factor
The Net Investment Factor is a number that reflects charges to this policy and
the investment performance during a Valuation Period of the mutual fund in which
a Sub-account is invested. If the Net Investment Factor is greater than one, the
Unit Value is increased. If the Net Investment Factor is less than one, the Unit
Value is decreased. The Net Investment Factor for a Sub-account is determined by
dividing 1 by 2, ( 1 / 2 ), where:
Is the result of: The net asset value per share of the mutual fund shares in
which the Sub-account invests, determined at the end of the current
ValuationPeriod;
Plus the per share amount of any dividend or capital gain distributions made
on the mutual fund shares in which the Sub-account invests during the
current Valuation Period; and
Plus or minus a per share charge or credit for any taxes reserved
for which we determine to have resulted from the investment operations of the
Sub-account and to be applicable to this policy.
Is the result of:
The net asset value per share of the mutual fund shares held in the Sub-account,
determined at the end of the last prior Valuation Period; and
Plus or minus a per share charge or credit for any taxes reserved for which we
determine to have resulted from the investment operations of the Sub-account
and to be applicable to this policy.
Monthly Deduction
The Monthly Deduction is a charge made monthly against the Accumulation Value.
The Monthly Deduction for a policy month will be calculated as 1, plus 2, plus
3, plus 4, plus 5, (1 + 2 + 3 + 4 + 5), where:
Is the cost of insurance for this policy for the policy month;
Is the Monthly Expense Charge for the policy month;
Is the cost of any rider benefits, other than any Waiver of Monthly Deduction
rider, for the policy month;
Is the Monthly Mortality and Expense Risk Charge for the policy month; and
Is the cost of any Waiver of Monthly Deduction rider for the policy month.
The Monthly Deduction is deducted from the Fixed Accumulation Value and the
Variable Accumulation Value as of the Monthly Anniversary. The amount of the
Monthly Deduction we deduct from the Fixed Accumulation Value is 1 multiplied by
2 divided by 3, ((1 x 2) / 3)), where:
Is the cost of any riders benefits plus the cost of insurance for this policy
plus the Monthly Expense Charge, for the policy month;
Is the Fixed Accumulation Value minus the Loan Amount; and
Is the Accumulation Value minus the Loan Amount.
The remainder of the Monthly Deduction is deducted from the Variable
Accumulation Value. The portion of the Monthly Deduction we deduct from each
Sub-account of the Variable Accumulation Value is the amount of Monthly
Deduction deducted from the Variable Accumulation Value times the ratio of the
value of each Sub-account to the Variable Accumulation Value.
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Cost of Insurance
We determine the cost of insurance on a monthly basis. The cost of insurance for
a policy month is calculated as 1 multiplied by the result of 2 minus 3, 1 x (2
- - 3), where:
Is the cost of insurance rate as described in the Cost of Insurance Rates
provision of this policy; Is the Death Benefit at the beginning of the policy
month, divided by the sum of 1.000000 plus the Minimum Monthly Interest Rate
shown on the Policy Data Page; and Is the Accumulation Value immediately before
the Monthly Deduction, for the policy month.
The cost of insurance is determined separately for the Initial Face Amount and
any increases made later. If the rate class for the Initial Face Amount is
different from that of an increase, the Accumulation Value used in 3 above will
first be considered a part of the InitialFace Amount. If the Accumulation Value
on the Monthly Anniversary exceeds the Initial Face Amount, it will be
considered to be part of any increase in the Face Amount in order of the
increases.
Cost of Insurance Rates
The monthly cost of insurance rate for this policy is based on each Joint
Insured's sex, issue age, and rate class as shown on the Policy Data Page, and
the policy year. If your Death Benefit is a percentage of the Accumulation Value
as described under the definition of "Death Benefit" in Level Amount Option,
item 2, or Variable Amount Option, item 2, the rate class with the most recent
effective date will apply. Issue age means age last birthday on the effective
date of the coverage. Except for Face Amounts when one or both Joint Insureds
are in a rated Rate
Class, the cost of insurance charges can never be greater than those shown in
the Table of Monthly Guaranteed Cost of Insurance Rates. This table is based
on the Commissioners Standard Ordinary (CSO) Tables shown on the Policy Data
Page. For Face Amounts where one or both Joint Insureds are in a rated Rate
Class, the guaranteed cost of insurance rates are calculated based on
appropriate adjustments to the appropriate CSO tables. The rates may also be
increased by any extra cost of insurance shown on the Policy Data Page for
either or both Joint Insureds.
Monthly Expense Charge
The Monthly Expense Charge for a policy month will be calculated as 1, plus 2,
plus 3, plus 4, (1 + 2 + 3 + 4), where:
Is the Monthly Administrative Charge. The Monthly Administrative Charge is
subject to change, but will not exceed the Maximum Monthly Administrative Charge
shown on the Policy Data Page. The Monthly Administrative Charge will not
exceed the product of $5.00 and the ratio(not to exceed 2.00) of a to b, where:
Is the Consumer Price Index (for all urban households) for the preceding
September; and
Is the Consumer Price Index for September 1985.
Is the Death Benefit Guarantee Charge and the Term shown on the Policy Data
Page;
Is the Monthly Policy Charge. This charge and the Term during which it is
applied are shown on the Policy Data Page; and
Is the Monthly Amount Charge. This charge is equal to the Monthly Amount
Charge per $1,000, as shown on the Policy Data Page, multiplied by the Face
Amount divided by $1,000. This charge applies to the Initial Face Amount
during the Term shown on the Policy Data Page. An Additional Monthly Amount
Charge Per $1,000 will apply to any approved increase in Face Amount. We will
send you written notice of the amount and Term of the Additional Monthly Amount
Charge. Any change in Face Amount due solely to a change of Death Benefit Option
does not affect the charge.
85-444
Page 13
Monthly Deduction
Monthly Mortality and Expense Risk Charge
The Monthly Mortality and Expense Risk Charge for a policy month will be
calculated as 1 multiplied by 2, ( 1 x 2), where:
Is the Mortality and Expense Risk Charge, which will not exceed the Maximum
Mortality and Expense Risk Charge shown on the Policy Data Page, divided by 12;
and
Is the Variable Accumulation Value before the Monthly Deduction, minus the
portion which was taken from the Variable Account for each of the following
deductions:
The Cost of Insurance for the policy month;
The cost of any rider benefits, other than any Waiver of Monthly Deduction
rider, for the policy month;
The Monthly Expense Charge for the policy month.
