MINIMUM SURRENDER VALUE Clause Samples

The Minimum Surrender Value clause establishes the lowest amount that a policyholder will receive if they choose to terminate their insurance policy before its maturity date. Typically, this clause applies to life insurance or endowment policies, where the insurer guarantees a specific minimum payout based on premiums paid and the duration the policy has been in force. By setting a floor for the surrender value, this clause protects policyholders from receiving an unreasonably low amount upon early termination, ensuring a degree of financial security and predictability.
MINIMUM SURRENDER VALUE. In the case of a full surrender of a Participant's Account prior to the Annuity Date, the value received under the Fixed Subaccounts shall never be less than Purchase Payments allocated to the Fixed Subaccounts, less any amounts transferred to Variable Subaccounts and less any previous partial surrenders.
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MINIMUM SURRENDER VALUE. A $1,000 minimum Surrender Value is necessary to elect a Life Distribution Option. For the TSA I, IRA I and GALIC® 2000 (when issued as a qualified annuity), to enroll in the ESP Program, the Annuity Value must equal at least one-half of the flexible premiums paid into the annuity contract. ESP payments under a TSA I, IRA I, or GALIC 2000 will stop if at any time the sum of the current Surrender Value plus payments from your current participation in the ESP Life Distribution Option do not at least equal one-half of the flexible premiums. RESTRICTIONS ON ESP PROGRAM 4. Restrictions on Entry. You may not enter the ESP Program during the first contract year. You may not enter the ESP Program after payments are made under a settlement option. You may enroll in only one ESP Program option, per annuity contract, at any one time. If you discontinue payments when permitted, you may not re-enter the ESP Life Distribution Program for 12 months. 5.
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MINIMUM SURRENDER VALUE. The Minimum Surrender Value for the Fixed Account for a given contract year will be determined by: crediting an effective annual rate of interest of 3.0% on the sum of the values of the Fixed Account Subaccounts at the end of each Valuation Period during the Contract Year at a daily rate adjusted for the number of days in each Valuation Period; less the applicable withdrawal charge(s), any prior withdrawals or transfers out of the Fixed Account, and premium taxes (if any).
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MINIMUM SURRENDER VALUE. 7 7.06 Assignment . . . . . . . . . . . . . 13
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Related to MINIMUM SURRENDER VALUE

  • Minimum Cash Balance Licensee shall fund the Facility Checking Account --------------------- with an initial amount equal to $25,000.00 and thereafter Licensee shall provide the working capital required by Section I(H) of this Agreement

  • Minimum Call-Back Time All employees who are called out and required to work in an emergency outside their regular working hours shall be paid for a minimum of two (2) hours at overtime rates and shall be paid from the time they leave home to report for duty until the time they arrive back upon proceeding directly from work.

  • Minimum Cash As determined on the first of every calendar month, the Company shall at all times keep on-hand unencumbered, unrestricted cash in an amount greater than or equal to $1,000,000.

  • Minimum Balance ▇▇▇▇▇▇▇▇ agrees to maintain a minimum balance of funds in the Settlement Account as Processor may specify to Merchant in writing from time to time.

  • Minimum Payment Overtime worked on a Saturday or Sunday will be paid for at the rate of double Ordinary Rates. Employees required to work on a Saturday or Sunday will be afforded a minimum 4 hours work, or be paid as if for 4 hours at the aforementioned overtime rates.