Cash Surrender definition

Cash Surrender. Value The Cash Surrender Value, while the Annuitant is living and before the Annuity Commencement Date, is determined as follows:
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Cash Surrender. VALUE The cash surrender value is equal to the Contract value less any amounts deducted on surrender which are shown on the Contract Specifications and less any applicable Premium Tax not previously deducted. CASH SURRENDER You may elect by Written Request to receive the cash surrender value of this Contract before the due date of the first annuity payment and without the consent of any beneficiary unless irrevocably named. You may elect either a full or partial surrender of the cash surrender value. In the case of a full surrender, this Contract will be canceled. A partial surrender will result in a reduction in Your Contract value. If You have a balance in more than one Funding Option, Your Contract value will be reduced from all Your Funding Options on a pro rata basis, unless You request otherwise. The cash surrender value will be determined as of the next valuation following receipt of Your Written Request. We may delay payment of the cash surrender value of the Funding Options for a period of not more than five business days after We receive Your Written Request.
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Examples of Cash Surrender in a sentence

  • The report will show the Accumulation Value and the Cash Surrender Value as of the end of the Contract Processing Period.

  • You may also elect an Annuity Option on surrender of the Contract for its Cash Surrender Value.

  • In no event may a Partial Withdrawal exceed 90% of the Cash Surrender Value.

  • The Net Cash Surrender Value is the Cash Surrender Value less any Policy Debt.

  • The Cash Surrender Value is the Accumulated Value less any Surrender Charge.

  • Modified Surrender Value Rider: Changes the Cash Surrender Value definition (to equal the Account Value) if the policy is surrendered within 3 years after the policy issue date.

  • In no event may a Partial Withdrawal be greater than 90% of the Cash Surrender Value.

  • Cash Surrender Value Endorsement: Provides for enhanced Cash Surrender Value (equal to the current Account Value) in the event of policy surrender in the first 4 policy years, unless the policy is exchanged under Section 1035 to another company's policy.

  • NO DIVIDENDS ------------------------------------------------------------------------------ Variable Cash Surrender Values while the Annuitant and Owner are living and prior to the Annuity Commencement Date.

  • We may require that this Contract be returned to us before we pay you the Cash Surrender Value.