Nonguaranteed Charges or Benefits

Any element within a policy (as defined in section 2.5), other than policy dividends, which affects policyholder costs or value, and which may be changed at the discretion of the insurer after issue.  Examples of nonguaranteed charges or benefits include excess interest, mortality charges or expense charges lower than those guaranteed in the policy indeterminate premiums, and participation rates for equity-indexed products. (ASOP No. 2)