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: (1) We take the Contract's Accumulation Value; (2) We deduct any Surrender Charge; (3) We deduct any charges shown in the Schedule that have been incurred but not yet deducted, including; (a) any administrative fee that has not yet been deducted; (b) the pro rata part of any charges for Optional Benefit Riders; and (c) any applicable premium or other tax. Cancelling to Receive the Cash Surrender Value At any time while the Annuitant is living and before the Annuity Commencement Date, you may surrender this Contract to us. To do this, you must return this Contract with a signed request for cancellation to our Customer Service Center. The Cash Surrender Value will vary daily. We will determine the Cash Surrender Value as of the date we receive the Contract and your signed request in our Customer Service Center. All benefits under this Contract will then end. We will usually pay the Cash Surrender Value within seven days; but, we may delay payment as described in the Payments We May Defer provision. PARTIAL WITHDRAWAL OPTION After the Contract Date, you may make Partial Withdrawals. The minimum amount that may be withdrawn is shown in the Schedule. For purposes of calculating any Surrender Charge, any Partial Withdrawal you take will not be considered premium, unless it is an Excess Partial Withdrawal. To take a Partial Withdrawal, you must provide us satisfactory notice at our Customer Service Center. PROCEEDS PAYABLE TO THE BENEFICIARY Prior to the Annuity Commencement Date If the sole Owner dies prior to the Annuity Commencement Date, we will pay the Beneficiary the death benefit. If there are joint Owners and any Owner dies, we will pay the surviving Owners the death benefit. We will pay the amount on receipt of due proof of the Owner's death at our Customer Service Center. Such amount may be received in a single lump sum or applied to any of the Annuity Options (see Choosing an Income Plan). When the Owner (or all Owners where there are joint Owners) is not an individual, the death benefit will become payable on the death of the Annuitant prior to the Annuity Commencement Date (unless a Contingent Annuitant survived the Annuitant). Only one death benefit is payable under this Contract. In all events, distributions under the Contract must be made as required by applicable law. How to Claim Payments to Beneficiary We must receiv...
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Cash Surrender. Value The Cash Surrender Value, while the Annuitant is living and before the Annuity Commencement Date, is determined as follows:
Sample 1Sample 2Sample 3
Cash Surrender. Value The Cash Surrender Value before the Annuity Commencement Date, is determined as follows:
Sample 1Sample 2Sample 3

Examples of Cash Surrender in a sentence

  • The Contract’s Cash Surrender Value on any date will be the Contract Fund less any applicable surrender charges (described in the prospectus) and less any Contract Debt.

  • The Cash Surrender Value will be determined as of the end of the valuation period in which a surrender request is received in Good Order at a Service Office.

  • The payment of any Cash Surrender Value attributable to the Fixed Rate Option may be delayed up to six months.

  • The Contract Owner may surrender the Contract at any time for its Cash Surrender Value (referred to as net cash value in the Contract) while the insured is living.

  • Generally, Pruco Life will pay the Contract’s Cash Surrender Value within seven days after all the documents required for such payment are received in Good Order at a Service Office.

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

  • We provide Cash Surrender Values that are at least equal to those required by law.

  • Generally, Pruco Life of New Jersey will pay the Contract’s Cash Surrender Value within seven days after all the documents required for such payment are received in Good Order at a Service Office.

  • Although an increase need not necessarily be accompanied by additional premium, the Cash Surrender Value in effect immediately after the increase must be sufficient to cover the next monthly deduction.

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


More Definitions of Cash Surrender

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.
Sample 1
Cash Surrender. Value The cash surrender value, while the annuitant is living and before the annuity commencement date, is determined as follows: (1) We take the contract's accumulation value; (2) We deduct any unrecovered deferred contract loading; (3) We deduct any charges shown on page 3E that have been incurred but not yet deducted, including: (a) any first year administrative fee that has not yet been deducted; (b) any quarterly administrative fee to be deducted on the next contract processing date; (c) the pro rata part of any guaranteed death benefit charge; and, (d) the pro rata part of any charges for optional benefit riders. Cancelling to Receive the Cash Surrender Value You may, at any time while the annuitant is living and before the annuity commencement date, surrender this contract to us. To do this, you must return this contract with a signed request for cancellation to our Customer Service Center. The cash surrender value will vary daily. We will determine the cash surrender value as of the date we receive the contract and your signed request in our Customer Service Center. All benefits under this contract will then end. We will usually pay the cash surrender value within seven days. But we may delay payment as described in the Payments We may Defer provision. Partial Withdrawal Option After the first contract anniversary, you may make a partial withdrawal once in each contract year. The minimum amount that may be withdrawn is shown on page 3D. The maximum amount that may be withdrawn is determined by multiplying the cash surrender value by the maximum withdrawal percentage factor shown on page 3D. Any withdrawal you make will not be treated as premium only for the purposes of calculating the deferred charges against the accumulation value. To take a partial withdrawal, you must provide us with satisfactory notice at our Customer Service Center. Proceeds Payable to the Beneficiary See Endorsement Prior to the Annuity Commencement Date If either the annuitant (when there is no contingent annuitant) or owner dies prior to the annuity commencement date we will pay the beneficiary the greater of either the accumulation value or guaranteed death benefit. We will pay the amount on receipt of due proof of the annuitant's or owner's death at our Customer Service Center. Such amount may be received in a single lump sum or applied to any of the annuity options (see Choosing an Income Plan).
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Related to Cash Surrender

  • Cash Surrender Value means the net cash surrender value plus any amounts outstanding as policy loans.

  • Surrender Value means an amount, if any, that becomes payable in case of Surrender of the Policy in accordance with the terms and conditions of the Policy.

