Surrender Charge. A surrender charge may apply in the event You surrender part of or all of Your Contract Value during the surrender charge period. The Schedule of Surrender Charges for Your contract is shown under Contract Data. A surrender charge applies if You surrender purchase payments during the surrender charge period. Refer to Waiver of Surrender Charges for situations when surrender charges are not deducted. Your surrender charge amount is determined by multiplying purchase payments surrendered which could be subject to a surrender charge by the applicable surrender charge percentage. The amount that represents purchase payments surrendered is calculated using a prorated formula based on the percentage of Your Contract Value being surrendered. As a result, the amount that represents purchase payments surrendered may be greater than Your Contract Value surrendered. We determine the amount that represents purchase payments surrendered (PPS), purchase payments not subject to a surrender charge (PPF), and purchase payments which could be subject to a surrender charge (PPSC) by the following formula: PPS = PPSC + PPF PPSC = ( PS - FA CV - FA ) X (PP - PPF) (but not less than zero) PPF = FA - “contract earnings”, but not less than zero PP = Purchase payments not previously surrendered (total purchase payments – PPS) PS = Amount the Contract Value is reduced by the surrender FA = the “total free amount” CV = Contract Value prior to the surrender
Surrender Charge. Except as described below, if the Contract is Surrendered, in full or in part, while the Surrender Charge schedule shown in the Contract Schedule is in effect a Surrender Charge will be imposed as a percentage of Accumulation Value Surrendered. The percentage imposed at the time of Surrender depends on the number of complete years that have elapsed since Contract issue. Surrender Charges are shown in the Contract Schedule. No Surrender Charges will be assessed upon:
Surrender Charge. If you surrender this policy, there may be a Surrender Charge deducted from the Accumulated Value. During the Level Period, the Surrender Charge is equal to the Initial Amount. After the Level Period, the Surrender Charge decreases on each Monthly Payment Date by one-twelfth of the Reduction Factor until it becomes zero after the End Year. The Initial Amount, Level Period, Reduction Factor and End Year are shown in the Table of Surrender Charge Factors in the Policy Specifications.
Surrender Charge. SAMPLE A Surrender Charge may apply to a withdrawal in excess of the Free Withdrawal Amount or a surrender, depending on the date and amount of such withdrawal or surrender. The Surrender Charge schedule is specified on the Schedule Pages. The charge is calculated by multiplying the Accumulation Value being withdrawn in excess of the Free Withdrawal Amount or surrendered by the appropriate Surrender Charge Percentage shown on the Schedule Pages. After the application of any applicable Market Value Adjustment, Surrender Charges will be applied to the Accumulation Value withdrawn in excess of the Free Withdrawal Amount or surrendered. Surrender Charges will be waived upon death.
Surrender Charge. The charge associated with surrendering either some or all of the Contract Value. The Surrender Charge Schedule is shown in Section 1.02.
Surrender Charge. If you surrender this policy, there may be a Surrender Charge deducted from the Accumulated Value.
Surrender Charge. 11 Transfers............................................................. 10
Surrender Charge. A Surrender Charge will be applied to Full and Partial Surrenders. The charge is made as a percentage of the Accumulated Value surrendered. The percent applied is shown on page 3. However:
Surrender Charge. The applicable percentage from the Surrender Charge Table in the Contract Schedule will be deducted upon any withdrawal or surrender and will be applies as follows:
Surrender Charge. Surrender charge is payable if You request for full surrender during the first five (5) years. The surrender charge is calculated as below: Surrender charge = Surrender charge percentage (depending on the policy year at the point of the surrender request) X Account value Please refer to the table below for the surrender charge percentage. Policy Year Surrender Charge 1 7% 2 7% 3 6%
