If the Owner does not elect to recommence Installments within 30 calendar days prior to the Ratchet Date, no additional Installments shall be made until the Owner notifies the Company within 30 calendar days prior to the next Ratchet Date. In either situation, the Spouse Beneficiary shall become the sole Owner and Covered Person, and the Ratchet Date will be the date when the Spouse’s Beneficiary’s Annuity Account is established. It is the Owner’s responsibility to monitor the remaining Distributions from the Rider and suspend the remaining Installments that are scheduled to be paid during the year until the next Ratchet Date. The Owner’s current Ratchet Date shall remain in effect while Installments are suspended. In situations where historical Demand requirements will be exceeded due to properly noticed and Company approved scheduled equipment testing, Company will ignore for Billing Demand Ratchet purposes the test period demands. Ratchet Floater Bonds pay interest subject to increasing floors, according to the terms of the Bond, such that subsequent coupons may not be lower than the previous coupon.
/ratchet-56d48e955f9b5879cc90a7ba.png "ratchet urban dictionary definition")
Ratchet Floater bonds pay interest subject to increasing floors, according to the terms of the bond, such that subsequent coupons may not be lower than the previous coupon.
0 kommentar(er)
