Exhibit 1.A.(5)(a)
3E-40-02
[GENERAL AMERICAN LOGO] POLICY NUMBER: [16,000,001]
LIFE INSURANCE COMPANY
ST. LOUIS, MISSOURI 63166
INSURED: [JOHN DOE]
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
NON-PARTICIPATING
Flexible Premiums are payable during the lifetime of the Insured to Attained Age
100. Upon our receipt of proof of the Insured's death, we will pay the Policy
Proceeds to the Beneficiary. This Policy must be in force. We may request that
the Policy be returned to us after death occurs. Any payment will be subject to
all of the provisions and conditions on this and the following pages of this
Policy.
THE AMOUNT OF THE DEATH BENEFIT OR THE DURATION OF THE DEATH BENEFIT MAY
INCREASE OR DECREASE UNDER THE CONDITIONS DESCRIBED IN THE POLICY BENEFITS
SECTION.
THE POLICY'S CASH VALUE CAN VARY FROM DAY TO DAY. IT CAN INCREASE OR DECREASE,
DEPENDING ON THE SEPARATE ACCOUNT INVESTMENT EXPERIENCE AND ON THE GENERAL
ACCOUNT INTEREST. SEE THE SEPARATE ACCOUNT PROVISION AND THE GENERAL ACCOUNT
CASH VALUE PROVISION.
RIGHT TO EXAMINE POLICY
You may return this Policy or an increase in Face Amount to us or to one of our
agents within [10] days from the date you receive it. If you return the Policy
within this period, we will refund any premium paid and the Policy will be void
from the start. If you return an increase in Face Amount within this period, we
will restore to this Policy's Cash Value the Monthly Deductions plus any Face
Amount Increase Administration Charge for the increase.
This Policy is a legal contract between the Policy Owner and General American
Life Insurance Company. PLEASE READ YOUR CONTRACT CAREFULLY.
Signed for the Company at its Home Office, [St. Louis, Missouri 63128.
(1-800-638-9294)]
/s/ Matthew P. McCauley /s/ Kevin Eichner
VP, GENERAL COUNSEL, PRESIDENT AND CEO
AND SECRETARY
ALPHABETIC GUIDE TO YOUR CONTRACT
Section
4 Addition, Deletion or Substitution of Investments
6 Allocation of Net Premiums
8 Asset Charge
2 Assignments
8 Basis of Computation
2 Beneficiary
8 Cash Surrender Value
8 Cash Values
8 Cash Value After Attained Age 100
5 Change in Death Benefit Option
5 Change in Face Amount
3 Change of Insured
2 Change of Owner or Beneficiary
3 Claims of Creditors
5 Continuation of the Policy Beyond Attained Age 100
3 Contract
3 Conversion Rights
5 Death Benefit
1 Definitions
5 Definition of Life Insurance
4 Divisions
6 Federal Tax Charge
8 General Account Cash Value
8 General Account Interest Rate
6 Grace Period
3 Incontestability
9 Interest on Proceeds
1 Issue Date
8 Loan Account Cash Value
7 Loans
3 Misstatement of Age or Sex and Corrections
8 Monthly Administration and Issue Expense Charge
8 Monthly Cost of Insurance
8 Monthly Cost of Insurance Rates
8 Monthly Deduction
8 Monthly Policy Charge
8 Net Investment Factor
6 Net Premium
6 No Lapse Period
2 Owner
8 Partial Withdrawals
9 Payment of Policy Benefits
6 Payment of Premiums
6 Percent of Premium Charge
5 Policy Changes
1 Policy Date
5 Policy Proceeds
8 Postponement of Payments or Transfers
6 Premium Tax Charge
6 Reinstatement
2 Requests for Changes and/or Information
8 Separate Account Cash Value
4 Separate Account Provisions
3 Statements in Application
3 Suicide Exclusion
8 Surrender
8 Surrender Charge
4 Transfer
3 Unisex Basis
8 Variable Accumulation Units
Additional Benefit Riders, Modifications and Amendments, if any, and a copy of
the Application are found following the final section.
POLICY SPECIFICATIONS
GENERAL POLICY SPECIFICATIONS
INSURED [JOHN DOE]
POLICY NUMBER [16,000,001]
ISSUE DATE [JANUARY 1, 2002]
POLICY DATE [JANUARY 1, 2002]
FACE AMOUNT [$50,000]
DEATH BENEFIT OPTION [OPTION A]
INSURED AGE [35]
SEX [MALE]
RISK CLASSIFICATION [STANDARD SMOKER]
PLANNED ANNUAL PREMIUM:
1ST YEAR [$732.50]
YEARS 2+ [$732.50]
QUALIFIED ROLLOVER PREMIUM [$0.00]
NO LAPSE ANNUAL PREMIUM [$732.50]
NO LAPSE PREMIUM DATE [JANUARY 1, 2007]
MAXIMUM PREMIUM TAX CHARGE [2.5%]
MAXIMUM FEDERAL TAX CHARGE [1.25%]
MAXIMUM PERCENT OF PREMIUM CHARGE [5%]
MAXIMUM PERCENT OF PREMIUM
CHARGE QUALIFIED ROLLOVER PREMIUM [0%]
BENEFITS - AS SPECIFIED IN POLICY AND IN ANY RIDER
POLICY PLAN: FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
POLICY SPECIFICATIONS (CONTINUED)
SEPARATE ACCOUNT [SEPARATE ACCOUNT 11 ]
MAXIMUM NUMBER OF ACCOUNTS [49]
GENERAL ACCOUNT CASH VALUE GUARANTEED INTEREST RATE [3%]
GENERAL ACCOUNT MAXIMUM ALLOCATION PERCENT [100%]
GENERAL ACCOUNT MAXIMUM WITHDRAWAL PERCENT LIMIT [25%]
MONTHLY DISCOUNT FACTOR [1.0024663]
MAXIMUM MONTHLY ASSET CHARGE PERCENTAGE:
YEARS 1 - 10 [0.0583333%]
YEARS 11 - 20 [0.0291667%]
YEARS 21 + [0.0208333%]
MAXIMUM ANNUAL ASSET CHARGE PERCENTAGE:
YEARS 1 - 10 [0.70%]
YEARS 11 - 20 [0.35%]
YEARS 21 + [0.25%]
MAXIMUM MONTHLY POLICY CHARGE:
1st YEAR [$25.00]
YEARS 2 + [$6.00]
MAXIMUM MONTHLY ADMINISTRATION AND ISSUE EXPENSE CHARGE RATE:
YEARS 1 - 10 [$0.1501]
YEARS 11 + [$0]
MAXIMUM LOAN INTEREST CHARGE RATE [3.50%]
MINIMUM LOAN AND WITHDRAWAL AMOUNT [$500.00]
MAXIMUM NUMBER OF TRANSFERS OR WITHDRAWALS [12]
MINIMUM FACE AMOUNT [$50,000]
MINIMUM FACE AMOUNT INCREASE [$10,000]
MINIMUM FACE AMOUNT DECREASE [$10,000]
MAXIMUM FACE AMOUNT INCREASE ADMINISTRATION CHARGE [$100.00]
MAXIMUM PROCESSING CHARGE [$25.00]
GUARANTEED INTEREST RATE ON PROCEEDS [3.0%]
7702 TABLE [1980 CSO MORTALITY TABLE FOR A
MALE SMOKER, AGE NEAREST BIRTHDAY]
BASIS OF COMPUTATION [1980 CSO MORTALITY TABLE FOR A
OF MINIMUM CASH VALUES MALE SMOKER, AGE NEAREST BIRTHDAY]
BASIS OF COMPUTATION INTEREST RATE [4.0%]
IF THE INITIAL PREMIUM PAID AND SUBSEQUENT PREMIUMS PROVE TO BE TOO LOW,
COVERAGE PROVIDED BY THIS POLICY MAY CEASE.
TABLE OF MAXIMUM MONTHLY COST OF INSURANCE RATES
RATES ARE PER $1,000
INSURED: [JOHN DOE]
COVERAGE: [FPVL]
ISSUE DATE: [JANUARY 1, 2002]
POLICY NUMBER: [16,000,001]
ATTAINED AGE RATE ATTAINED AGE RATE ATTAINED AGE RATE
35 0.2192 57 1.5075 79 9.4575
36 0.2342 58 1.6408 80 10.1325
37 0.2533 59 1.7792 81 10.8675
38 0.2750 60 1.9325 82 11.6833
39 0.3000 61 2.1050 83 12.5858
40 0.3283 62 2.2992 84 13.5408
41 0.3617 63 2.5192 85 14.5167
42 0.3958 64 2.7617 86 15.4817
43 0.4350 65 3.0242 87 16.4217
44 0.4758 66 3.2975 88 17.4475
45 0.5225 67 3.5842 89 18.4600
46 0.5692 68 3.8792 90 19.4742
47 0.6200 69 4.1933 91 20.5100
48 0.6733 70 4.5400 92 21.6108
49 0.7333 71 4.9242 93 23.0250
50 0.7967 72 5.3608 94 24.8458
51 0.8700 73 5.8525 95 27.4967
52 0.9517 74 6.3883 96 32.0458
53 1.0450 75 6.9808 97 40.0167
54 1.1500 76 7.5917 98 54.8317
55 1.2617 77 8.2100 99 83.3333
56 1.3825 78 8.8258 100+ 0.0000
THESE RATES ARE FOR THE BASE POLICY AT ISSUE. THEY ARE BASED ON THE 1980
COMMISSIONERS STANDARD ORDINARY MORTALITY TABLE [FOR A MALE SMOKER].
TABLE OF CORRIDOR FACTORS
INSURED: [JOHN DOE]
COVERAGE: [FPVL]
ISSUE DATE: [JANUARY 1, 2002]
POLICY NUMBER: [16,000,001]
DEFINITION OF LIFE
INSURANCE TEST: [GUIDELINE PREMIUM TEST]
[TABLE OF GUIDELINE PREMIUM CORRIDOR FACTORS]
ATTAINED AGE FACTOR ATTAINED AGE FACTOR ATTAINED AGE FACTOR
35 2.50 57 1.42 79 1.05
36 2.50 58 1.38 80 1.05
37 2.50 59 1.34 81 1.05
38 2.50 60 1.30 82 1.05
39 2.50 61 1.28 83 1.05
40 2.50 62 1.26 84 1.05
41 2.43 63 1.24 85 1.05
42 2.36 64 1.22 86 1.05
43 2.29 65 1.20 87 1.05
44 2.22 66 1.19 88 1.05
45 2.15 67 1.18 89 1.05
46 2.09 68 1.17 90 1.05
47 2.03 69 1.16 91 1.04
48 1.97 70 1.15 92 1.03
49 1.91 71 1.13 93 1.02
50 1.85 72 1.11 94 1.01
51 1.78 73 1.09 95 1.01
52 1.71 74 1.07 96 1.01
53 1.64 75 1.05 97 1.01
54 1.57 76 1.05 98 1.01
55 1.50 77 1.05 99 1.01
56 1.46 78 1.05 100 1.00
SURRENDER CHARGE SCHEDULE
INSURED: [JOHN DOE]
COVERAGE: [FPVL]
ISSUE DATE: [JANUARY 1, 2002]
POLICY NUMBER: [16,000,001]
MAXIMUM MAXIMUM MAXIMUM
POLICY SURRENDER POLICY SURRENDER POLICY SURRENDER
MONTH CHARGE MONTH CHARGE MONTH CHARGE
1-12 $220.05 48 $146.70 84 $73.35
13 218.01 49 144.66 85 71.31
14 215.98 50 142.63 86 69.28
15 213.94 51 140.59 87 67.24
16 211.90 52 138.55 88 65.20
17 209.86 53 136.51 89 63.16
18 207.83 54 134.48 90 61.13
19 205.79 55 132.44 91 59.09
20 203.75 56 130.40 92 57.05
21 201.71 57 128.36 93 55.01
22 199.68 58 126.33 94 52.98
23 197.64 59 124.29 95 50.94
24 195.60 60 122.25 96 48.90
25 193.56 61 120.21 97 46.86
26 191.53 62 118.18 98 44.83
27 189.49 63 116.14 99 42.79
28 187.45 64 114.10 100 40.75
29 185.41 65 112.06 101 38.71
30 183.38 66 110.03 102 36.68
31 181.34 67 107.99 103 34.64
32 179.30 68 105.95 104 32.60
33 177.26 69 103.91 105 30.56
34 175.23 70 101.88 106 28.53
35 173.19 71 99.84 107 26.49
36 171.15 72 97.80 108 24.45
37 169.11 73 95.76 109 22.41
38 167.08 74 93.73 110 20.38
39 165.04 75 91.69 111 18.34
40 163.00 76 89.65 112 16.30
41 160.96 77 87.61 113 14.26
42 158.93 78 85.58 114 12.23
43 156.89 79 83.54 115 10.19
44 154.85 80 81.50 116 8.15
45 152.81 81 79.46 117 6.11
46 150.78 82 77.43 118 4.08
47 148.74 83 75.39 119 2.04
120 0.00
1. DEFINITIONS IN THIS POLICY
WE, US AND OUR General American Life Insurance Company.
YOU AND YOUR The Owner of this Policy.
In the application the words "you" and "your" refer to the
proposed Insured person(s).
INSURED The person whose life is insured under this Policy. See
the Policy Specifications page.
ISSUE AGE The age of the Insured as of his or her nearest birthday
to the Policy Date.
ATTAINED AGE The Issue Age plus the number of completed policy years.
This includes any period during which this Policy was
lapsed.
ISSUE DATE The effective date of the coverage under this Policy is
the Issue Date shown on the Policy Specifications page. It
is also the date from which the contestable and suicide
periods are measured.
POLICY DATE The date from which policy anniversaries, policy years,
and policy months are measured. It is the Policy Date
shown on the Policy Specifications page.
INVESTMENT START The date as of when the first premium is applied to the
DATE General Account and/or the Divisions of the Separate
Account. This date will be the later of:
1. The Policy Date of the Policy; and
2. The date we receive the first premium at our Home
Office or any other office designated by us.
QUALIFIED ROLLOVER The amount of premium, if any, that was paid as a result
PREMIUM of replacing an existing life insurance policy or annuity
contract issued by us or any of our affiliates we consent
to with this Policy. This premium will not be less than
that shown on the Policy Specifications page.
MONTHLY ANNIVERSARY The same date in each succeeding month as the Policy Date
except that whenever the monthly anniversary falls on a
date other than a Valuation Date, the monthly anniversary
will be deemed the next Valuation Date. If any monthly
anniversary would be the 29th, 30th, or 31st day of a
month that does not have that number of days, then the
monthly anniversary will be the last day of that month.
GENERAL ACCOUNT The assets held by us, excluding any Loan, other than
those allocated to the Divisions of the Separate Account
or any other Separate Account.
SEPARATE ACCOUNT A separate investment account created by us to receive and
invest Net Premiums received for this Policy or other
policies.
LOAN ACCOUNT The account to which we will transfer from the General
Account and the Divisions of the Separate Account the
amount of any Loan.
LOAN SUBACCOUNT A Loan SubAccount exists for the General Account and each
Division of the Separate Account. Any Cash Value
transferred to the Loan Account will be allocated to the
appropriate Loan SubAccount to reflect the origin of the
Cash Value. At any point in time, the Loan Account will
equal the sum of all the Loan SubAccounts.
VALUATION DATE Each day that the New York Stock Exchange is open for
trading and the SEC has not restricted trading or declared
an emergency. Each Valuation Date ends at the close of
regular trading on the New York Stock Exchange.
VALUATION PERIOD The period between the end of two successive Valuation
Dates.
SEC The United States Securities and Exchange Commission
2. PERSONS WITH AN INTEREST IN THE POLICY
OWNER The Owner of the Policy is named in the Application (see
copy attached); but, the Owner can be changed. The new
owner will succeed to all rights of the Owner, including
the right to make a further change of Owner. If there is
more than one owner at a given time, all must exercise the
rights of ownership by joint action. Ownership may be
changed in accordance with the Change of Owner or
Beneficiary provision.
The Owner may be someone other than the Insured and may be
a person, a partnership, a corporation, a fiduciary or any
other legal entity. At the death of the Owner, his or her
estate will be the Owner, unless a successor Owner has
been named. The rights of the Owner will end at the death
of the Insured, except for Payment of Policy Benefits.
BENEFICIARY The Beneficiary is named in the Application (see copy
attached); but the Beneficiary can be changed before the
death of the Insured. An irrevocable beneficiary cannot be
changed without his or her consent. The Beneficiary can be
a person, a corporation, a partnership, a fiduciary or any
other legal entity. A person must survive the Insured to
qualify as Beneficiary. If none survives, the proceeds
will be paid to the Owner.
Any payment we make will terminate our liability with
respect to such payment.
CHANGE OF OWNER OR During the Insured's lifetime you may change the ownership
BENEFICIARY and beneficiary designations, subject to any restrictions
as stated in the Owner or Beneficiary provisions. You must
make the change in written form satisfactory to us. If
acceptable to us the change will take effect as of the
time you signed the request, whether or not the Insured is
living when we receive your request at our Home Office or
any other office designated by us. The change will be
subject to any assignment of this Policy or other legal
restrictions. It will also be subject to any payment we
made or action we took before we received your written
notice of the change.
ASSIGNMENTS An absolute assignment of the Policy by the Owner is a
change of Owner and Beneficiary to the assignee. A
collateral assignment of the Policy by the Owner is not a
change of Owner or Beneficiary; but their rights will be
subject to the terms of the assignment. Assignments will
be subject to all payments made and actions taken by us
before a signed copy of the assignment is received by us
at our Home Office or any other office designated by us.
We will not be responsible for determining whether or not
an assignment is valid.
DESIGNATION OF OWNER A numbered sequence can be used to name successive Owners
AND BENEFICIARY or Beneficiaries. Co-Beneficiaries will receive equal
shares unless otherwise stated.
In naming Owners or Beneficiaries, unless otherwise
stated:
1. "Child" includes an adopted or posthumous child;
2. "Provision for issue" means that if a Beneficiary
does not survive the Insured, the share of that
Beneficiary will be taken by his or her living issue
by right of representation; and
3. A family relation such as "wife", "husband" or
"child" means relation to the Insured.
At the time for payment of benefits, the company can rely
on an affidavit of any Owner or other responsible person
to determine family relations or members of a class.
REQUESTS FOR Submit all requests for change and/or information in
CHANGES AND/OR writing to our Home Office or any office designated by us.
INFORMATION
3. GENERAL PROVISIONS
THE CONTRACT We have issued this Policy in consideration of the
Application and payment of premiums. The Policy, the
Application, any riders, any endorsements and any
application for an increase in Face Amount constitute the
entire contract and are made a part of the Policy when the
insurance applied for is accepted. The Policy may be
changed by mutual agreement. Any change must be in writing
and approved by our President, Executive Vice-President or
Secretary. our agents have no authority to alter or modify
any terms, conditions, or agreements of this Policy, or to
waive any of its provisions.
STATEMENTS IN All statements made by the Insured or on his or her
APPLICATION behalf, or by the applicant, will be deemed
representations and not warranties, except in the case of
fraud. Material misstatements will not be used to void the
Policy, any rider or any increase in Face Amount or deny a
claim unless made in the Application for the Policy, a
rider or an increase in Face Amount.
CLAIMS OF CREDITORS To the extent permitted by law, neither the Policy nor any
payment under it will be subject to the claims of
creditors or to any legal process.
CONVERSION RIGHTS While your Policy is in force, you have a one time right
during the first two policy years to transfer all of your
Cash Value from the Divisions of Separate Account to the
General Account.
If, at any time during the first two policy years, you
request in writing the transfer of the Cash Value held in
the Divisions of Separate Account to the General Account
and you indicate that you are making this transfer in
exercise of your conversion rights, the transfer will not
be subject to a transfer charge or transfer limits, if
any. At the time of such transfer, there will not be any
effect on the Policy's Death Benefit, Face Amount, Net
Amount at Risk, Risk Classification or Issue Age.
If you exercise your one time conversion right, we will
automatically allocate all future Net Premiums to the
General Account. That allocation cannot be changed and no
future transfers will be allowed.
MISSTATEMENT OF AGE If there is a misstatement of age or sex in the
OR SEX AND Application, the amount of the Death Benefit will be that
CORRECTIONS which would be purchased by the most recent Monthly
Deduction at the correct age and sex.
If we make any payment or policy changes in good faith,
relying on our records, or evidence supplied to us, our
duty will be fully discharged. We reserve the right to
correct any errors in the Policy.
UNISEX BASIS If the Sex shown on the Policy Specifications pages
indicates Unisex, each policy, endorsement or rider
provision that contains any differences based on sex is
modified to provide for males and females the same: rates;
benefits; and values.
INCONTESTABILITY We cannot contest this Policy after it has been in force
during the lifetime of the Insured for two years from its
Issue Date. We cannot contest an increase in Face Amount
with regard to material misstatements made concerning such
increase after it has been in force during the lifetime of
the Insured for two years from its effective date. We
cannot contest a Death Benefit increase caused by a
premium payment which required evidence of insurability
after a period of two years from the date We received the
premium payment. This provision will not apply to any
rider that contains its own incontestability clause.
SUICIDE EXCLUSION If the Insured dies by suicide, while sane or insane,
within two years from the Issue Date, the amount payable
will be limited to the amount of premiums paid; less any
outstanding Loan and Loan Interest to the date of death;
and less any partial withdrawals.
If the Insured, while sane or insane, commits suicide
within two years after the effective date of any increase
in Face Amount, the Death Benefit for that increase will
be limited to the Monthly Deductions for the increase.
CHANGE OF INSURED While this Policy is in force, you may change the Insured.
To do this, you must meet the requirements established by
us. Any rider attached to this Policy may be continued
only with our consent. We reserve the right to charge a
nominal fee for processing a change of Insured. This fee
will not exceed the Maximum Processing Charge shown on the
Policy Specifications page.
There will be a change cost if there is an increase in the
Net Cash Value as a result of the change.
There will be a change credit payable to you if there is a
decrease in the Net Cash Value as a result of the change.
A detailed statement of the methods of computing the
change cost and change credit have been filed, where
required, with the Insurance Department of the state in
which the Policy is delivered.
PERIODIC REPORT Each year, or more often if required by law or regulation,
a report will be sent to you which shows the current
Policy values, premiums paid and deductions made since the
last report, any outstanding Loan, and any other
information required by law or regulation.
ILLUSTRATION OF You may make a written request to us for an illustration
BENEFITS AND VALUES of Cash Values and Death Benefits. We may charge a nominal
fee for any requested illustration after the first in each
policy year. This fee will not exceed the Maximum
Processing Charge shown on the Policy Specifications page.
4. SEPARATE ACCOUNT PROVISIONS
SEPARATE ACCOUNT The variable benefits under this Policy are provided
through investments in the Separate Account. This account
is used for flexible premium variable life insurance
policies and, if permitted by law, may be used for other
policies or contracts as well.
We hold the assets of the Separate Account. These assets
are held separately from the assets held in the General
Account. Income, gains and losses---whether or not
realized---from assets allocated to the Separate Account
will be credited to or charged against the account without
regard to our other income, gains or losses.
The portion of the assets held by the Separate Account
equal to the reserves and other policy liabilities with
respect to the Separate Account will not be charged with
liabilities that arise from any other business we may
conduct. We have the right to transfer to our General
Account any assets of the Separate Account which are in
excess of the reserves and other policy liabilities of the
Separate Account.
Net Premium allocations and requests for transfers, future
allocation changes, Loans, partial withdrawals, and
surrenders will be effective as of the end of the
Valuation Period during which we receive the premium
payment or the request in a form satisfactory to us.
The Separate Account is registered with the Securities and
Exchange Commission as a unit investment trust under the
Investment Company Act of 1940. The Separate Account is
also subject to the laws of the State of Missouri, which
regulate the operations of insurance companies
incorporated in Missouri. The investment policy of the
Separate Account will not be changed without the approval
of the Insurance Commissioner of the State of Missouri.
The approval process is on file with the insurance
commissioner of the state in which this Policy was
delivered.
DIVISIONS The Separate Account has several Divisions. Each Division
invests in shares of registered investment companies or
other pools of investment assets.
Income, gains and losses---whether or not realized---from
the assets of each Division of the Separate Account are
credited to or charged against that Division without
regard to income, gains or losses in other Divisions of
the Separate Account or in the General Account.
We will value the assets of each Division of the Separate
Account at the end of each Valuation Period.
The values and benefits of a policy depend on: the
investment performance of the portfolios in which the
Divisions are invested; and the interest credited
to the General Account. We do not guarantee the investment
performance of the portfolios of the Divisions. You bear
the investment risk for amounts invested in the Divisions
for your Policy.
TRANSFERS After the Right to Examine Policy period, and if you have
not exercised your conversion rights, you may transfer
amounts as follows:
1. Between the General Account and the Divisions of
Separate Account; or
2. Among the Divisions of Separate Account.
These transfers will be subject to the following
conditions:
1. We must receive a request for transfer in a form
acceptable to us.
2. Except with our consent, the number of transfers in
each policy year will be limited to the Maximum
Number of Transfers or Withdrawals shown on the
Policy Specifications page. If we consent to more
than that in a policy year, we may impose a charge
not to exceed the Maximum Processing Charge shown on
the Policy Specifications page.
3. The maximum amount of all transfers and partial
withdrawals from the General Account (the General
Account Maximum) in any policy year will be the
greater of a. and b.
a. The Cash Surrender Value of the General Account
at the beginning of that policy year times the
General Account Maximum Withdrawal Percent Limit,
as shown on the Policy Specifications page.
b. The previous policy year's General Account
Maximum withdrawal amount.
However, if less than $100 would remain in the
General Account after the transfer, you can
transfer the remainder to the Divisions of the
Separate Account.
The General Account Cash Value immediately after
any transfer to the General Account cannot exceed
i., below, times ii., below:
i. The General Account Cash Value plus the
Separate Account Cash Value.
ii. The General Account Maximum Allocation
Percent as shown on the Policy Specifications
page.
ADDITION, DELETION We reserve the right, subject to compliance with
OR SUBSTITUTION OF applicable law, to make additions to, deletions from, or
INVESTMENTS substitutions for the shares of a fund that are held by
the Separate Account or that the Separate Account may
purchase. We reserve the right to eliminate the shares of
any of the funds of this Policy and to substitute shares
of another fund of a registered investment company if the
shares or funds are no longer available for investment or
if in our judgement, further investment in any fund should
become inappropriate in view of the purpose of the Policy.
We will not substitute any shares attributable to the
Owner's interest in a Division of the Separate Account
without notice to the Owner and compliance with the
Investment Company Act of 1940. This will not prevent the
Separate Account from purchasing other securities for
other series or classes of policies or from permitting
conversion between series or classes of policies or
contracts on the basis of requests made by owners.
We reserve the right to establish additional Divisions of
the Separate Account which would invest in shares of
registered investment companies or other pools of
investment assets and to make such Divisions available to
such class or series of policies as we deem appropriate.
We also reserve the right to eliminate, close or combine
existing Divisions of the Separate Account or to transfer
assets between Divisions.
If we consider it to be in the best interest of persons
having voting rights under the policies, the Separate
Account may be operated as a management company under the
Investment Company Act of 1940; it may be deregistered
under that Act in the event registration is no longer
required; it may be combined with other separate accounts;
or its assets may be transferred to other separate
accounts.
5. POLICY BENEFITS
POLICY PROCEEDS The Policy Proceeds are:
1. The Death Benefit under the Death Benefit Option then
in effect; plus
2. The Monthly Cost of Insurance for the portion of the
policy month from the date of death to the end of the
policy month of death; less
3. Any payment due under the Grace Period provision as
of the date of death; less
4. Any Loan and Loan Interest due.
DEFINITION OF LIFE This Policy is intended to qualify as a life insurance
INSURANCE contract under the Internal Revenue Code (called "the
Code") and any interpretive regulation or rulings by the
Internal Revenue Service. The Code provides two tests to
determine whether the Policy meets the definition of a
life insurance contract: the Cash Value Accumulation Test;
and the Guideline Premium Test. The Test, as chosen in the
Application, cannot be changed. The Table of Corridor
Factors shows the Test chosen for this Policy.
For either Test, the Death Benefit will not be less than:
the Policy's Cash Value; times the applicable Attained Age
Factor as shown on the Table of Corridor Factors page. If
you choose the Cash Value Accumulation Test, the Table
shown on the Table of Corridor Factors page will be the
Table of Net Single Premium Corridor Factors. If you
choose the Guideline Premium Test, the Table shown on the
Table of Corridor Factors page will be the Table of
Guideline Premium Factors. The Guideline Premium Corridor
Factors are based on the percentages as currently
described in Section 7702(d) of the Internal Revenue Code
of 1986.
DEATH BENEFIT Prior to the Insured's Attained Age 100, the Death Benefit
depends upon the Death Benefit Option in effect on the
date of the Insured's death. The Death Benefit Option in
effect is shown on the Policy Specifications page or on
the Policy Specifications page for Policy Change, if any.
DEATH BENEFIT OPTION A:
The Death Benefit is the greater of:
1. The Face Amount; and
2. The death benefit required by the Cash Value
Accumulation Test or the Guideline Premium Test,
depending on the Definition of Life Insurance Test
chosen at the time of Application for the Policy.
DEATH BENEFIT OPTION B:
The Death Benefit is the greater of:
1. The Face Amount plus the Cash Value on the date of
death; and
2. The death benefit required by the Cash Value
Accumulation Test or the Guideline Premium Test,
depending on the Definition of Life Insurance Test
chosen at the time of Application for the Policy.
CONTINUATION OF THE If this Policy is in force on or after the Insured's
POLICY AFTER Attained Age 100 and if the age of the Insured on the
ATTAINED AGE 100 Issue Date is Attained Age 80 or younger, the Death
Benefit will be equal to the greater of:
1. The Cash Value on the date the Policy Proceeds become
payable; and
2. The lesser of: the Face Amount of the Policy as of
the policy anniversary on which the Insured is
Attained Age 100; and the Face Amount of the Policy
on the policy anniversary on which the Insured is
Attained Age 80.
If this Policy is in force on or after the Insured's
Attained Age 100 and if the age of the Insured on the
Issue Date is Attained Age 81 or older, the Death Benefit
will be equal to the Cash Value on the date the Policy
Proceeds become payable.
PLEASE NOTE: THIS POLICY MAY NOT QUALIFY AS A LIFE
INSURANCE CONTRACT UNDER THE CODE ON OR AFTER THE
INSURED'S ATTAINED AGE 100 AND MAY BE SUBJECT TO TAX
CONSEQUENCES. PLEASE CONSULT A TAX ADVISOR PRIOR TO
CONTINUING THE POLICY BEYOND THE INSURED'S ATTAINED AGE
100. IT IS POSSIBLE THAT INSURANCE COVERAGE MAY NOT
CONTINUE EVEN IF PLANNED PREMIUMS ARE PAID IN A TIMELY
MANNER.
POLICY CHANGES You may request policy changes at any time unless we
specifically indicate otherwise within this Policy. We
reserve the right to not allow policy changes in the first
policy year and to limit the number of changes to one per
policy year. The types of changes allowed are explained
below.
We will send you a Policy Specifications page for Policy
Change when there is a policy change.
No change will be permitted that would result in this
Policy not satisfying the definition of a life insurance
contract under the Internal Revenue Code of 1986 or any
applicable successor provision.
CHANGE IN FACE The Face Amount may be changed by sending us a written
AMOUNT request.
Any requested decrease in Face Amount will be subject to
the following conditions:
1. A request for decrease cannot be made until after the
first policy year.
2. The requested decrease will become effective on the
monthly anniversary on or following receipt of the
request at our Home Office or any other office
designated by us.
3. The requested decrease will reduce the Face Amount in
the following order:
a. The Face Amount provided by the most recent
applied for increase;
b. Face Amounts provided by the next most recent
applied for increases, successively;
c. The Face Amount provided by any Adjustable
Benefit Term Rider; and
d. The initial Face Amount plus any increase in Face
Amount provided by a change in Death Benefit
Option.
4. The Face Amount remaining in force after any
requested decrease may not be less than the Minimum
Face Amount shown on the Policy Specifications page.
5. Any requested decrease must be at least the Minimum
Face Amount Decrease as shown on the Policy
Specifications page.
6. A decrease in Face Amount may require a decrease in
the amounts provided by any riders attached to this
Policy.
A Surrender Charge will apply to any decrease in Face
Amount as explained in the Surrender Charge provision.
This Surrender Charge will be allocated among the General
Account and the Divisions of the Separate Account in the
same proportion that the Cash Value in the General Account
and the Cash Value in each Division bears to the total
Cash Value of the Policy less the Cash Value in the Loan
Account.
Any requested increase in Face Amount will be subject to
the following conditions:
1. Proof that the Insured is insurable by our standards
on the date of the requested increase must be
submitted.
2. The increase, if approved by us, will become
effective on the monthly anniversary on or following
receipt of the request at our Home Office or any
other office designated by us.
3. Each increase will be subject to the Maximum Face
Amount Increase Administration Charge shown on the
Policy Specifications page, unless the increase is
not medically underwritten. This fee will be deducted
as part of the Monthly Deduction.
4. Any increase must be at least the Minimum Face Amount
Increase as shown on the Policy Specifications page.
5. New insurance for the amount of the increase must be
available on the same plan at the age of the Insured
on the effective date being allowed under our
underwriting rules.
6. The amount of any rider which is attached to the
Policy can be increased only as stated in the rider.
We will amend your Policy to show the effective date of
the decrease or increase.
CHANGE IN DEATH After the first policy year, changes to the Death Benefit
BENEFIT OPTION Option will be allowed. Proof that the Insured is
insurable by our standards on the date of the change may
be required. The effective date of the change will be the
monthly anniversary on or following the date we receive
your written request at our Home Office or any other
office designated by us. On the effective date of this
change the Death Benefit payable does not change, but the
Face Amount may change. Changes are allowed as follows:
1. Change from Death Benefit Option A to Death Benefit
Option B.
The Face Amount of the Policy, any Supplemental
Coverage Term Rider and any Adjustable Benefit Term
Rider will be decreased, if necessary, to equal the
Death Benefit less the Cash Value on the effective
date of the change. This change may not be made if
it would result in a Face Amount for the Policy that
is less than the Minimum Face Amount shown on the
Policy Specifications page. A Surrender Charge will
apply to any decrease in the Face Amount of the
Policy as explained in the Surrender Charge
provision.
The decrease will reduce the Face Amount in the
following order:
a. The Face Amount provided by the most recent
applied for increase;
b. Face Amounts provided by the next most recent
applied for increases, successively;
c. The Face Amount of any Supplemental Coverage Term
Rider; and
d. The Face Amount provided by any Adjustable
Benefit Term Rider; and
e. The initial Face Amount plus any increase in Face
Amount provided by a change in Death Benefit
Option.
2. Change from Death Benefit Option B to Death Benefit
Option A.
The Face Amount of the Policy will be increased, if
necessary, to equal the Death Benefit on the
effective date of the change.
6. PREMIUMS AND GRACE PERIOD
PAYMENT OF PREMIUMS Your first premium is due as of the Policy Date. While the
Insured is living, premiums after the first must be paid
to us at our Home Office or any other office designated by
us. A premium receipt will be furnished upon request. If
this Policy is in your possession and you have not paid
the first premium, it is not in force. It will be
considered that you have the Policy for inspection only.
After the first premium is paid, premiums may be paid in
any amount and at any interval subject to the following
conditions:
1. Any premium payment must be at least $10.00.
2. If you have selected the Guideline Premium Test for
the Policy, total premiums paid in any policy year
may not exceed an amount that would cause the Policy
to fail the definition of a life insurance contract
as defined by Section 7702 of the Internal Revenue
Code of 1986, or any applicable successor provision
thereto.
3. No planned premium can be increased if that increase
would cause the Policy to fail the definition of a
life insurance contract as defined by Section 7702 of
the Internal Revenue Code of 1986, or any applicable
successor provision thereto at any time.
On any date that we receive a premium which causes the
Death Benefit under any of the Death Benefit Options to
increase by an amount that exceeds that Net Premium
received, we reserve the right to refuse that premium
payment. We may require additional evidence of
insurability before we accept the premium.
Unless you request otherwise in writing to us, any payment
received by us will be used as a premium payment.
NET PREMIUM The Net Premium is:
1. The premium paid; less
2. The premium paid times the Premium Tax Charge; less
3. The premium paid times the Federal Tax Charge; less
4. The premium paid times the Percent of Premium Charge.
PREMIUM TAX CHARGE A charge will be deducted for premium taxes from each
premium submitted. The Maximum Premium Tax Charge, as a
percent of the premium, is shown on the Policy
Specifications page.
FEDERAL TAX CHARGE A charge will be deducted for federal taxes from each
premium submitted. The Maximum Federal Tax Charge, as a
percent of the premium, is shown on the Policy
Specifications page.
PERCENT OF PREMIUM A charge will be deducted from each premium submitted. The
CHARGE Maximum Percent of Premium Charge is shown on the Policy
Specifications page.
ALLOCATION OF NET You determine the allocation of Net Premiums among the
PREMIUMS General Account and the Divisions of Separate Account. For
any chosen allocation the minimum percentage that may be
allocated is 1% of the Net Premium. Percentages must be in
whole numbers. The total number of accounts (the General
Account plus the Divisions of the Separate Account) you
may have Cash Value allocated to over the life of the
Policy cannot exceed the Maximum Number of Accounts shown
on the Policy Specifications page. The General Account
Cash Value immediately after payment of the premium cannot
exceed 1., below, times 2., below:
1. The General Account Cash Value plus the Separate
Account Cash Value.
2. The General Account Maximum Allocation Percent as
shown on the Policy Specifications page.
The initial allocation is shown on the Application, a copy
of which is attached. We may modify the General Account
Maximum Allocation Percent at any time.
The Policy's first investment of the Net Premium is made
in the Money Market Division as of the Investment Start
Date. The Policy's Cash Value will be transferred, based
on your choice, to the Divisions and the General Account
15 days after the initial premium is applied to the
Policy. Before this transfer, the values and benefits of
the Policy will depend on the net investment performance
of the Money Market Division. After this transfer, each
Net Premium allocated to the Separate Account will be
applied to the Divisions you chose as of the date it is
received by us at our Home Office or any other office
designated by us.
YOUR RIGHT TO If you have not exercised your Conversion Rights, you may
CHANGE ALLOCATION change the allocation of future Net Premiums among the
General Account and/or the Divisions of the Separate
Account subject to the conditions outlined in the
Allocation of Net Premiums Provision. The change in
allocation percentages will take effect immediately upon
our receipt of your request in a form acceptable to us at
our Home Office or any other office designated by us.
NO LAPSE PERIOD If, on a monthly anniversary day prior to the No Lapse
Premium Date, the sum of all premiums paid on this Policy
less:
1. Any partial withdrawals;
2. Any Cash Value paid to you to allow the Policy to
continue to qualify as a life insurance contract; and
3. Any outstanding Loan and Loan Interest
is greater than or equal to the sum of the No Lapse
Monthly Premiums for each monthly anniversary since the
Policy Date, this Policy will not lapse. The No Lapse
Premium Date and the No Lapse Annual Premium are shown on
the Policy Specifications page. The No Lapse Monthly
Premium is one twelfth of the No Lapse Annual Premium.
The No Lapse Monthly Premium may change if any of the
following events occur prior to the No Lapse Premium Date
shown on the Policy Specifications page:
1. A change in the Policy's Face Amount;
2. The addition or deletion of or change to a rider
attached to this Policy;
3. A change in the Risk Classification of the Insured;
or
4. A misstatement of age or sex in the Application.
The No Lapse Premium Date will not be changed.
If the Policy lapses, the No Lapse Period will terminate
and cannot be reinstated.
GRACE PERIOD IF, ON A MONTHLY ANNIVERSARY DAY WHILE THE NO LAPSE
PREMIUM PERIOD IS IN EFFECT:
1. The Cash Value less any Loan, Loan Interest due and
any Surrender Charge that would apply upon surrender
whether or not there is a surrender is insufficient
to cover the Monthly Deduction, which is defined in
the Cash Values Section; and
2. The sum of all premiums paid on this Policy, reduced
by any partial withdrawals and any outstanding Loan
and Loan Interest, is less than the sum of the No
Lapse Monthly Premiums for each monthly anniversary
since the Policy Date;
then the Grace Period of 62 days will be allowed for the
payment of a premium sufficient to keep your Policy in
force. Notice of the Amount Due to keep this Policy in
force through the end of the Grace Period will be sent at
the beginning of the Grace Period to your last known
address and to any assignee on record. The Amount Due is
the amount required to satisfy the No Lapse Premium
requirement or an amount sufficient to cover the Monthly
Deduction, whichever is less. If we do not receive a
premium large enough to cover the Monthly Deduction by the
end of the Grace Period, your Policy will lapse at the end
of that 62-day period and it will then terminate without
Cash Surrender Value. If the Insured dies during the Grace
Period, the Amount Due will be deducted from the Death
Benefit.
IF, ON A MONTHLY ANNIVERSARY DAY ON OR AFTER THE NO LAPSE
PREMIUM PERIOD, the Cash Value less any Loan, Loan
Interest due and any Surrender Charge that would apply
upon surrender whether or not there is a surrender is
insufficient to cover the next Monthly Deduction, a Grace
Period of 62 days will be allowed for the payment of a
premium sufficient to pay the Monthly Deduction.
Notice of the amount of premium required to be paid to
keep this Policy in force through the end of the Grace
Period will be sent at the beginning of the Grace Period
to your last known address and to any assignee on record.
If we do not receive a premium large enough to cover the
Monthly Deduction by the end of the Grace Period, your
Policy will lapse at the end of that 62-day period and it
will then terminate without Cash Surrender Value. If the
Insured dies during the Grace Period, any past due Monthly
Deductions will be deducted from the Death Benefit.
REINSTATEMENT You may reinstate your lapsed Policy within three years
after the date of lapse. This must be done prior to the
Insured's Attained Age 100. The Policy cannot be
reinstated, except with our consent, if more than three
years have passed since the date of lapse. The Policy
cannot be reinstated if it has been surrendered. To
reinstate, you must submit the following items:
1. A written application for Reinstatement.
2. Proof satisfactory to us that the Insured is
insurable by our standards.
3. Payment of a premium large enough to keep the Policy
in force for at least three months.
Upon Reinstatement, we will deduct any Monthly Deductions
and Loan Interest due and unpaid at the time of lapse. The
Insured must be alive on the date we approve the request
for Reinstatement. If the Insured is not alive, such
approval is void and of no effect.
The reinstated policy will be in force from the date we
approve the Reinstatement application.
Any Loan may be repaid or reinstated. Any Loan reinstated
will cause Cash Value of an equal amount to be reinstated.
Any Loan repaid at the time of Reinstatement will cause an
increase in Cash Value equal to the amount of the repaid
Loan.
The Maximum Asset Charge Percentage, the Maximum Monthly
Policy Charge, the Maximum Monthly Administration and
Issue Expense Charge and the Maximum Surrender Charge at
the time of Reinstatement will be those in effect at the
time of lapse. If only a portion of the coverage is
reinstated then only the applicable portion of the Maximum
Monthly Administration and Issue Expense Charge and
Maximum Surrender Charge will be reinstated. If only a
portion of the coverage is reinstated, the Cash Value
following Reinstatement will be increased by a
proportionate amount of the Surrender Charge imposed at
the time of lapse.
If only a portion of the coverage is reinstated then only
a portion of any rider amounts attached to this Policy may
also be reinstated.
The No Lapse Period will not be applicable upon
Reinstatement of the Policy.
Riders can be reinstated only as stated in the rider or
with our consent.
7. LOANS
LOANS Upon written request to us, you may borrow an amount not
in excess of the Loan Value of your Policy while it is in
force. The amount of your net loan request at any one time
must be at least the Minimum Loan and Withdrawal Amount
shown on the Policy Specifications page. Your Policy will
be the sole security for such Loan.
The Loan Value is the Cash Value of your Policy at the
date of the loan request plus interest to the next policy
anniversary at the General Account Cash Value Guaranteed
Interest Rate, shown on the Policy Specifications page,
reduced by:
1. Any existing Loan; and
2. Loan Interest to the next policy anniversary; and
3. The amount of the last Monthly Deduction processed
times the number of policy months to the earliest of:
the next planned premium due date; and the next
policy anniversary, and
4. Any Surrender Charge that would apply upon surrender
whether or not there is a surrender.
You may allocate the Loan among the General Account and
the Divisions of the Separate Account. If you do not
specify the allocation, then the Loan will be allocated
among the General Account and the Divisions of the
Separate Account in the same proportion that the Cash
Value in the General Account, and the Cash Value in each
Division bears to the total Cash Value of the Policy less
the Cash Value in the Loan Account, on the date of the
Loan.
Cash Value equal to the Loan allocated to the General
Account and each Division of the Separate Account will be
transferred to the Loan Account, reducing the Cash Value
accordingly. The transferred Cash Value: will be allocated
to the appropriate Loan SubAccount; and will earn interest
at the General Account Cash Value Guaranteed Interest Rate
shown on the Policy Specifications page. Interest earned
on the Cash Value in the Loan Account will remain in the
Loan Account until: a loan repayment is received by us; a
new Loan is made; the Policy enters the Grace Period; or
the next policy anniversary. Upon each of these events,
the interest earned on the Loan Account will be
transferred to the General Account and the Divisions of
Separate Account in the same proportion that the Cash
Value in the Loan Account bears to the Cash Value
allocated to each Loan SubAccount.
LOAN INTEREST DUE The accrued Loan Interest will be due the earliest of:
DATE
1. The next policy anniversary date;
2. The date of termination of the Policy;
3. The date the Loan is repaid in full; and
4. The date the Loan plus Loan Interest accrued exceeds
the Cash Value less any Surrender Charge that would
apply upon surrender whether or not there is a
surrender.
Loan Interest will be payable annually on each policy
anniversary. If you do not pay the Loan Interest when it
is due on a policy anniversary: an amount of Cash Value
equal to the Loan Interest will be added to the Loan;
interest will be charged on it; and it will be allocated
to the appropriate Loan SubAccount. The amount transferred
will be deducted from the General Account and the
Divisions of the Separate Account in the same proportion
that the Cash Value in the General Account and the Cash
Value in each Division bears to the total Cash Value of
the Policy less the Cash Value in the Loan Account.
FIXED LOAN INTEREST Loan Interest will be charged on any Loan. The rate of
RATES interest will not exceed the Maximum Loan Interest Rate
shown on the Policy Specifications page. Loan Interest is
payable in arrears.