Basis of Computations
Where required, a detailed statement of the method of computation of cash values
under this policy has been filed with the insurance department of the state in
which this policy was delivered. Cash values under this policy are not less than
the minimums required by the state in which this policy was delivered.
Adjustments to Policy Cost Factors
Adjustments to the monthly cost of insurance rate and Monthly Administrative
Charge will be by Rate Class and based upon changes in future expectations for
mortality, persistency, interest, taxes, and expenses. Any
changes to the monthly cost of insurance rate or Monthly Administrative
Charge will be made only prospectively, based on future expectations, in
accordance with procedures and standards on file with the New York Insurance
Department. Changes will not be used to recoup past losses or distribute
past gains. The experience underlying the monthly cost of insurance rate
will be reviewed at regular intervals, no less often than every five years.
Continuation of Insurance
Even if you do not make additional premium payments, your insurance coverage
under this policy, and any benefits provided by rider, will stay in force as
long as the Cash Surrender Value is large enough to cover the Monthly Deduction.
If the Cash Surrender Value is less than the Monthly Deduction due, we will use
the Cash Surrender Value to continue the insurance during the grace period.
Transfers
You may request in writing the transfer of all or part of your Accumulation
Value between the Fixed Account and the Sub-accounts of the Variable Account. We
consider all transfers received in the same request and made on the same
Valuation Date as one transfer. We make a transfer on the first Valuation Date
after we receive your written request.
We do not make a charge for the first 12 transfers in a policy year. However, we
may make a charge for each transfer in excess of the first 12 transfers in a
policy year, but the charge may not exceed $25.00. We reserve the right to limit
the number of transfers to 12 per year. All transfers are also subject to any
charges and conditions imposed by the mutual fund whose shares are involved.
5397
Page 14
Transfers
Transfers from the Fixed Account
To transfer all or part of your Fixed Accumulation Value, you must meet the
following conditions:
The request to transfer must be postmarked no more than 30 days before the
policy anniversary, and no later than 30 days after the policy anniversary. Only
one transfer is allowed during this period;
The Fixed Accumulation Value after the transfer must be at least equal to the
Loan Amount;
No more than 50% of the Fixed Accumulation Value (minus any Loan Amount) may be
transferred unless the balance, after the transfer, would be less than $1,000.
If the balance would fall below $1,000, the full Fixed Accumulation Value (minus
any Loan Amount) may be transferred; and
You must transfer at least:
$500; or
The total Fixed Accumulation Value (minus any Loan Amount) if less than $500.
Transfers from a Sub-account
To transfer from a Sub-account, Accumulation Units are redeemed on the next
Valuation Date after we receive your request and their value is reinvested in
other Sub-accounts, or the Fixed Account, as directed in your request. We will
effect transfers and determine all values in connection with transfers at the
end of the Valuation Period
during which we receive your request, except as otherwise specified for the
Dollar Cost Averaging or Portfolio Rebalancing Services. With respect to
future net premium payments, however, your current premium allocation will
remain in effect unless you have requested the Portfolio Rebalancing Service,
or you are transferring all of the Variable Accumulation Value from the
Variable Account to the Fixed Account in exercise of conversion rights.
85-451
Page 15
Transfers
Dollar Cost Averaging Service
You may request this service if your Face Amount is at least $100,000 and either
your Accumulation Value, less any Loan Amount, is at least $5,000 or your
initial premium is at least $5,000. If you request this service in writing,
we will make specific periodic transfers of a fixed dollar amount from any of
the Sub-accounts to one or more of the Sub-accounts or to the Fixed Account. No
transfers from the Fixed Account are permitted under this service. Transfers
of this type may be made on a monthly, quarterly, semi-annual, or
annual basis. We make no guarantees that Dollar Cost Averaging will result in a
profit or protect against loss.
The Dollar Cost Averaging service will be discontinued immediately: If you make
a written request to discontinue this service; On receipt of any request to
begin a Portfolio Rebalancing service;
If the policy is in the grace period on any date when Dollar Cost Averaging
transfers are scheduled;
If the specified transfer amount from any Sub-account is more than the
Accumulation Value in that
Sub-account; or Thirty-six months after the Dollar Cost
Averaging start date.
We reserve the right to discontinue, modify, or suspend this service. Any such
modification or discontinuation would not affect any Dollar Cost Averaging
service requests already commenced.
Portfolio Rebalancing Service
You may request this service if your Accumulation Value, less any Loan Amount,
is at least $10,000. If you request this service in writing, we will make
periodic transfers to maintain your specified percentage allocation of
Accumulation Value, less any Loan Amount, among the Sub-accounts of the Variable
Account and the Fixed Account. Your allocation of future Net Premium payments
will also be changed to be equal to this specified percentage allocation.
Transfers made under this service may be made on a quarterly, semi-annual, or
annual basis.
The Portfolio Rebalancing service will be discontinued immediately:
If you make a written request to discontinue this service;
On receipt of any request to change the allocation of premiums to the Fixed
Account and Sub-account of the Variable Account;
On receipt of any request to begin a Dollar Cost Averaging service;
On receipt of any request to transfer
Accumulation Value among the Fixed Account or Sub-accounts;
If the policy is in the grace period; or
The Accumulation Value, less any Loan Amount, is less than $7,500 on any
Valuation Date when Portfolio Rebalancing transfers are scheduled.
We reserve the right to discontinue, modify, or suspend this service. Any such
modification or discontinuation could affect Portfolio Rebalancing services
currently in effect, but only after 30 days notice to you.
5409
Page 16
Cash Value, Cash Surrender Value, Total Surrender, and Partial Withdrawal
Cash Value
The Cash Value of this policy is the Accumulation Value minus any Surrender
Charge.
The Cash Value is never less than zero.
Cash Surrender Value
The Cash Surrender Value of this policy is the Cash Value minus the Loan Amount
and any unpaid Monthly Deductions.
Surrender Charge
We make a Surrender Charge if you surrender this policy or it lapses. The
Surrender Charge is the Maximum Surrender Charge minus the Premium Related
Surrender Charge Reduction. The Surrender Charge is not less than zero.
Initial Face Amount
The Maximum Surrender Charge applicable to the Initial Face Amount depends on
the Initial Face Amount. The amount and duration of the Unadjusted Surrender
Charge applicable to the Initial Face Amount is shown on the Policy Data Page.
Whenever the total premiums paid are less than the Surrender Charge Whole Life
Premium shown on the Policy Data Page, the Surrender Charge applicable to the
Initial Face Amount will be reduced by the Premium Related Surrender Charge
Reduction. The Premium Related Surrender Charge Reduction is calculated as 1
multiplied by the result of 2 minus 3, (1 x (2 -3)), where:
Is the Surrender Charge Reduction Factor shown on the Policy Data Page;
Is the Surrender Charge Whole Life Premium Shown on the Policy Data Page; and
Is the total premiums paid.
Requested Changes in Face Amount
Additional Surrender Charges will apply to any approved increase in Face Amount.
The additional Surrender Charge depends on the amount of the increase in Face
Amount and the Joint Insureds' sex, Average Age, and rate class on the effective
date of the increase. We will send you written notice of the amount and duration
of the additional Surrender Charge. No Premium Related Surrender Charge
Reductions are made for additional Surrender Charges applicable to increases in
Face Amount.
If Surrender Charges are shown on an annual basis, they grade uniformly by
policy month between the consecutive years shown.
Any increases or decreases in Face Amount resulting from changes in the Death
Benefit Option, and any requested decreases in Face Amount, do not affect the
Surrender Charges.
Total Surrender
You may surrender this policy for its Cash Surrender Value by sending us a
written request.
Partial Withdrawal
After the first policy year, you may withdraw part of your Cash Surrender Value
by sending us a written request. The amount of any partial withdrawal must be at
least equal to $500.00. The maximum partial withdrawal equals the Cash Surrender
Value multiplied by the Percent of Partial Withdrawal shown on the Policy Data
Page. Only one partial withdrawal is allowed in any policy year. We may make a
charge for each partial withdrawal, but the charge will not exceed $25.00.
Unless you specify, we make partial withdrawals from the Fixed Accumulation
Value and the Variable Accumulation Value on a proportionate basis. For the
purpose of calculating the proportion, the Loan Amount is subtracted from the
Fixed Accumulation Value. We make partial withdrawals from a Sub-account by the
automatic surrender of Accumulation Units.
85-445
Page 17
Cash Value, Cash Surrender Value, Total Surrender, and Partial Withdrawal
Benefits
The Effect of Partial Withdrawals
The Accumulation Value will be reduced by the amount of any partial withdrawal.
The Death Benefit will also be reduced by the amount of the withdrawal, or, if
the Death Benefit is based on the Corridor Percentage of Accumulation Value, by
an amount equal to the Corridor Percentage times the amount of the withdrawal.
The Face Amount will be reduced by the amount of the partial withdrawal if
Option A (Level Amount Option) is in effect. We do not allow a withdrawal if
the Face Amount after a partial withdrawal would
be less than the Minimum Face Amount shown on the Policy Data Page. If more than
one Premium Class applies to the current Face Amount, for the purpose of
determining the cost of insurance, the Face Amount will be reduced in the
following order:
The Face Amount provided by the most recent increase;
The next most recent increases successively; and
The Initial Face Amount.
If Death Benefit Option B (Variable Amount Option) is in effect, a partial
withdrawal does not affect the Face Amount.
A partial withdrawal may cause the Death Benefit Guarantee to terminate. The
amount of the partial withdrawal is deducted from the total premium paid in
calculating whether sufficient premiums have been paid to maintain the Death
Benefit Guarantee.
Policy Loans
After the first policy year, if this policy has a Loan Value, you may take out a
loan from us by written request. We use this policy as security for the loan.
Each loan must be at least $500.
We will not lend you more than the Loan Value. The Loan Value is 1, minus 2, (1
- - 2), where:
Is the Cash Value; and
Is the existing Loan Amount.
When we make a policy loan, the amount of the policy loan will be segregated
within the Fixed Accumulation Value of your policy as security for the loan.
Unless you specify, amounts held as security for the loan will come from the
Fixed Accumulation Value and the Variable Accumulation Value on a proportionate
basis. For the
purpose of determining the proportion, we subtract any existing
Loan Amount from the Fixed Accumulation Value. Amounts equal to the portion of
the policy loans coming from the Sub-accounts of the Variable Account are
transferred to the Fixed Account, reducing the Variable Accumulation Value.
These transfers are not treated as transfers for the purpose of the transfer
charge or the limit on the number of transfers in a policy year.
5398
Page 18
Policy Loans
Effect of the Policy Loans
If not repaid, we deduct any unpaid policy loans before paying the proceeds. If,
at any time, the Loan Amount exceeds the Cash Value, the grace period goes into
effect and we may lapse this policy. A loan may cause the Death Benefit
Guarantee to terminate. The Loan Amount is deducted from the total premiums paid
in calculating whether you have paid premiums sufficient to maintain the Death
Benefit Guarantee.
Loan Interest
We charge interest on the Loan Amount at the Loan Interest Rate shown on the
Policy Data Page. After the tenth policy year, we charge interest at the
Preferred Loan Interest Rate shown on the Policy Data Page on the portion of
your Loan Amount that is not greater than the result of 1 minus 2 plus 3, ( 1 -
2 + 3 ), where:
Is the Accumulation Value;
Is the sum of all premiums paid; and
Is the sum of all partial withdrawals.
This result is called the Preferred Loan Amount.
The Preferred Loan Amount is calculated on the date of any loan and on each
policy anniversary thereafter. Policy loan repayments received will be applied
first to reduce the portion of your policy loan that is not the Preferred Loan
Amount, and then to reduce the Preferred Loan Amount.
On the date of any policy loan, interest is due in advance for the remainder of
the policy year. On each policy anniversary thereafter, interest is due in
advance for the next full policy year. Any unpaid interest is added to the Loan
Amount, and we charge interest on it. If, on any Monthly Anniversary, the Loan
Amount exceeds the Cash Value, we will notify you within 30 days. If we do not
receive sufficient payment within 61 days from the date we send notice to you,
this policy will lapse.
Repayment
You may repay all or part of any policy loan during any Joint Insured's
lifetime. If not repaid during the Surviving Joint Insured's lifetime, we deduct
the Loan Amount from the proceeds. We generally consider any payments we
receive, planned or unscheduled, as a premium payment subject to a Premium
Expense Charge. Therefore, when you make a payment on a policy loan, to avoid a
Premium Expense Charge, you must tell us that you are making a loan payment. We
reserve the right to treat a loan payment as a premium payment if doing so will:
Prevent this policy from lapsing; or
Prevent borrowing from this policy to pay premiums.
Loan repayments reduce the Loan Amount. We will transfer from the Fixed Account
to each Sub-account of the Variable Account, 1 multplied by 2, ( 1 x 2 ), where:
Is the amount of the loan repayment; and
Is the current proportion used to allocate premiums to that Sub-account.
These transfers are not treated as transfers for the purpose of the transfer
charge or the limit on the number of transfers in a policy year.
Delay of Payment on Surrender, Partial Withdrawals and Loans
The amount surrendered, withdrawn, or loaned will normally be paid to you within
seven days of:
Receipt of your written request; and
Receipt of your policy, if required
We may delay making the payment when we are not able to determine the Variable
Accumulation Value because:
The New York Stock Exchange is closed for trading; or
The Securities and Exchange Commission determines that a state of emergency
exists.
85-446
Page 19
Delay of Payment on Surrender, Partial Withdrawals and Loans
We have the right to delay making a surrender, partial withdrawal, or loan from
the Fixed Account for up to six months from the date we receive your request. If
we delay payment for 10 days or more, we pay interest at the same rate we are
currently paying on proceeds at death from the date of the surrender, partial
withdrawal, or loan request to the date of payment.
Beneficiary
The beneficiary is named to receive the proceeds to be paid at the Surviving
Joint Insured's death. You may name one or more beneficiaries on the
application. Later, you may name, add, or change beneficiaries by written
request as described below. You may also choose to name a beneficiary whom you
cannot change without his or her consent. This is an irrevocable beneficiary.
:subhead.
Naming, Adding, or Changing Beneficiaries
You can name, add, or change beneficiaries by written request if all of these
are true:
This policy is in force;
The Surviving Joint Insured is alive; and
We have the written consent of all irrevocable beneficiaries.
A change will take effect as of the date it is signed but will not affect any
payment we make or action we take before receiving your request.
Paying Proceeds
We pay death proceeds in the following order:
Collateral assignees, if any, have first priority;
The beneficiary, if any, receives any proceeds that remain. If there is more
than one beneficiary, each receives an equal share, unless you have requested
another method in writing. Unless otherwise provided, to receive proceeds, a
beneficiary must be living on the 10th day after the Surviving Joint Insured's
death; then
If there are no beneficiaries, you receive any proceeds that remain.
Control of Policy
Ownership
As owner, you have the rights and duties outlined in this policy. However, we
need the written consent of all irrevocable beneficiaries and collateral
assignees, if you wish to:
Surrender this policy or make a partial withdrawal;
Take out a policy loan;
Change the owner;
Name or change a contingent owner;
Add or delete a term insurance rider;
Change the Face Amount; or
Change the Death Benefit Option
5399
Page 20'
Control of Policy
We need the written consent of all irrevocable beneficiaries, if you wish to:
Change a beneficiary;
Choose or change a Settlement Option; or
Assign this policy or any of its benefits as collateral.
Your rights, as outlined in this policy, end at the Surviving Joint Insured's
death.
Collateral Assignment
You may assign the benefits of this policy as collateral for a debt. This limits
your rights to the Cash Surrender Value and the beneficiary's rights to the
proceeds. A collateral assignment does not change the owner. A collateral
assignee does not have ownership rights.
An assignment is not binding on us until we receive written notice of it. We
assume no responsibility as to the validity of any assignment. When we pay
proceeds, we may rely on what the collateral assignee states as the debt due.
Changing Ownership
You can change the owner of this policy by sending us a written request. This is
called an "absolute assignment." You transfer all your rights and duties as
owner to a new owner. The new owner can then make any change the policy allows.
You can also name a contingent owner who will own this policy at your death. You
may name, change, or withdraw a contingent owner by sending us a written
request.
An absolute assignment or contingent owner request:
Does not change the coverage or the beneficiary;
Applies only if we receive your request;
Takes effect from the date signed;
Does not affect any payment we make or action we take before receiving your
request; and
Is not a collateral assignment.
Settlement Options
Settlement Options are ways of paying the proceeds of this policy. These options
apply to:
Payment of proceeds at death; and
Proceeds payable upon full surrender
of this policy for its Cash Surrender Value.
Proceeds applied under a settlement option no longer earn interest at the rate
applied to the Fixed Account or participate in the investment experience of the
Variable Account.
85-447
Page 21
Settlement Options
Choosing Options
Settlement Options are chosen or withdrawn by making a written agreement with us
or by sending us written notice. Our approval is needed for an option to be
chosen or withdrawn. Before the Surviving Joint Insured's death, only you can
choose or withdraw an option. After the Surviving Joint Insured's death, a
beneficiary may choose an option depending on prior restrictions made by you or
a collateral assignee. A change of beneficiary or owner withdraws all chosen
options; you must choose again any options you want.
We issue a supplemental contract for proceeds applied under any option. We need
not accept an option where less than $2,500 will be applied for each payee. In
this case, we may pay a payee's proceeds in one sum. Under an installment
option, each payment must be at least $25. If needed, we may increase the time
between payments to three months, six months, or a year to make each payment at
least $25.
Paying Proceeds
We pay proceeds to a payee. A payee is one to whom we may pay part or all of the
proceeds or interest. The primary payee is the first person to whom benefits are
payable. If the primary payee dies before we have made all payments under
Options 2, 3, or 4, we pay the remaining payments to any contingent payee. We
pay the proceeds in one sum, unless one or more of the following options are
requested and we agree to it. We will also use any other method of payment that
is acceptable to you and to us.
Under Options 2, 3, 4, and 5, we pay the first installment as of the date we
issue a supplemental contract to pay the proceeds.
Under Option 6, we pay the first installment at the end of the interval it
applies to.
Option 1
The proceeds are left with us to earn interest. The withdrawal rights, the
length of time we will hold the proceeds, and any future change of option are
subject to our approval. Interest is guaranteed to be at least 3.5% per year.
Option 2
We pay the proceeds with interest in equal installments for the amount you
choose at equal intervals until the proceeds and interest are all paid. The
interval you choose may be a month, 3 months, 6 months, or a year. The amount
chosen for each installment must be such that the total installments payable in
any 12 months is at least 7% of the total amount of the proceeds.
The last installment will be for the remaining proceeds and interest, and might
not be equal to the other installments. Interest is guaranteed to be at least
3.5% per year.
Option 3
We pay the proceeds in equal installments at equal intervals for the number of
years you choose. The interval may be a month, three months, six months, or a
year. Use the Option 3 Table to determine the amount of each installment. If you
ask, we will tell you the payment amounts for numbers of years or intervals not
shown. The Option 3 Table is computed assuming 3.5% interest per year. Interest
is guaranteed to be at least 3.5% per year.
5400
Page 22
Settlement Options
Option 3 Table
Monthly Payments
Number of Per $1000
Years of Proceeds
5 $18.12
10 9.83
15 7.10
20 5.75
25 4.96
Option 4
The proceeds are used to provide an annuity with 60, 120, 180, or 240 months
"certain". This means that we continue paying the primary payee in equal monthly
installments for as long as the primary payee lives with a number of months
"certain". "Certain" means that we make payments for at least as long as the
period you choose (either 60, 120, 180, or 240 months), no matter when the
primary payee dies. If the primary payee dies before the "certain" period ends,
the remaining payments are payable to the contingent payee.
We compute the installments using the calendar year in which the proceeds are
applied and the payee's sex and age at that time. We require written proof of
the payee's sex and age. If you ask, we will tell you payment amounts for this
option. The amount of the installments are computed using the 1983 Table a with
Projection Scale G and interest at 3.5% per year.
85-448
Page 23
Settlement Options
Option 5
The proceeds are used to provide a "joint and two-thirds to survivor" life
income for two payees. We make monthly payments jointly to the two payees as
long as they both live. When one payee dies, the other receives two-thirds of
the amount of the joint monthly payment for life. Payments stop when both payees
have died. We compute
the payment amounts using the calendar year in which the proceeds are applied
and the payees' sexes and ages when the proceeds are applied. We require
written proof of the payees' ages. If you ask, we will tell you any of these
amounts. The amounts of the monthly payments are computed using the 1983 Table a
with Projection Scale G and interest at 3.5% per year.
Option 6 (Annuity Option)
The proceeds are used to provide an annuity. Each annuity installment is 103% of
the payment that we would make if the payee had used the proceeds to buy a
similar, nonparticipating, single premium immediate annuity at our rates on the
date the proceeds are applied. We pay these installments at the end of the
interval to which they apply. We will not apply this option if a similar option
would be more favorable to the payee when proceeds are applied.
Death of Payee
Unless we have agreed otherwise, if a payee dies after we have paid or credited
proceeds under Option 1, we will pay the proceeds and any unpaid interest in one
sum to the payee's estate. Unless we have agreed otherwise, if a payee dies
after we have paid or credited proceeds under Options 2, 3, or 4, we will pay
the remaining payments to any contingent payees. If there are no contingent
payees, we pay the following amounts to the primary payee's estate.
Under Option 2, we will pay any unpaid sum left with us plus any unpaid interest
on that sum.
Under Option 3, we will pay the commuted value (based on interest at an
effective annual rate of 3-1/2%) of any unpaid installments.
Under Option 4, we will pay the commuted value (based on interest at an
effective annual rate of 3-1/2%) of any unpaid installments remaining in the
"certain" period.
5401
Page 24
Settlement Options
Protection of Proceeds
Unless we agree to it, a payee may not do any of the following:
Withdraw any part of the proceeds or interest;
Change the fixed payment intervals or the length of the payment period;
Change the settlement option;
Change the amount of payment;
Surrender the supplemental contract for cash;
Borrow against the supplemental contract; or
Assign the supplemental contract.
If the payee chooses Options 1, 2, or 3, the payee may change the option and
transfer the funds that remain to a new option. This applies unless prevented by
a written agreement with us.
A payee's creditors may not claim any of the proceeds or interest. This
provision applies unless altered by federal or state law.
Interest on Settlement Options
We base the interest rate for proceeds applied under Options 1 and 2 on the
interest rate we declare on funds that we consider to be in the same
classification based on the option, restrictions on withdrawal, and other
factors. The interest rate will never be less than an effective annual rate of
3-1/2%.
In determining amounts to be paid under Options 3 and 4, we assume interest at
an effective annual rate of 3-1/2%. Also, for Option 3 and "certain" periods
under Option 4, we credit any excess interest we may declare on funds that we
consider to be in the same classification based on the option, restrictions on
withdrawal, and other factors.
General Provisions
Voting of Mutual Fund Shares
While this policy is in force, you have the right to instruct us how to vote the
mutual fund shares attributable to this policy. All fund proxy material and
forms used to give voting instructions will be sent to persons having voting
interests.
We will vote the mutual fund shares held in Sub-accounts according to the
instructions received, as long as:
The Variable Account is registered as a unit investment trust under the
Investment Company Act of 1940; and
The assets of the Variable Account are allocated to Sub-accounts that are
invested in mutual funds shares.
We may vote the mutual fund shares held in the Sub-accounts at our discretion if
we determine that, because of applicable law or regulation, we do not have to
vote the mutual fund shares according to the voting instructions received.
If we do not receive timely voting instructions from you, we will vote the
applicable mutual fund shares in proportion to the instructions which are
received with respect to the other policies providing benefits related to the
applicable Sub-account.
The persons entitled to give voting instructions and the number of votes
affected by their instructions will be determined as of a record date selected
by us, not more than 90 days before the meeting of the applicable mutual fund.
This policy does not give you the right to vote at meetings of our stockholders
and/or policyholders.
85-449
Page 25
General Provisions
Substitution of Mutual Fund Shares
We reserve the right, if permitted by law and subject to the approval of the
Superintendent, to: move, add, or combine Sub-accounts and make the new
Sub-accounts available to you at our discretion; :li.Substitute shares of other
investment funds or series thereof for those of the investment funds and series
made available under the policy;
Transfer assets of the ReliaStar Life Insurance Company of New York Variable
Life Separate Account I which we determine to be associated with the class of
contracts to which this policy belongs, to another variable account (if this
type of transfer is made, the term "ReliaStar Life Insurance Company of New York
Variable Life Separate Account I" as used in this policy will then mean the
variable account to which the assets were transferred);
Deregister the ReliaStar Life Insurance Company of New York Variable Life
Separate Account I under the Investment Company Act, of 1940, if registration is
no longer required;
Make any changes required by the Investment Company Act of 1940;
Operate the ReliaStar Life Insurance Company of New York Variable Life
Separate Account I as a managed company under the Investment Company Act of
1940, or any other form permitted by law; and
Restrict or eliminate any voting privileges you or other persons may have as
to the ReliaStar Life Insurance Company of New York Variable Life Separate
Account I.
Payment of Proceeds
We pay all proceeds of this policy when we receive this policy and proof of
death. We make payments under Settlement Options 4, 5, and 6 only to a natural
person in that person's own right. We adjust the proceeds payable on the death
of the Surviving Joint Insured as follows:
We refund any policy loan interest charged but not earned;
We deduct any Loan Amount; and
We deduct any unpaid Monthly Deductions due on or before the Surviving Joint
Insured's death.
