A Puerto Rico Participation Agreement is a contractual agreement between Variable Insurance Products Fund, III (VIP III) and Lincoln Life and Annuity Company of New York (LLANO). This agreement outlines the terms and conditions under which LLANO will participate in the Puerto Rico Variable Insurance Products Fund, III. The Puerto Rico Participation Agreement is specific to LLANO's involvement in the VIP III fund, which offers variable insurance products to its clients in Puerto Rico. By entering into this agreement, LLANO becomes a participant in the fund and has certain rights and responsibilities. One type of Puerto Rico Participation Agreement between VIP III and LLANO may relate to the participation of LLANO's annuity products in the fund. This agreement would outline the specific terms regarding LLANO's annuity offerings within the fund, including pricing, withdrawal options, surrender charges, and any additional features unique to annuity contracts. Another type of Puerto Rico Participation Agreement could involve LLANO's life insurance products. This agreement would establish the terms for LLANO's life insurance offerings within the VIP III fund, including premium payments, death benefit options, loan provisions, and any other relevant terms specific to life insurance policies. The Puerto Rico Participation Agreement may also differ based on the specific products offered by VIP III and LLANO. For instance, it could cover variable annuities, variable life insurance, or both, depending on the arrangement between the two parties. In summary, the Puerto Rico Participation Agreement between VIP III and LLANO is a contractual agreement that facilitates LLANO's participation in the Puerto Rico Variable Insurance Products Fund, III. There can be various types of agreements depending on the products offered and specific terms and conditions governing the participation of LLANO's annuity and life insurance offerings.
Puerto Rico Participation Agreement between Variable Insurance Products Fund, III, Lincoln Life and Annuity Company of New York
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