LOAN REPAYMENTS You may repay your Loan in whole or in part at any time
before the death of the Insured while the Policy is in
force. When a loan repayment is made, Cash Value securing
the debt in the Loan Account equal to the loan repayment
will be repaid to the General Account and the Divisions of
Separate Account in the same proportion that the Cash
Value in the Loan Account bears to the Cash Value in each
Loan SubAccount. Unpaid Loan and Loan Interest will be
deducted from any settlement of your Policy.
If you fail to make repayments when the total Loan and
Loan Interest due would exceed the Cash Value, less any
Surrender Charge that would apply upon surrender whether
or not there is a surrender, (called "excess Loan") your
Policy will terminate. We will allow you a Grace Period
for payment of the amount of the excess due. In such event
the Policy becomes void at the end of the Grace Period. We
will mail notice to your last known address, and that of
any assignee of record. This Grace Period will expire 62
days from the monthly anniversary immediately before the
date of the excess Loan.
Unless you request otherwise in writing to us, any payment
received by us will be used as a premium payment.
8. CASH VALUES
CASH VALUE The Cash Value of your Policy is equal to the total of:
1. The Cash Value in the General Account; plus
2. The Cash Value in the Divisions of the Separate
Account, plus
3. The Cash Value in the Loan Account.
CASH VALUE ON OR If this Policy is in force on or after the Insured's
AFTER ATTAINED 100 Attained Age 100, the Cash AGE Value of your Policy will
be determined in the same manner as described below;
except no Monthly Deductions will be made. Premiums cannot
be paid on or after the Insured is Attained Age 100,
except for payments required under the Grace Period.
GENERAL ACCOUNT The Cash Value in the General Account as of the Investment
CASH VALUE Start Date is equal to:
1. The portion of the initial Net Premium received and
allocated to the General Account; less
2. The portion of the Monthly Deductions due from the
Policy Date through the Investment Start Date charged
to the General Account.
The Cash Value in the General Account on any day after the
Investment Start Date is equal to:
1. The Cash Value on the preceding Valuation Date, with
interest on such value at the current rate; plus
2. Any portion of Net Premium received and allocated to
the General Account on that day; plus
3. Any amounts transferred to the General Account on
that day; plus
4. Any loan repayments allocated to the General Account
on that day; plus
5. That portion of any interest credited on an
outstanding Loan which is allocated to the General
Account on that day; less
6. Any amount transferred from the General Account to
the Divisions of the Separate Account on that day;
less
7. Any partial withdrawal made from the General Account
on that day; less
8. Any portion of a Processing Charge taken from the
Division; less
9. Any portion of the Surrender Charge incurred on that
day attributed to the General Account; less
10. Any amount transferred from the General Account to
the Loan Account on that day; less
11. IF THAT DAY IS A MONTHLY ANNIVERSARY, the portion of
the Monthly Deduction charged to the General Account,
to cover the policy month that starts on that day.
The Cash Value in the General Account can be negative.
Interest will not be charged on negative Cash Value.
GENERAL ACCOUNT The interest credited to the General Account Cash Value
INTEREST RATE for a specific day will be at an effective annual rate not
less than the General Account Cash Value Guaranteed
Interest Rate shown on the Policy Specifications page.
SEPARATE ACCOUNT The Cash Value in each Division of the Separate Account on
CASH VALUE the Investment Start Date is equal to:
1. The portion of the initial Net Premium received and
allocated to the Division; less
2. The portion of the Monthly Deductions due from the
Policy Date through the Investment Start Date charged
to the Division.
The Cash Value in each Division of the Separate Account on
subsequent Valuation Dates is equal to:
1. The Cash Value in the Division on the preceding
Valuation Date times that Division's Net Investment
Factor for the current Valuation Period; plus
2. Any portion of Net Premium received and allocated to
the Division during the current Valuation Period;
plus
3. Any amounts transferred to the Division from the
General Account or from another Division during the
current Valuation Period; plus
4. Any Loan repayments allocated to the Division during
the current Valuation Period; plus
5. That portion of any interest credited on an
outstanding Loan which is allocated to the Division
during the current Valuation Period; less
6. Any amounts transferred from the Division during the
current Valuation Period; less
7. Any partial withdrawal from the Division during the
current Valuation Period; less
8. Any portion of the Surrender Charge incurred during
the current Valuation Period attributed to the
Division; less
9. Any portion of a Processing Charge taken from the
Division; less
10. Any amount transferred from the Division to the Loan
Account during that Valuation Period; less
11. IF A MONTHLY ANNIVERSARY OCCURS DURING THE CURRENT
VALUATION PERIOD, the portion of the Monthly
Deduction charged to the Division during the current
Valuation Period to cover the policy month which
starts during that Valuation Period.
The Cash Value in a Division can be negative.
VARIABLE At the end of a Valuation Date, the current market value
ACCUMULATION UNITS of a Division is determined by multiplying that Division's
accumulation unit value times the number of Division units
held under this Policy.
The number of Division accumulation units will increase
when:
1. Any portion of a Net Premium is allocated to that
Division;
2. Amounts are transferred to that Division; or
3. Loans are repaid and credited to that Division.
The number of Division accumulation units will decrease
when:
1. Any portion of the Monthly Deduction is deducted from
that Division;
2. A Loan is taken from that Division;
3. An amount is transferred from that Division;
4. A Processing Charge is taken from that Division;
5. A Surrender Charge is taken from that Division; or
6. A partial withdrawal is taken from that Division.
VALUE OF EACH The value of an accumulation unit may increase or decrease
ACCUMULATION UNIT from one Valuation Period to the next. For any Valuation
Period the value is:
1. The value of an accumulation unit for the prior
Valuation Period; times
2. The Net Investment Factor for that Division for the
current Valuation Period.
NET INVESTMENT The Net Investment Factor measures the investment
FACTOR performance of a Division during a Valuation Period. The
Net Investment Factor for each Division for a Valuation
Period is calculated as follows:
1. The value of the assets at the end of the preceding
Valuation Period; plus
2. The investment income and capital gains---realized or
unrealized---credited to the assets in the Valuation
Period for which the Net Investment Factor is being
determined; less
3. The capital losses---realized or unrealized---charged
against those assets during the Valuation Period;
less
4. Any amount charged against each Division for taxes,
including any tax or other economic burden resulting
from the application of tax laws that we determine to
be properly attributable to the Divisions of the
Separate Account, or any amount we set aside during
the Valuation Period as a reserve for taxes
attributable to the operation or maintenance of each
Division; divided by
5. The value of the assets at the end of the preceding
Valuation Period.
LOAN ACCOUNT CASH The Cash Value in the Loan Account as of the Investment
VALUE Start Date is equal to the amount transferred into the
Loan Account on that day.
The Cash Value in the Loan Account on any day after the
Investment Start Date is equal to:
1. The Cash Value in the Loan Account on the preceding
Valuation Date, with interest; plus
2. Any amount transferred to the Loan Account from the
General Account on that day; plus
3. Any amount transferred to the Loan Account from the
Divisions of the Separate Account on that day; plus
4. IF THAT DAY IS A POLICY ANNIVERSARY, an amount due to
cover the Loan Interest if not paid by you; less
5. Any amount transferred from the Loan Account to the
General Account on that day; less
6. Any amount transferred from the Loan Account to the
Divisions of the Separate Account on that day.
MONTHLY COST OF The Monthly Cost of Insurance for the following month is
INSURANCE charged as part of the Monthly Deduction. The Monthly Cost
of Insurance is equal to:
1. The Net Amount at Risk for the initial Face Amount
times the Monthly Cost of Insurance Rate for the
initial Face Amount; plus
2. The Net Amount at Risk for any increase in Face
Amount due to a Death Benefit Option Change times the
Monthly Cost of Insurance Rate for that increase;
plus
3. If you request any increase in your Face Amount, the
Net Amount at Risk for each requested Amount of
Increase times the Monthly Cost of Insurance rate for
each increase in Face Amount.
The Net Amount at Risk for the initial Face Amount, for
each increase in Face Amount due to a Death Benefit Option
Change, and for any requested Amounts of Increase equals:
1. For Death Benefit Option A:
a. The greater of: the Face Amount of that coverage
divided by the Monthly Discount Factor shown on
the Policy Specifications page; and the Cash
Value (before the deduction of the Monthly Cost
of Insurance) attributable to that coverage at
the beginning of the policy month times the
Attained Age Factor as shown on the Table of
Corridor Factors. The Cash Value used in this
calculation will not be less than zero; less
b. Any Cash Value (before the deduction of the
Monthly Cost of Insurance) attributable to that
coverage.
2. For Death Benefit Option B:
a. The greater of: the Face Amount for that coverage
divided by the Monthly Discount Factor shown on
the Policy Specifications page plus the Cash
Value (before the deduction of the Monthly Cost
of Insurance) attributable to that coverage at
the beginning of the policy month; and the Cash
Value (before the deduction of the Monthly Cost
of Insurance) attributable to that coverage at
the beginning of the policy month times the
Attained Age Factor as shown on the Table of
Corridor Factors. The Cash Value used in this
calculation will not be less than zero; less
b. Any Cash Value (before the deduction of the
Monthly Cost of Insurance) attributable to that
coverage.
The Cash Value will be attributed to coverages in the
following order:
1. To the coverage provided by the initial Face Amount
plus any increase in Face Amount due to a Death
Benefit Option change plus all Adjustable Benefit
Term Rider Face Amount increases; then
2. To any Supplemental Coverage Term Rider Face Amount;
and then
3. To all increases in Face Amount in the order they
were effective.