As of the date of death, the proceeds no longer earn interest at the rate
applied to the Fixed Account or participate in the investment experience of the
Variable Account. If payment is delayed more than 10 days, we pay interest on
the proceeds at death for the time between the Surviving Joint Insured's death
and the earlier of the following:
The date we pay proceeds; or
The date we issue a supplemental contract.
Interest on these funds will be the current interest rate being credited on the
interest only settlement option (Option I) but it will never be less than an
effective annual rate of 3.5%.
Simultaneous Death
If the Joint Insureds die simultaneously or in circumstances making it uncertain
who is the Surviving Joint Insured, the older Joint Insured will be deemed to
have been the Surviving Joint Insured, and no payment will be made for the death
of the younger Joint Insured.
5402
Page 26
General Provisions
Incontestability
This policy has a two-year contestable period running from the Issue Date shown
on the Policy Data Page. During this period, we could ask for information that
could lead us to contest this policy or refuse to pay its benefits. After this
policy has been in force during both Joint Insured's lifetime for two years from
the Issue Date, we cannot claim your policy is void or refuse to pay any
proceeds unless the policy has lapsed.
If you make a Face Amount increase or premium payment which requires proof of
insurability, the corresponding Death Benefit increase has its own two-year
contestable period measured from the date of the increase in Death Benefit.
If this policy is reinstated, this provision will be measured from the date of
reinstatement.
Age and Sex
If any Joint Insured's age or sex is misstated, the Death Benefit will be the
amount that the most recent cost of insurance would purchase using the current
cost of insurance rate for the correct age and sex.
Suicide
If any Joint Insured commits suicide within two years of the Issue Date, we do
not pay the Death Benefit. Instead, we refund all premiums paid on this policy
and any attached riders, minus any Loan Amounts and partial withdrawals.
If you make a Face Amount increase or premium payment which requires proof of
insurability, the corresponding Death Benefit increase has its own two-year
suicide limitation for the proceeds associated with that increase. If any Joint
Insured commits suicide within two years of the effective date of the increase,
we pay the Death Benefit prior to the increase and refund the cost of insurance
for that increase.
Termination
This policy terminates when any of the following occur:
The required payment is not paid by the end of the grace period;
The Surviving Joint Insured dies;
The policy is surrendered for its full Cash Surrender Value;
or
The policy is amended according to the Amendment provision of this policy and
you do not accept the amendment.
If we make a Monthly Deduction from the Accumulation Value after this policy
terminates, the deduction is not considered a reinstatement of the policy or a
waiver of the termination.
85-450
Page 27
General Provisions
Conversion Right
During the first two policy years and the first 24 months following the
effective date of an increase in Face Amount, you may, by written request,
convert this policy without evidence of insurability to a policy in which the
benefits do not vary with the investment performance of the Variable Account.
This conversion is done by transferring all or part of your Variable
Accumulation Value to your Fixed Accumulation Value. You must tell us you are
exercising your conversion rights when requesting the transfer. We will then
waive the transfer charge and that transfer is not counted against the limit on
the number of trasnfers in a policy year. You are allowed only one such transfer
in each of these 24-month periods.
Also, in the event of a material change in the investment policy of any
Sub-account of the Variable Account, you may, by written request convert this
policy to a policy in which benefits do not vary with the investment performance
of the Variable Account. This conversion is done by transferring all or part of
your Variable Accumulation Value to your Fixed Accumulation Value. You must tell
us you are exercising your conversion rights when requesting the transfer. We
will then waive the transfer charge and that transfer is not counted against the
limit on the number of transfers in a policy year. The option to convert is
exercisable within 60 days after the effective date of such change in the
investment policy or your receipt of the notice of the change in investment
policy, whichever is later.
If you exercise this conversion right, we will automatically credit all future
premium payments to the Fixed Account, until you specify a change in allocation.
At the time of the transfer, there is no effect on the policy's Death Benefit,
Accumulation Value, Face Amount, net amount at risk, rate class, or issue age.
Annual Statement
Each year we will send you an annual statement, free of charge, showing the
following:
Premiums paid;
Planned periodic premiums;
Interest credits;
Death Benefit;
Loan Amounts;
Partial withdrawals;
Transfers; and
Charges since the last statement.
We will make a charge not to exceed $50 for any additional statements you
request.
5403
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General Provisions
Projection Report
If you ask we will provide a report projecting future results. The report will
be based on the following:
The Death Benefit Option you specify;
Planned periodic premiums you specify;
The Accumulation Value at the end of the prior policy year; and
Any other assumptions specified by you or us, subject to any limitations imposed
by the Securities and Exchange Commission.
We will charge a fee for each report after the first report in any policy year.
Nonparticipating
This contract does not entitle you to participate in our surplus.
Amendment
We reserve the right to amend this policy to include any future changes relating
to the following:
Any Securities and Exchange Commission rulings and regulations;
This policy's qualification for treatment as a life insurance policy under the
following:
The Code;
Internal Revenue Service rulings and regulations; and
Any requirements imposed by the Internal Revenue Service.
We will send you any amendments promptly.
Disclaimer
We are not liable for any tax or tax penalty you owe resulting from failure to
comply with the requirements of the Code, regulations and rulings imposed on
this policy.
85-465
Page 29
SURVIVORSHIP FLEXIBLE PREMIUM
VARIABLE LIFE
INSURANCE POLICY
- ---------------------------------------------------
Variable and/or Fixed
Accumulation Values
Flexible Premiums Payable During
Lifetime of Surviving Joint lnsured
Adjustable Face Amount
Death Benefit Guarantee
Death Benefit Options
Nonparticipating
- -----------------------------------------------
NOTICE
To make a claim or exercise your rights under this policy, please write to us at
the address below and include your policy number:
Writing directly to us will save time and expense. You do not need to hire any
person, firm, or corporation unless, because of a dispute, you wish to.
RELIASTAR RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
P. O. Box 9004
1000 Woodbury Road, Suite 102
Woodbury, NY 11797-9004
85-438
Page 30
Four Year Term Insurance Rider (FTR)
This rider is a part of the base policy whose number is shown below. If not
shown below, the Rider Data is shown on the Policy Data Page.
Rider Data
Base Policy Number
Definitions
Joint Insureds
The persons upon whose lives this policy is issued. The Policy Data Pages list
the Joint Insureds.
Surviving Joint Insured
The Joint Insured who remains alive after the other Joint Insured has died.
You, Your
The current owner(s) of the base policy.
We, Us, Our
ReliaStar Life Insurance Company of New York at our Home Office in Woodbury, New
York.
Written, In Writing
A written request or notice, signed and dated, and received at our Home Office
in a form we accept. You may get forms for this purpose from us.
Benefits
When we have written proof that the Surviving Joint Insured died while this
rider was in force, we will pay the FTR Face Amount, as shown on the Policy Data
Page, then in force.
Beneficiary
The beneficiary of the proceeds of this rider is the beneficiary of the proceeds
of the base policy.
When you name, add, or change a beneficiary of the base policy the change will
also apply to this rider. If you assign the benefits of this rider as collateral
for a debt, this limits the beneficiary's rights to the proceeds.
Cost of Insurance and Monthly Amount Charges
The total monthly deduction for this rider equals the sum of 1 plus 2 where:
Is the Monthly Amount Charge per $1,000 (as shown on the Policy Data Page)
multiplied by the FTR Face Amount divided by 1000. This chargeapplies during the
Term shown on the Policy Data Page; and
Is the FTR Face Amount times the monthly cost of insurance rate described on the
next page.
85-453
Page 1
Cost of Insurance Rates
The monthly cost of insurance rate for this rider is based on each Joint
Insured's sex, issue age, and premium class as shown on the Policy Data Page,
and the policy year. Issue age means age last birthday on the effective date of
the coverage. We will determine monthly cost of insurance rates based upon
expectations as to future cost factors. Any change in cost of insurance rates
will apply to all in the same insurance class whose policies have been in force
for the same period of time.
The cost of insurance rates can never be greater than those shown in the Table
of Monthly Guaranteed Cost of Insurance Rates as shown on the Policy Data Page.
Paying Proceeds
We pay proceeds in the following order:
Collateral assignees, if any, have first priority;
The beneficiary, if any, receives any proceeds that remain. If there is more
than one beneficiary, each receives an equal share, unless you have requested
another method in writing. To receive proceeds, a beneficiary must be living on
the 10th day after the death of the Surviving Joint Insured under this rider;
then
If there are no beneficiaries, you receive any proceeds that remain
Termination
This rider ends:
Four years after the Rider Effective Date;
If the base policy is surrendered or ends; or
If you ask us in writing to end this rider. In this case, we may ask that you
return the policy and this rider so that we can endorse them. This rider will
end on the first Monthly Anniversary Date after we receive your written request
to end this rider.
After this rider ends, we are not liable for its benefits, even if we have
included the cost of insurance and monthly amount charges for this rider in the
total monthly deduction for the base policy. We will refund any such amounts
that we deduct after this rider ends.
5404
Page 2
Reinstatement
If the base policy lapses, this rider will also lapse. You can reinstate this
rider if:
This rider was in effect when the base policy lapsed;
The Rider Expiry Date has not occurred; and
You reinstate the base policy.
To reinstate this rider, you must do both of the following:
Give us proof of each Joint Insured's insurability; and
Pay a premium large enough to keep the base policy and this rider in force for
at least 2 months.
The base policy may be reinstated without this rider, in which case proof and
payment for this rider are not needed.
Age and Sex
If any Joint Insured's age or sex is misstated, the Death Benefit will be the
amount that the most recent cost of insurance would purchase using the current
cost of insurance rates for the correct age and sex.
Suicide
The Suicide provision of the base policy applies to this rider from the Rider
Effective Date in the same way that it applies to the base policy from the base
policy's Issue Date.
Incontestability
If you apply for this rider with the base policy, the Incontestable provision of
the base policy applies to this rider from the Rider Effective Date. During this
2-year period, we may ask for information that could lead to our contesting this
rider or refusing to pay its benefits.
After this rider has been in force for 2 years from the Rider Effective Date, we
cannot claim this rider is void or refuse to pay any benefits with respect to
the FTR Face Amount, unless this rider has lapsed for nonpayment of premiums. If
this rider is reinstated, this provision will be measured from the reinstatement
date with respect to statements made in the application for reinstatement.
General Provisions
This rider does not increase any cash or loan values of the base policy.
All base policy provisions apply to this rider, unless changed by this rider.
85-454
Page 3
Policy Split Option Rider (PSO)
This rider is a part of the base policy whose number is shown below. If not
shown below, the Base Policy Number is shown on the Policy Data Page.
Rider Data
Base Policy Number
Definitions
Joint Insureds
The persons upon whose lives this policy is issued. The Policy Data Page lists
the Joint Insureds.
You, Your
The current owner(s) of the base policy.
We, Us, Our
ReliaStar Life Insurance Company of New York at our Home Office in Woodbury, New
York.
Written, In Writing
A written request or notice, signed and dated, and received at our Home Office,
in a form we accept. You may get forms for this purpose from us.
Policy Split Option
The owner may request to split this policy, not including any riders, into two
new individual permanent life insurance policies we are then offering. One
individual policy will be issued on the life of each Joint Insured. We may
require evidence of insurability.
The owner may request this option by notifying us in writing within 90 days
following:
The enactment or the effective date of a change in the federal estate tax laws
that would eliminate the unlimited marital deduction or reduce by at least 50%
the estate taxes payable upon death;
The effective date of a final divorce decree between the Joint Insureds; or
The dissolution of the business partnership of the Joint Insureds.
If there is more than one owner, each owner must elect the Policy
Split Option.
The New Policy
The Death Benefit of each individual policy cannot be greater than 50% of the
base policy's Death Benefit, not including any riders.
The Accumulation Value less any outstanding loan amount of the base policy will
be divided equally and each portion will be applied as premiums to each of the
new individual policies.
85-456
Page 1
The New Policy
If one Joint Insured does not meet our insurability requirements, you may do one
of the following:
The individual policies will be subject to our minimum and maximum specified
amounts and issue ages for the plan of insurance chosen.
If one of the Joint Insureds is older than the individual policy's maximum issue
age at the time the Policy Split Option is elected, our approval is needed to
elect the option.
The premiums for the individual policies will be based on each Joint Insured's
attained age and premium rate class based on evidence of insurability submitted
for this option. Premiums are payable as of the policy dates for each individual
policy.
The policy date for each individual policy will be the Monthly Anniversary
following your written request to elect the Policy Split Option.
The owner for each individual policy will be the Joint Insured whose life is
insured under the individual policy, unless otherwise specified. The beneficiary
for each individual policy will be the beneficiary named for the base policy,
unless otherwise specified.
Cost of Insurance
The total monthly deduction for this rider is shown on the Policy Data Page.
Policies Returned Under Free Look
If you return either of the new policies under a free look or right to return
policy provision, we will refund for each policy returned an amount equal to
one-half of the Cash Surrender Value of the base policy plus all additional
premiums paid for the new policy.
General Provisions
This rider does not increase any cash or loan values of the base policy.
All base policy provisions apply to this rider, unless changed by this rider.
Termination
This rider ends:
If the base policy is surrendered or ends;
At age 100 of the younger Joint Insured;
On the Rider Expiry Date shown on the Policy Data Page; or
If you ask us in writing to end this rider. In this case, we may ask that you
return the policy and this rider so that we can endorse them. This rider will
end on the first Monthly Anniversary Date after e receive your written request.
5405
Page 2
Survivorship Term Rider (STR)
This rider is a part of the base policy whose number is shown below. If not
shown below, the Rider Data is shown on the Policy Data Page.
Rider Data
Base Policy Number
Definitions
Joint Insureds
The persons upon whose lives this policy is issued. The Policy Data Pages list
the Joint Insureds.
Surviving Joint Insured
The Joint Insured who remains alive after the other Joint Insured has died.
You, Your
The current owner(s) of the base policy.
We, Us, Our
ReliaStar Life Insurance Company of New York at our Home Office in Woodbury, New
York.
Written, In Writing
A written request or notice, signed and dated, and received at our Home Office
in a form we accept. You may get forms for this purpose from us.
Benefits
When we have written proof that the Surviving Joint Insured died while this
rider was in force, we will pay the STR Face Amount, as shown on the Policy Data
Page, then in force.
Beneficiary
The beneficiary of the proceeds of this rider is the beneficiary of the proceeds
of the base policy.
When you name, add, or change a beneficiary of the base policy the change will
also apply to this rider. If you assign the benefits of this rider as collateral
for a debt, this limits the beneficiary's rights to the proceeds.
Cost of Insurance and Monthly Amount Charges
The total monthly deduction for this rider equals the sum of 1 plus 2 where:
Is the Monthly Amount Charge per $1,000 (as shown on the Policy Data Page)
multiplied by the STR Face Amount divided by 1000. This charge applies during
the Term shown on the Policy Data Page; and Is the STR Face Amount times the
monthly cost of insurance rate described on the next page.
85-457
Page 1
Cost of Insurance Rates
The monthly cost of insurance rate for this rider is based on each Joint
Insured's sex, issue age, and premium class as shown on the Policy Data Page,
and the policy year. Issue age means age last birthday on the effective date of
the coverage. We will determine monthly cost of insurance rates based upon
expectations as to future cost factors. Any change in cost of insurance rates
will apply to all in the same insurance class whose policies have been in force
for the same period of time.
The cost of insurance rates can never be greater than those shown in the Table
of Monthly Guaranteed Cost of Insurance Rates as shown on the Policy Data Page.
Paying Proceeds
We pay proceeds in the following order:
Collateral assignees, if any, have first priority;
The beneficiary, if any, receives any proceeds that remain. If there is more
than one beneficiary, each receives an equal share, unless you have requested
another method in writing. To receive proceeds, a beneficiary must be living on
the 10th day after the death of the Surviving Joint Insured under this rider;
then
If there are no beneficiaries, you receive any proceeds that remain.
Conversion
This rider may be converted to a new survivorship flexible premium variable life
insurance policy for the Joint Insureds without proof of insurability only:
While both Joint Insureds are alive;
While this rider is in force; and
Before any Joint Insured reaches age 75.
Application for conversion must be in writing. Only you may apply. If you wish
to convert your policy, we may require that you send us the base policy and this
rider so that we can endorse them.
The New Policy
The Face Amount of the new policy cannot be greater than the Face Amount of this
rider. The date of the new policy will be the date of the conversion. The new
policy, which will be in the same premium class as this rider, can be on any of
our plans in use at the time of the conversion that:
We would normally issue;
Do not participate in our surplus; and
Do not contain any benefits or rights involving a greater aggregate risk,
relative to premium, than is insured under this rider.
5406
Page 2
Termination
This rider ends:
On the Rider Expiry Date shown on the Policy Data Page;
If this rider is converted;
If the base policy is surrendered or ends;
If the Surviving Joint Insured dies; or
If you ask us in writing to end this rider. In this case, we may ask that you
return the policy and this rider so that we can endorse them. This rider will
end on the first Monthly Anniversary Date after we receive your written request
to end this rider.
After this rider ends, we are not liable for its benefits, even if we have
included the cost of insurance and monthly amount charges for this rider in the
total monthly deduction for the base policy. We will refund any such amounts
that we deduct after this rider ends.
Reinstatement
If the base policy lapses, this rider will also lapse. You can,reinstate this
rider if:
This rider was in effect when the base policy lapsed;
The Rider Expiry Date has not occurred; and
You reinstate the base policy.
To reinstate this rider, you must do both of the following:
Give us proof of each Joint Insured's insurability; and
Pay a premium large enough to keep the base policy and this rider in force for
at least 2 months.
The base policy may be reinstated without this rider, in which case proof and
payment for this rider are not needed.
Age and Sex
If any Joint Insured's age or sex is misstated, the Death Benefit will be the
amount that the most recent cost of insurance would purchase using the current
cost of insurance rates for the correct age and sex.
Suicide
The Suicide provision of the base policy applies to this rider from the Rider
Effective Date in the same way that it applies to the base policy from the base
policy's Issue Date.
Incontestability
If you apply for this rider with the base policy, the Incontestable provision of
the base policy applies to this rider from the Rider Effective Date. During this
2-year period, we may ask for information that could lead to our contesting this
rider or refusing to pay its benefits.
After this rider has been in force for 2 years from the Rider Effective Date, we
cannot claim this rider is void or refuse to pay any benefits with respect to
the STR Face Amount, unless this rider has lapsed for nonpayment of premiums. If
this rider is reinstated, this provision will be measured from the reinstatement
date with respect to statements made in the application for reinstatement.
General Provisions
This rider does not increase any cash or loan values of the base policy.
All base policy provisions apply to this rider, unless changed by this rider.
85-458
Page 3
Modification Rider
This rider is a part of the base policy whose number is shown below. If not
shown below, the Base Policy Number is shown on the Policy Data Page.
Rider Data
Base Policy Number
Policies Returned Under Free Look
If you return this policy under a free look or right to return policy provision,
we will refund an amount equal to:
One-half of the Cash Surrender Value of the Survivorship Flexible Premium
Variable Life Insurance policy through which you purchased this policy under the
Policy Split Option Rider, plus
Any additional premiums paid for this policy.
85-461
Page 1