PARTIAL SURRENDER. A partial surrender may be made at any time after the first policy year while this policy is in force. You must submit a written request. We may also require that this policy be sent to us. We reserve the right to limit the number of partial surrenders in a policy year to one. In addition, a partial surrender will be allowed only if after the partial surrender, this policy continues to qualify as a contract for life insurance. We reserve the right to deduct a fee from the partial surrender amount. The maximum fee is shown on the policy data page. When a partial surrender is made, we will reduce the Cash Value by the partial surrender amount. We will also reduce the Specified Amount by the amount necessary to prevent an increase in the Net Amount at Risk. Any such decrease will reduce insurance in the following order:
PARTIAL SURRENDER. A surrender of a portion of the Account Value in exchange for a payment to the Owner in accordance with the terms of Section 10.
PARTIAL SURRENDER. A partial surrender may be made at any time after the first policy year while this Policy is in force. You must submit a written request. We may also require that this Policy be sent to us. We reserve the right to limit the number of partial surrenders in a policy year to one. In addition, a partial surrender will be allowed only if after the partial surrender, this Policy continues to qualify as a contract for
Examples of PARTIAL SURRENDER in a sentence
PARTIAL SURRENDER You can request a partial surrender by sending your signed request to our Service Office.
PLEASE USE THE CLASS OF RISK, ISSUE AGE OF THE INSURED ON THE EFFECTIVE DATE OF COVERAGE, AND THE CERTIFICATE YEAR (CY) FACTOR FROM THE EFFECTIVE DATE OF COVERAGE FROM THE TABLE OF SURRENDER CHARGE FACTORS TO DETERMINE THE APPLICABLE SURRENDER CHARGE OR PARTIAL SURRENDER CHARGE IN ANY GIVEN YEAR.
PLEASE REFER TO THE PARTIAL SURRENDER PROVISION FOR A DESCRIPTION OF HOW THE PARTIAL SURRENDER CHARGE IS CALCULATED.
PARTIAL SURRENDER REDUCTIONS ADJUSTED PURCHASE PAYMENT The Partial Surrender Reduction is equal to 1) the Adjusted Purchase Payment in effect immediately prior to the reduction for the partial surrender, multiplied by 2) the amount of the partial surrender divided by 3) the Contract Value.
SURRENDER CHARGES UPON PARTIAL SURRENDER For the number of years shown on the "Policy Charges" Policy Data page, a surrender charge will be assessed for each Face Amount Decrease (see Section Three).
More Definitions of PARTIAL SURRENDER
PARTIAL SURRENDER. A partial surrender may be made at any time while this policy is in force. You must submit a written request. We may also require that this policy be sent to us. We reserve the right to limit the number of partial surrenders in a policy year to one a year from the Policy Date. In addition, a partial surrender will be allowed only if after the partial surrender, this policy continues to qualify as a contract for life insurance. We reserve the right to deduct a fee from the Partial Surrender Amount you requested. The maximum fee is shown on the Policy Data Page. When a partial surrender is made we will reduce the Cash Value by the Partial Surrender Amount. We will also reduce the Specified Amount by the amount necessary to prevent an increase in the Net Amount At Risk. However, the reduction to the Specified Amount will not be greater than the Partial Surrender Amount less preferred partial surrenders. A preferred partial surrender, when aggregated with any other preferred partial surrenders during the same policy year, shall not exceed 5% of the Cash Surrender Value as of the beginning of that year. If you do not notify us in writing that you wish a partial surrender to be considered a preferred partial surrender, it will be considered an ordinary partial surrender. Any such decrease to the Specified Amount as a result of an ordinary partial surrender will reduce insurance in the following order:
PARTIAL SURRENDER. A partial surrender may be made at any time after the first policy year while this Policy is in force. You must submit a written request. We may also require that this Policy be sent to us. We reserve the right to limit the number of partial surrenders in a policy year to one. In addition, a partial surrender will be allowed only if after the partial surrender, this Policy continues to qualify as a contract for life insurance. We reserve the right to deduct a fee from the Partial Surrender Amount you requested. The maximum fee is shown on the Policy Data Page. When a partial surrender is made we will reduce the Cash Value by the Partial Surrender Amount. We will also reduce the Specified Amount by the amount necessary to prevent an increase in the Net Amount At Risk. However, the reduction to the Specified Amount will not be greater than the Partial Surrender Amount less preferred partial surrender, which must meet the conditions below. Also, We will not reduce the Specified Amount below the Minimum Specified Amount. Any such decrease will reduce insurance in the following order:
PARTIAL SURRENDER sub-sections of the "Provisions Relating to Amount Payable on Death, Partial Surrender and Surrender" section of the contract shall not apply to monies contributed under a custodial account contract issued under IRC Section 403(b)(7). Distribution of such custodial account amounts shall be restricted in accordance with the provisions noted in Section 2 above.
PARTIAL SURRENDER. Any withdrawal of a portion of Your Contract Value which may be subject to charges, if applicable.
PARTIAL SURRENDER. A partial surrender may be made at any time after the first policy year while this Policy is in force. You must submit a written request. We may also require that this Policy be sent to us. We reserve the right to limit the number of partial surrenders in a policy year to one. In addition, a partial surrender will be allowed only if after the partial surrender, this Policy continues to qualify as a contract for life insurance. We reserve the right to deduct a fee from the Partial Surrender Amount you requested. The maximum fee is shown on the Policy Data Page. When a partial surrender is made we will reduce the Cash Value by the Partial Surrender Amount. We will also reduce the Specified Amount by the amount necessary to prevent an increase in the Net Amount At Risk. Any such decrease will reduce insurance in the following order:
PARTIAL SURRENDER. A partial distribution of the Cash Surrender Value. Unless there is a Preferred Partial Surrender, there will be a reduction in the amount of insurance coverage provided by the policy. PARTIAL SURRENDER AMOUNT: This is the amount requested by you as a Partial Surrender.
PARTIAL SURRENDER. A partial surrender may be made at any time after the first policy year while this policy is in force. You must submit a written request. We may also require that this policy be sent to us. We reserve the right to limit the number of partial surrenders in a policy year to one a year from the Policy Date. A partial surrender will not increase the Net Amount at Risk. In addition, a partial surrender will be allowed only if after the partial surrender, this policy continues to qualify as a contract for life insurance. We reserve the right to deduct a fee from the Partial Surrender Amount you requested. The maximum fee is $25.00 or 2% of the partial surrender, whichever is less. When a partial surrender is made, we will reduce the Cash Value by the Partial Surrender Amount. We will also reduce the Specified Amount by the amount necessary to prevent an increase in the Net Amount at Risk. However, the reduction to the Specified Amount will not be greater than the Partial Surrender Amount. Any such decrease to the Specified Amount as a result of an ordinary partial surrender will reduce insurance in the following order: