A Utah Participation Agreement is a legally binding contract between the Variable Insurance Products Fund, III (VIP Fund), and Lincoln Life and Annuity Company of New York (LLANO). This agreement outlines the terms and conditions under which LLANO participates in the VIP Fund. The VIP Fund, as the issuing company, offers various variable insurance products including annuities. LLANO, on the other hand, acts as a participant in the fund, providing funding and investments. The participation agreement establishes a formal relationship between these entities, ensuring transparency and compliance with relevant laws and regulations. Key terms and clauses outlined in the Utah Participation Agreement may include: 1. Definitions: This section defines the terms used throughout the agreement, such as "VIP Fund," "Participant," and "Units." 2. Parties: Clearly identifies the involved parties — VIP Fund and LLANY – and provides their contact information. 3. Participation Amount: Specifies the amount of investment LLANO is contributing to the VIP Fund. 4. Unit Allocation: Outlines how LLANO's participation amount is allocated into units or shares of the VIP Fund. 5. Pricing and Valuation: Describes the methodology and frequency used to determine the value of LLANO's units in the VIP Fund. 6. Expenses: Details the expenses associated with the operation and administration of the VIP Fund, along with any specific provisions regarding the allocation of expenses to participants. 7. Distributions and Redemptions: Outlines the procedures for LLANO to make withdrawals, receive distributions, or redeem units from the VIP Fund. 8. Termination: Specifies the conditions under which LLANO or the VIP Fund may terminate their participation in the agreement. Different types of Utah Participation Agreements between the VIP Fund and LLANO may exist depending on the specific product or investment strategy involved. For instance, there could be separate agreements for variable annuities, variable life insurance, or other types of variable insurance products offered by LLANO and participating in the VIP Fund. These agreements may have slight variations in terms, conditions, or provisions to address the unique features of the specific variable insurance product being offered. It is essential for all parties involved to carefully review and understand the terms of the Utah Participation Agreement to ensure compliance and a mutual understanding of obligations and benefits.
A Utah Participation Agreement is a legally binding contract between the Variable Insurance Products Fund, III (VIP Fund), and Lincoln Life and Annuity Company of New York (LLANO). This agreement outlines the terms and conditions under which LLANO participates in the VIP Fund. The VIP Fund, as the issuing company, offers various variable insurance products including annuities. LLANO, on the other hand, acts as a participant in the fund, providing funding and investments. The participation agreement establishes a formal relationship between these entities, ensuring transparency and compliance with relevant laws and regulations. Key terms and clauses outlined in the Utah Participation Agreement may include: 1. Definitions: This section defines the terms used throughout the agreement, such as "VIP Fund," "Participant," and "Units." 2. Parties: Clearly identifies the involved parties — VIP Fund and LLANY – and provides their contact information. 3. Participation Amount: Specifies the amount of investment LLANO is contributing to the VIP Fund. 4. Unit Allocation: Outlines how LLANO's participation amount is allocated into units or shares of the VIP Fund. 5. Pricing and Valuation: Describes the methodology and frequency used to determine the value of LLANO's units in the VIP Fund. 6. Expenses: Details the expenses associated with the operation and administration of the VIP Fund, along with any specific provisions regarding the allocation of expenses to participants. 7. Distributions and Redemptions: Outlines the procedures for LLANO to make withdrawals, receive distributions, or redeem units from the VIP Fund. 8. Termination: Specifies the conditions under which LLANO or the VIP Fund may terminate their participation in the agreement. Different types of Utah Participation Agreements between the VIP Fund and LLANO may exist depending on the specific product or investment strategy involved. For instance, there could be separate agreements for variable annuities, variable life insurance, or other types of variable insurance products offered by LLANO and participating in the VIP Fund. These agreements may have slight variations in terms, conditions, or provisions to address the unique features of the specific variable insurance product being offered. It is essential for all parties involved to carefully review and understand the terms of the Utah Participation Agreement to ensure compliance and a mutual understanding of obligations and benefits.