MONTHLY COST OF At the beginning of each policy year, the Monthly Cost of
INSURANCE RATES Insurance rate is determined for the initial Face Amount
and each increase in Face Amount. The Monthly Cost of
Insurance rate is based on the Attained Age, Risk
Classification, Sex and completed policy years from the
Issue Date of the initial Face Amount and each increase in
Face Amount. For the initial Face Amount, we will use the
Risk Classification as of the Issue Date. For each
increase, we will use the Risk Classification applicable
to the increase. If the Death Benefit equals a percentage
of the Cash Value, any increase in Cash Value will cause
an automatic increase in the Death Benefit. The Risk
Classification for such an increase will be the same as
that used for the most recent increase, excluding any
riders that required proof that the Insured was insurable
by our standards.
The Monthly Cost of Insurance rates will never exceed the
rates shown on the Table of Maximum Monthly Cost of
Insurance Rates page. Any change in the Cost of Insurance
rates will apply to all persons of the same age, sex, and
risk classification whose initial Face Amounts or
increases in Face Amount have been in force for the same
length of time.
MONTHLY An Administration and Issue Expense Charge will be
ADMINISTRATION AND deducted each policy month from the Cash Value as part of
ISSUE EXPENSE CHARGE the Monthly Deduction. This charge equals the applicable
Face Amount times an Administration and Issue Expense
Charge Rate, divided by 1,000. The Administration and
Issue Expense Charge Rate for the initial Face Amount of
the Policy will never exceed the Maximum Monthly
Administration and Issue Expense Charge Rate shown on the
Policy Specifications page for the initial Face Amount.
An Administration and Issue Expense Charge will also be
applied to any increase in Face Amount. This charge will
never exceed the Maximum Monthly Administration and Issue
Expense Charge Rate shown on the Policy Specifications
page for Policy Change for that increase. The
Administration and Issue Expense Charge is based on the
Insured's Age, Sex and Risk Classification on the
effective date of the initial Face Amount or any increase
in Face Amount.
For the purpose of determining the applicable
Administration and Issue Expense Charge on any date after
Reinstatement, the period the Policy was lapsed will not
count.
MONTHLY POLICY A Policy Charge will be deducted each policy month from
CHARGE the Cash Value as part of the Monthly Deduction. The
amount of the Monthly Policy Charge will never exceed the
amount shown on the Policy Specifications page.
For the purpose of determining the applicable Monthly
Policy Charge on any date after Reinstatement, the period
the Policy was lapsed will not count.
ASSET CHARGE An Asset Charge will be deducted from the Cash Value each
policy month as part of the Monthly Deduction. A charge
will be calculated on each monthly anniversary and will
not exceed the Maximum Monthly Asset Charge Percentage
shown on the Policy Specifications page times the Separate
Account Cash Value at the beginning of the current day. If
the Cash Value is negative on a monthly anniversary, the
Asset Charge will not be deducted for that month.
For the purpose of determining the applicable Asset Charge
on any date after Reinstatement, the period the Policy was
lapsed will not count.
REDUCTION OF CHARGES We may reduce or eliminate certain charges. The extent and
nature of reductions may change from time to time. The
charge structure may vary. Variations are determined in a
manner, not unfairly discriminatory to policy owners,
which reflects differences in costs of services.
MONTHLY DEDUCTION On the first day of each policy month, whether or not
premiums are paid, we will make a Monthly Deduction for
that policy month from the Cash Value of this Policy.
The Monthly Deduction is:
1. The Monthly Asset Charge; plus
2. The Monthly Administration and Issue Expense Charge;
plus
3. The Monthly Policy Charge; plus
4. The Monthly Cost of Rider, if any, for any rider
included with this Policy; plus
5. The Maximum Face Amount Increase Administration
Charge, if any; plus
6. The Monthly Cost of Insurance.
The Monthly Deduction for a policy month will be allocated
among the General Account and the Divisions of the
Separate Account in the same proportion that the Cash
Value in the General Account and the Cash Value in each
Division bears to the total Cash Value of the Policy less
the Cash Value in the Loan Account on the monthly
anniversary. However, you can choose in writing, at any
time, to have Monthly Deductions allocated among the
General Account or a specific Division until the Cash
Value in the Policy's portion of the General Account or
that Division is insufficient to cover the entire Monthly
Deduction; and then the General Account and the remaining
Divisions in the same proportion that the Cash Value in
the General Account and the Cash Value in each Division
bears to the total Cash Value of the Policy less the Cash
Value in the Loan Account on the monthly anniversary. We
will allocate the Monthly Deduction according to your
choice until you request otherwise in writing to us.
DETERMINATION OF Cost of Insurance Rates, Percent of Premium Charges,
NONGUARANTEED Monthly Administration and Issue Expense Charges, Monthly
FACTORS Policy Charges, Monthly Asset Charges and interest rates
will be determined by us based on expectations as to
future mortality, tax, interest earnings, expense and
persistency experience. We will not adjust such rates or
charges as a means of recovering prior losses nor as a
means of distributing prior profits.
CASH SURRENDER VALUE The Cash Surrender Value of this Policy is:
1. The Cash Value at the time of surrender; less
2. Any Loan and Loan Interest accrued; less
3. Any Surrender Charge that would apply upon surrender
whether or not there is a surrender.
SURRENDER You may surrender your Policy for its Cash Surrender Value
at any time during the lifetime of the Insured. We will
determine the Cash Surrender Value as of the date we
receive your request in a form acceptable to us at our
Home Office or any other office designated by us. The Cash
Surrender
Value will not be reduced by any Monthly Deduction due on
that date for a subsequent policy month. Any unused
portion of the Monthly Cost of Insurance will be added to
the Cash Surrender Value.
PARTIAL WITHDRAWALS After the Right to Examine Policy period, upon our receipt
of your request in a form acceptable to us at our Home
Office or any other office designated by us, you can make
a partial withdrawal of cash subject to the conditions
listed below. Except with our consent, the number of
partial withdrawals in a policy year will be limited to
the Maximum Number of Transfers or Withdrawals shown on
the Policy Specifications page. If we consent to more than
that in a policy year, we may impose a charge not to
exceed the Maximum Processing Charge shown on the Policy
Specifications page.
Except with our consent, the amount of your partial
withdrawal request at any one time must be at least the
Minimum Loan and Withdrawal Amount shown on the Policy
Specifications page. We reserve the right to limit the
total amount you may withdraw to 90% of the Cash Surrender
Value of your Policy. (See the Allocation of Partial
Withdrawals, General Account Partial Withdrawals and
Separate Account Partial Withdrawals provisions below.)
No partial withdrawal will be processed which will result
in the Face Amount, excluding riders, being decreased
below the Minimum Face Amount shown on the Policy
Specifications page.
The Death Benefit of the Policy will be based on the Face
Amount after the partial withdrawal and the reduced Cash
Value. The Face Amount of the Policy will be decreased, if
necessary, such that the amount at risk after the partial
withdrawal is not greater than the amount at risk before
the partial withdrawal. A Surrender Charge will apply if
the Face Amount is decreased. This Surrender Charge will
be allocated among the General Account and the Divisions
of the Separate Account in the same proportion that the
partial withdrawal was allocated among the General Account
and the Divisions of the Separate Account. (See Allocation
of Partial Withdrawals provision below.) When the first
partial withdrawal of each policy year is made, this
Surrender Charge will not apply to: the first 10% of Cash
Surrender Value withdrawn; or if the amount withdrawn is
less than 10%, the amount of the partial withdrawal.
The Face Amount will be decreased in the following order:
1. The initial Face Amount of the Policy, plus any
increase in Face Amount provided by a change in Death
Benefit Option ,to the Minimum Face Amount shown on
the Policy Specifications page;
2. The Face Amount provided by any Adjustable Benefit
Term Rider;
3. The Face Amount of any Supplemental Coverage Term
Rider; and
4. Any increases in the same order in which they were
issued.
A decrease in Face Amount may require a decrease in the
amounts provided by any riders attached to this Policy.
ALLOCATION OF You may allocate the partial withdrawal plus any
PARTIAL WITHDRAWALS applicable Surrender Charge, subject to the conditions
below, among the General Account and the Divisions of the
Separate Account. If you do not specify the allocation,
then the partial withdrawal will be allocated among the
General Account and the Divisions of the Separate Account
in the same proportion that the Cash Value in the General
Account and the Cash Value in each Division bears to the
total Cash Value of the Policy less the Cash Value in the
Loan Account on the date of the partial withdrawal. If the
General Account conditions will not allow this
proportionate allocation, we will request that you specify
an acceptable allocation.
GENERAL ACCOUNT You may request a partial withdrawal be taken from your
PARTIAL WITHDRAWALS Cash Surrender Value in the General Account.
The maximum amount of all partial withdrawals and
transfers from the General Account in a policy year will
be the greater of 1. and 2:
1. The Cash Surrender Value of the General Account at
the beginning of that policy year times the General
Account Maximum Withdrawal Percentage Limit, as shown
on the Policy Specifications page.
2. The previous year's General Account Maximum
withdrawal amount.
However, if less than $100 would remain in the General
Account after the withdrawal, you can withdraw the entire
amount of Cash Surrender Value in the General Account.
SEPARATE ACCOUNT You may request a partial withdrawal be taken from your
PARTIAL WITHDRAWALS Cash Surrender Value in a Division of the Separate
Account.
The maximum amount of your partial withdrawal from any one
of the Divisions of the Separate Account in a policy year
will be the Cash Surrender Value of that Division.