  • Surrender when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Office of one or more Receipts evidencing American Depositary Shares.

  • Book-Entry Share has the meaning set forth in Section 2.01(c).

  • certificated share means a share which is not an uncertificated share and references in these articles to a share being held in certificated form shall be construed accordingly;

  • Stock Certificate With respect to a Cooperative Loan, a certificate evidencing ownership of the Cooperative Shares issued by the Cooperative.

  • Company Stock Certificate has the meaning set forth in Section 1.6.

  • Merger Consideration has the meaning set forth in Section 3.1(a).

  • uncertificated share means a share of a class which is at the relevant time a participating class, title to which is recorded on the register as being held in uncertificated form and references in these articles to a share being held in uncertificated form shall be construed accordingly;

  • Conversion Consideration shall have the meaning specified in Section 14.12(a).

  • Book-Entry Certificate Any Certificate registered in the name of the Depository or its nominee.

  • Stock Certificates has the meaning set forth in Section 2.2(a)(ii).

  • Book-Entry Certificates As specified in the Preliminary Statement.

  • Conversion Amount means the sum of the Stated Value at issue.

  • Uncertificated Notional Amount With respect to REMIC 2 Regular Interest Swap IO and each Distribution Date listed below, the aggregate Uncertificated Principal Balance of the REMIC 1 Regular Interests ending with the designation “A” listed below: Distribution Date REMIC I Regular Interests 3 I-2-A through I-59-A and II-2-A through II-59-A 4 I-3-A through I-59-A and II-3-A through II-59-A 5 I-4-A through I-59-A and II-4-A through II-59-A 6 I-5-A through I-59-A and II-5-A through II-59-A 7 I-6-A through I-59-A and II-6-A through II-59-A 8 I-7-A through I-59-A and II-7-A through II-59-A 9 I-8-A through I-59-A and II-8-A through II-59-A 10 I-9-A through I-59-A and II-9-A through II-59-A 11 I-10-A through I-59-A and II-10-A through II-59-A 12 I-11-A through I-59-A and II-11-A through II-59-A 13 I-12-A through I-59-A and II-12-A through II-59-A 14 I-13-A through I-59-A and II-13-A through II-59-A 15 I-14-A through I-59-A and II-14-A through II-59-A 19 I-18-A through I-59-A and II-18-A through II-59-A 20 I-19-A through I-59-A and II-19-A through II-59-A 22 I-21-A through I-59-A and II-21-A through II-59-A 24 I-23-A through I-59-A and II-23-A through II-59-A 25 I-24-A through I-59-A and II-24-A through II-59-A 26 I-25-A through I-59-A and II-25-A through II-59-A 27 I-26-A through I-59-A and II-26-A through II-59-A 28 I-27-A through I-59-A and II-27-A through II-59-A 29 I-28-A through I-59-A and II-28-A through II-59-A 30 I-29-A through I-59-A and II-29-A through II-59-A 33 I-32-A through I-59-A and II-32-A through II-59-A 34 I-33-A through I-59-A and II-33-A through II-59-A 35 I-34-A through I-59-A and II-34-A through II-59-A 36 I-35-A through I-59-A and II-35-A through II-59-A 38 I-37-A through I-59-A and II-37-A through II-59-A 39 I-38-A through I-59-A and II-38-A through II-59-A 40 I-39-A through I-59-A and II-39-A through II-59-A 41 I-40-A through I-59-A and II-40-A through II-59-A 42 I-41-A through I-59-A and II-41-A through II-59-A 43 I-42-A through I-59-A and II-42-A through II-59-A 44 I-43-A through I-59-A and II-43-A through II-59-A 45 I-44-A through I-59-A and II-44-A through II-59-A 48 I-47-A through I-59-A and II-47-A through II-59-A 49 I-48-A through I-59-A and II-48-A through II-59-A 50 I-49-A through I-59-A and II-49-A through II-59-A 51 I-50-A through I-59-A and II-50-A through II-59-A 52 I-51-A through I-59-A and II-51-A through II-59-A 53 I-52-A through I-59-A and II-52-A through II-59-A 54 I-53-A through I-59-A and II-53-A through II-59-A 55 I-54-A through I-59-A and II-54-A through II-59-A 56 I-55-A through I-59-A and II-59-A through II-59-A 57 I-56-A through I-59-A and II-56-A through II-59-A 58 I-57-A through I-59-A and II-57-A through II-59-A 59 I-58-A through I-59-A and II-58-A through II-59-A 60 I-59-A and II-59-A thereafter $0.00

  • Non-Book-Entry Certificate Any Certificate other than a Book-Entry Certificate.

  • Book-Entry Shares has the meaning set forth in Section 3(a).

  • Surrender Charge means a charge levied on the Fund Value at the time of surrender of the Policy.

  • Notice of Election to Purchase has the meaning assigned to such term in Section 15.1(b).

  • Option Consideration has the meaning set forth in Section 3.3(a).

  • Allocated Share for any month means that percentage of CMISC Reimbursable Out-of-Pocket Expenses which would be allocated to a Fund for such month in accordance with the methodology described below under the heading “Methodology of Allocating CMISC Reimbursable Out-of-Pocket Expenses.”

  • Non-Cash Consideration means consideration in a form other than cash.

  • Exchange Agent has the meaning set forth in Section 3.02(a).

  • Non-Book Entry Certificates As defined in Section 5.02(c)(iii) of this Agreement.

  • Book Entry means an uncertificated book entry for the Common Stock.

  • Designated Non-Cash Consideration means the fair market value of non-cash consideration received by the Borrower or any Restricted Subsidiary in connection with an Asset Sale that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Borrower setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration.