Guaranteed Surrender Value Sample Clauses

Guaranteed Surrender Value. 8.4.1. The Guaranteed Surrender Value will be determined in the Policy Year in which the surrender is effected, as a percentage of the total Premiums received and applied by Us on or after the due dates, in accordance with the table below, plus guaranteed cash value of accrued Paid Up Additions, if any, which have not been withdrawn by You. The guaranteed cash value of accrued Paid Up Additions is based on guaranteed cash value rates which are determined by Us in consultation and approval from the Authority and which are different from the Paid Up Addition purchase rates as mentioned in Section 3.5.1.1(iii)(c)(4). Policy Year of Surrender Percentage (%) of total Premiums Received (subject to the condition that Premiums for the first 3 (Three) Policy Years have been received and applied by Us, in accordance with the Section 8.1) 1 & 2 Nil 3 30% 4-7 50% 8 onwards Minimum of [{50% + ((40% X (N-7)) / (Policy Term - 8))} or 90%] wherein „N‟ is the Policy Year of Surrender For example: A customer of Age 50 (Fifty) years bought this Policy. The Policy Term will be 50 (Fifty) years. Basis the year of surrender, the Guaranteed Surrender Value will change as follows: - Guaranteed Surrender Value in 10th Policy Year = Minimum of [{50% + ((40% X (10-7)) / (50 - 8))} or 90%)] = 53% of total Premiums received plus guaranteed cash value of Paid Up Additions (if any). - Guaranteed Surrender Value in 25th Policy Year = Minimum [{50% + ((40% X (25-7)) / (50 - 8))} , 90%] = 67% of total Premiums received plus guaranteed cash value of Paid Up Additions (if any). - Guaranteed Surrender Value in 49th Policy Year = Minimum [{50% + ((40% X (49-7)) / (50 - 8))} , 90%] = 90% of total Premiums received plus guaranteed cash value of Paid Up Additions (if any).
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Guaranteed Surrender Value. Your policy accumulates a surrender value from the policy commencement date. This value is guaranteed to be at least 80% of the single premium you have paid for this policy. You may end your policy and cash out the amount. The surrender value will be much lower than the premiums paid if you end your policy in the first few years.
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Guaranteed Surrender Value. No guaranteed surrender value is payable under this Policy.
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Guaranteed Surrender Value. 8.4.1 The Guaranteed Surrender Value will be determined in the Policy Year in which the surrender is effected, as a percentage of the [total Premiums less Extra Premium (if any)] received and applied by Us on or after the due dates, in accordance with the table below, less any survival benefits already paid by Us plus guaranteed cash value of accrued Paid-Up Additions, if any, which have not been withdrawn by You. The guaranteed cash value of accrued Paid-Up Additions is based on guaranteed cash value rates which are determined by Us in consultation and approval from the Authority and which are different from the Paid- Up Addition purchase rates as mentioned in Section 3.6.2 (iii) (c) (4). Policy Year of surrender Percentage (%) of [total Premiums less Extra Premium (if any)] received (subject to the condition that Premiums for the first 2 (Two) Policy Years or first 3 (Three) Policy Years, as the case may be, having been received and applied by Us, in accordance with the Section 8.1) 1 Nil 4-7 50% 8 onwards Minimum of [ { 50% + ( (40% X (N-7)) / (Policy Term - 8) ) } or 90% ] Wherein N is the Policy Year of Surrender For example: A customer of Age 50 (Fifty) years bought this Policy. The Policy Term will be 25 (Twenty Five) years. Basis the year of surrender, the Guaranteed Surrender Value will change as follows: - Guaranteed Surrender Value in 10th Policy Year = Minimum of [ { 50% + ( (40% X (10 - 7)) / (25 - 8) ) } or 90% ] = 57% of total Premiums received less any survival benefits already paid plus guaranteed cash value of accrued Paid-Up Additions (if any) which have not been withdrawn by You. - Guaranteed Surrender Value in 24th Policy Year = Minimum of [ { 50% + ( (40% X (24 - 7)) / (25 - 8) ) } or 90% ] = 90% of total Premiums received less any survival benefits already paid plus guaranteed cash value of accrued Paid-Up Additions (if any) which have not been withdrawn by You. - Guaranteed Surrender Value in 25th Policy Year = Minimum [ { 50% + ( (40% X (25 - 7)) / (25 - 8) ) } or 90% ] = 90% of total Premiums received less any survival benefits already paid plus guaranteed cash value of accrued Paid-Up Additions (if any) which have not been withdrawn by You.
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Related to Guaranteed Surrender Value

  • Guaranteed Maximum Costs The City’s payment obligation to Contractor cannot at any time exceed the amount certified by City’s Controller for the purpose and period stated in such certification. Absent an authorized Emergency per the City Charter or applicable Code, no City representative is authorized to offer or promise, nor is the City required to honor, any offered or promised payments to Contractor under this Agreement in excess of the certified maximum amount without the Controller having first certified the additional promised amount and the Parties having modified this Agreement as provided in Section 11.5, “Modification of this Agreement.”

  • Guaranteed Maximum Price The anticipated Guaranteed Maximum Price for the Project at the time this Agreement is executed is: Fifty Million, Six Hundred Four Thousand, Eight Hundred Fifty-Five and no/100 Dollars ($ 50,604,855.00);

  • Payment and Performance Bonds The Contractor shall comply with the following minimum bonding requirements:

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Guaranty Each Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”); provided that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor, and conclusive for the purpose of establishing the amount of the Secured Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Secured Obligations or any instrument or agreement evidencing any Secured Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Secured Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

  • No Guaranteed Work Work authorizations are issued at the discretion of the State. While it is the State's intent to issue work authorizations hereunder, the Engineer shall have no cause of action conditioned upon the lack or number of work authorizations issued.

  • LESSOR OBLIGATIONS 3.1 - The Lessor shall furnish to the Lessee and pay the cost of the following:

  • Guaranteed Energy Production (A) Throughout the Delivery Term, Seller shall be required to provide to Buyer an amount of Delivered Energy plus Deemed Delivered Energy, if any, no less than the Guaranteed Energy Production over two (2) consecutive Contract Years during the Delivery Term (“Performance Measurement Period”). “

  • Basis of Guaranteed Maximum Price The Design-Builder shall include with the GMP Proposal a written statement of its basis, which shall include:

  • Money Back Guarantee If we provide a money back guarantee ("MBG") for your Service, it will begin on your Service Ready Date. During this MBG period you may cancel your Service and receive a full refund of all monthly, one-time and equipment charges paid to Verizon (provided you return all Equipment in good working condition). If you fail to return the Equipment, an unreturned Equipment fee will apply. ETFs will not apply to Service terminated within the MBG period. The MBG does not apply to customers who change between or renew bundle, monthly, term or other pricing plans. The MBG is limited to one per Subscriber per Service type per Service address.

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