CONTRACT EARNINGS definition
CONTRACT EARNINGS. With respect to these surrender provisions, "contract earnings" is defined as the Contract Value, less purchase payments not previously surrendered, but not less than zero. With respect to these surrender provisions, "contract earnings" are surrendered first followed by purchase payments.
CONTRACT EARNINGS. With respect to these surrender provisions, “contract earnings” is defined as the Contract Value, less purchase payments not previously surrendered, but not less than zero. With respect to these surrender provisions, “contract earnings” are surrendered first followed by purchase payments. The “total free amount” is the amount You are allowed to surrender each contract year without incurring a surrender charge. The “total free amount” calculation is described below and is recalculated on each Contract Anniversary during the surrender charge period. Any unused portion does not carry over to future contract years. During the first contract year the “total free amount” is the greater of:
Examples of CONTRACT EARNINGS in a sentence
CONTRACT EARNINGS On any Valuation Date, the Contract Value plus the aggregate Purchase Payments withdrawn up to that date minus the aggregate Purchase Payments made up to that date.