Common use of Surrender or Cancellation Clause in Contracts

Surrender or Cancellation. The Owner shall have the sol right to surrender or cancel the Policy, in whole or in part, and to receive his (or its) surrender value, subject to the provisions of this paragraph 5. In the event of any partial or complete surrender or cancellation, the Employer shall be provided with written notice of such surrender or cancellation by the Owner at least fifteen (15) days prior to a distribution from the Insurer. Subject to paragraph 6, in the event of any partial surrender, the Employer shall be entitled to recover the surrender proceeds to the extent of its net premium outlay. In the event of a complete surrender or cancellation, the Employer shall be entitled to recover the lesser of its net premium outlay and the surrender value of the Policy.

Surrender or Cancellation. The Owner shall have the sol sole right to surrender or cancel the Policy, in whole or in part, and to receive his (or its) the surrender value, subject to the provisions of this paragraph 5. In the event of any partial or complete surrender or cancellation, the Employer shall be provided with written notice of such surrender or cancellation by the Owner at least fifteen (15) days prior to a distribution from the Insurer. Subject to paragraph 6, in the event of any partial surrender, the Employer shall be entitled to recover the surrender proceeds to the extent lesser of its net cumulative premium outlayoutlay or the surrender proceeds. In the event of a complete surrender or cancellation, the Employer shall be entitled to recover the lesser of its net cumulative premium outlay and or the surrender value of the Policy.

Surrender or Cancellation. The Owner shall have the sol sole right to surrender or cancel the Policy, in whole or in part, and to receive his (or its) the surrender value, subject to the provisions of this paragraph 5. In the event of any partial or complete surrender or cancellation, the Employer shall be provided with written notice of such surrender or cancellation by the Owner at least fifteen (15) days prior to a distribution from the Insurer. Subject to paragraph 6, in the event of any partial surrender, the Employer shall be entitled to recover the surrender proceeds to the extent lesser of its net premium outlayoutlay or the surrender proceeds. In the event of a complete surrender or cancellation, the Employer shall be entitled to recover the lesser of its net premium outlay and or the surrender value of the Policy.