SURRENDER CHARGE A Surrender Charge will apply: upon surrender; upon lapse;
upon some partial withdrawals that reduce the Face Amount
(see Partial Withdrawals provision); upon a change in
Death Benefit Option that reduces the Face Amount; or upon
a decrease in Face Amount during the surrender charge
period.
The Surrender Charge for the initial Face Amount will
never exceed the Maximum Surrender Charge shown on the
Surrender Charge Schedule page. The Surrender Charge for
any increase will never exceed the Maximum Surrender
Charge shown on the Surrender Charge Schedule page
included with the Policy Specifications page for Policy
Change issued at the time of the increase.
A decrease in Face Amount may decrease some or all of the
initial Face Amount and increases in Face Amount as
provided in the Policy Benefits Section. If a portion of
the initial Face Amount or any increase in Face Amount is
decreased, a proportionate amount of the Surrender Charge
will apply to each decrease.
The Surrender Charge will be allocated among the General
Account and the Divisions of the Separate Account in the
same proportion that the Cash Value in the General Account
and the Cash Value in each Division bears to the total
Cash Value of the Policy less the Cash Value in the Loan
Account. If a Surrender Charge is imposed due to a partial
withdrawal, you may allocate it among the General Account
and the Divisions of the Separate Account.
For the purpose of determining the applicable Surrender
Charge on any date after Reinstatement, the period the
Policy was lapsed will not count.
POSTPONEMENT OF We will usually pay any amounts payable on Loans,
PAYMENTS OR surrender or partial withdrawals allocated to the
TRANSFERS Divisions of the Separate Account within seven days after
written request is received. We will usually pay any Death
Benefit proceeds within seven days after we receive due
proof of claim. Payment of any amount payable from the
Divisions of the Separate Account on Loans (except when
used to pay premiums on policies issued by us), surrender,
partial withdrawals or death may be postponed whenever:
1. The New York Stock Exchange is closed (other than
customary weekend and holiday closing) or trading on
the New York Stock Exchange is restricted as
determined by the SEC;
2. The SEC, by order, permits postponement for the
protection of policy owners; or
3. An emergency exists as determined by the SEC, as a
result of which disposal of securities is not
reasonably practicable or it is not reasonably
practicable to determine the value of the net assets
of the Separate Account.
We may defer payment of the portion of any amount payable
from the General Account on surrender or partial
withdrawals for not more than six months. If we defer
payment for 30 days or more, we will pay interest at the
rate of 3% per year, or that required by law, for the
period of deferment.
Transfers may also be postponed under the circumstances
listed above.
We may defer payment of the portion of any Loan from the
General Account for not more than six months. No payment
from the General Account to pay premiums on any policy
issued by us will be deferred.
BASIS OF COMPUTATION The minimum cash values are based on:
1. The Basis of Computation of Minimum Cash Values table
shown on the Policy Specifications page and any
Policy Specifications page for Policy Change; and
2. For amounts allocated to the General Account,
compound interest at an annual rate of not less than
the Basis of Computation Interest Rate shown on the
Policy Specifications page.
Net single premiums are based on:
1. The 7702 Table as shown on the Policy Specifications
page and any Policy Specifications page for Policy
Change; and
2. The Basis of Computation Interest Rate shown on the
Policy Specifications page.
All values are at least equal to those required by any
applicable law of the state that governs your Policy. A
detailed statement of the method of computing values has
been filed, where required, with the Insurance Department
of the state in which the Policy is delivered.
9. PAYMENT OF POLICY BENEFITS
PAYMENT Unless otherwise requested, we may pay the Policy Proceeds
when the Insured dies to the Payee in one sum or by
placing the amount in an account that earns interest. The
Payee will have immediate access to all or any part of the
account. We will pay interest on the proceeds from the
date they become payable to the date of payment as stated
above. Interest will be payable at a rate that will be set
each year by us and that will not be less than that
required by law or 3% per year, if greater.
On request, all or part of the proceeds payable in one sum
at the death of the Insured can be applied to any Payment
Option at the choice of the Payee. Further, with our
consent, any Payee who is entitled to receive proceeds in
one sum when a Payment Option ends, or at the death of a
prior Payee, or when the proceeds are withdrawn, can
choose to apply the proceeds to a Payment Option.
CHOICE OF PAYMENT The choice of a Payment Option and the naming of the Payee
OPTIONS; OPTION DATE must be in written form satisfactory to us. You can make
or change or revoke the choice before the death of the
Insured. The Option Date is the effective date of the
Payment Option, as chosen.
When a Payment Option starts, we will issue a contract
that will describe the terms of the Option. We may require
that you send us this Policy
PAYEE A Payee is a person, a corporation, a partnership, a
fiduciary or any other legal entity entitled to receive
payment in one sum or under a Payment Option.
If the Payee is not a natural person, the choice of a
Payment Option will be subject to our approval. A
collateral assignment will modify a prior choice of a
Payment Option. The amount due the assignee will be
payable in one sum and the balance will be applied under
the Payment Option.
LIFE INCOME OPTIONS Guaranteed Life Income Options are based on the age of the
Payee on the Option Date. We will require proof of age.
The Life Income payments will be based on the rates shown
in the Life Income Tables; or, if they are greater, our
Payment Option rates on the Option Date. If the rates at a
given age are the same for different periods certain, the
longest period certain will be deemed to have been chosen.
DEATH OF PAYEE Amounts to be paid after the death of a Payee under a
Payment Option will be paid as due to the successor Payee.
If there is no successor Payee, amounts will be paid in
one sum to the estate of the last Payee to die. If a Payee
under a Life Income Option dies within 30 days after the
Option Date, the amount applied to the Option, less any
payments made, will be paid in one sum, unless a Payment
Option is chosen.
LIMITATIONS If instalments under an Option would be less than $50,
proceeds can be applied to a Payment Option only with our
consent.
10. PAYMENT OPTIONS
INTEREST INCOME The proceeds applied to this Option will earn interest.
Interest on the proceeds:
1. Will be paid monthly; or
2. Will be added to the principal amount each year and
will earn interest.
Withdrawals of at least $500 each may be made at any time
by written request.
INSTALMENT INCOME Monthly instalment payments will be made so that the
FOR A STATED PERIOD proceeds applied, with interest, will be paid over the
period chosen (from 1 to 30 years). Any interest paid
above 3% (See Payment Option Rates below) by us for any
year will be added to the monthly payments for that year.
INSTALMENT INCOME Monthly instalment payments of a chosen amount will be
OF A STATED AMOUNT made until the entire proceeds applied, with interest, is
paid.
SINGLE LIFE INCOME Monthly payments will be made during the lifetime of the
- - GUARANTEED Payee with a chosen guaranteed payment period of 10, 15 or
PAYMENT PERIOD 20 years.
SINGLE LIFE INCOME Monthly payments will be made during the lifetime of the
- - GUARANTEED RETURN Payee. If the payee dies before the total amount applied
under this plan has been paid, the remainder will be paid
in one sum.
JOINT AND SURVIVOR Monthly payments will be made:
LIFE INCOME
1. While either of two Payees is living, but for at
least 10 years, called "Joint and Survivor Life
Income, 10 Years Certain"; or
2. While two Payees are living, and after the death of
one Payee, two-thirds of the monthly amount while the
other Payee is living, called "Joint and 2/3 to
Survivor Life Income".
OTHER FREQUENCIES Other Payment Options and payment frequencies may be
AND OPTIONS arranged with us.
PAYMENT OPTION RATES Amounts applied under the interest income and instalment
payment plans will earn interest at a rate we set from
time to time; but the rate will not be less than 3% per
year.
11. LIFE INCOME TABLES
MINIMUM PAYMENTS Monthly payments for each $1,000 applied will not be less
UNDER PAYMENT than the amounts shown in the following Tables. On
OPTIONS request, we will provide additional information about
amounts of minimum payments.
The rates shown below are based on an interest rate of 3%
per year and based on the 1983 IAM Mortality Table with
projection to 1992 using projection Scale G.
----------------------------------------------------------
INSTALMENT INCOME Years Monthly Years Monthly Years Monthly
FOR A STATED PERIOD Chosen Payment Chosen Payment Chosen Payment
==========================================================
1 $84.47 11 $8.86 21 $5.32
2 42.86 12 8.24 22 5.15
3 28.99 13 7.71 23 4.99
4 22.06 14 7.26 24 4.84
5 17.91 15 6.87 25 4.71
6 15.14 16 6.53 26 4.59
7 13.16 17 6.23 27 4.47
8 11.68 18 5.96 28 4.37
9 10.53 19 5.73 29 4.27
10 9.61 20 5.51 30 4.18
---------------------------------------------------------
Guaranteed Payment Period
SINGLE LIFE Payee's -------------------------------- Guaranteed
INCOME Age 10 Years 15 Years 20 Years Return
=========================================================
50 $3.48 $3.47 $3.45 $3.41
55 3.72 3.70 3.66 3.61
60 4.02 3.98 3.92 3.86
65 4.40 4.33 4.21 4.17
70 4.90 4.76 4.54 4.57
75 5.55 5.25 4.87 5.06
80 6.34 5.77 5.13 5.69
85 and over 7.25 6.21 5.28 6.49
----------------------------------------------------------
JOINT AND SURVIVOR Age of Both Joint and Survivor, Joint and 2/3
LIFE INCOME Payees 10 Years Certain to Survivor
==========================================================
55 $3.36 $3.48
60 3.58 3.73
65 3.87 4.05
70 4.25 4.48
75 4.76 5.07
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE
NON - PARTICIPATING
[GENERAL AMERICAN LOGO]
LIFE INSURANCE COMPANY
ST. LOUIS, MISSOURI 63166