Common use of Contract Surrender Clause in Contracts

Contract Surrender. At any time before Annuity Payments begin, you may surrender this contract for its Surrender Value. The Surrender Value will be determined as of the Valuation Date coincident with or next following the date your Written Request is received at our home office. The Surrender Value will be paid in a single sum if the contract is surrendered for its full Surrender Value. After making written request and receiving written approval from the Insurance Commissioner, where required, we reserve the right to delay payments or transfers from the DCA Fixed Account or Fixed Account for up to six months after we receive your Written Request. If such delay occurs, we will notify you of the specific date the transaction will occur, the reason for the delay, and the value of the transaction as of the date we receive your request. HOSPITAL, MEDICAL CARE AND TERMINAL CONDITION WAIVERS (ONE YEAR WAITING PERIOD REQUIRED) Deferred sales charge will not apply when: