Partial Surrenders definition

Partial Surrenders. A partial surrender may be made at any time after the fifth policy anniversary by written notice. When you make a partial surrender, we will reduce the cash value by the partial surrender amount and any surrender charges. We will also reduce the specified amount. The reduction in specified amount will be proportional to the reduction in cash value due to the partial surrender. A new Policy Schedule will be issued reflecting the changes. The minimum partial surrender amount is shown on the Policy Schedule. We may require that any partial surrender amounts be first deducted from the cash value in the subaccounts. Partial surrenders will be allowed only if this policy continues to qualify as a contract of life insurance under IRC Section 7702. We may limit the maximum amount of all partial surrenders in each policy year to the greater of:

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Partial Surrenders. You may make a Partial Surrender from the Net Cash Value at any time during the Insured's life and before the Policy has terminated. The minimum Partial Surrender amount is shown on the Schedule Page. The Gross Partial Surrender Amount may not exceed the Net Cash Value. We may charge a Partial Surrender Charge when a Partial Surrender is made. The charge is shown on the Schedule Page. When a Partial Surrender is made, we will deduct the Gross Partial Surrender Amount from the Accumulation Value. You may tell us how much of each Gross Partial Surrender Amount is to be deducted from the unloaned value in the Fixed Account and in the Variable Options. If you do not tell us, or we cannot make the surrender on the basis of your directions, we will make the surrender based on the proportions that the unloaned value of the Fixed Account and the Variable Options bear to the current Unloaned Accumulation Value. We may limit the number of Partial Surrenders in a Policy Year. We will allow at least one Partial Surrender every Policy Year.

Partial Surrenders. At any time before the death of the last surviving Insured, you may surrender a portion of the contract value and have the proceeds paid to you in a lump sum. At the time of the partial surrender we will add the partial surrender fee shown in Section 1, Contract Data, to the partial surrender amount. The minimum partial surrender requested must be for at least $500. The maximum partial surrender is the cash surrender value, less $300. We will deduct the partial surrender amount from the contract value on the day written notice for the partial surrender is received at our Home Office. We will pay you the amount requested and cancel units equal to the amount surrendered from the subaccounts and/or the fixed account according to your instructions. If you provide no instructions, the partial surrender amount will be deducted from the subaccounts and/or the fixed account on a pro-rata basis. In the event that the partial surrender amount exceeds the subaccount(s) value and/or the fixed account value, we will process the partial surrender for the amount available and contact you for further instructions. Under Options A and L, the contract value will be reduced by the partial surrender amount. The total sum insured will be reduced by the partial surrender amount minus the excess, if any, of the death benefit at the time the partial surrender is made, over the total sum insured at the time the partial surrender is made. However, if the partial surrender amount is less than or equal to the excess of the death benefit over the total sum insured, the total sum insured will not be reduced. Under Option B, the contract value will be reduced by the partial surrender amount. We reserve the right to reject a partial surrender request if: (1) the partial surrender would reduce the total sum insured below the minimum total sum insured as shown in Section 1, Contract Data; or (2) the partial surrender would cause the contract to fail to qualify as a life insurance contract under applicable tax laws. Certain federal income tax consequences may apply to partial surrenders from this contract. Therefore, you should consult with your tax advisor before requesting any partial surrenders.

Examples of Partial Surrenders in a sentence

The factor for Adjustments for Partial Surrenders for premium payments is applied to the portion of premium payments that exceed 10% of premium payments.
The factor for Adjustments for Partial Surrenders for the Maximum Anniversary Value is applied to the portion of Anniversary Values that exceed 10% of premium payments.
If a death benefit is payable before the Annuity Commencement Date, such benefit will equal the greater of the Contract Value or Premium Payments adjusted for Partial Surrenders as of the date We receive Due Proof of Death.
For any Partial Surrender that first causes cumulative Partial Surrender(s) in a Contract Year to exceed the Threshold, We will reduce the PB and DB by the dollar amount of the Partial Surrender that does not exceed the Threshold.
Any time after each such Contract Anniversary, the Anniversary Value is restated to be equal to the Contract Value at the time of the Contract Anniversary, increased by the dollar amount of any premium payments received, and modified by Adjustments for Partial Surrenders since such Contract Anniversary.
For cumulative Partial Surrender(s) in a Contract Year that are equal to or less than the Threshold, We will reduce the PB and DB by the dollar amount of such Partial Surrender(s).
If the Lifetime Withdrawal Feature of this rider is revoked as described herein, We will reduce the DB for any Partial Surrender(s) after the date the rider was revoked, in proportion to the reduction in Contract Value due to such Partial Surrender(s).
A Surrender Charge will be applied to Full and Partial Surrenders.
If the withdrawal feature of this rider is revoked by You or Us as described herein, We will reduce the DB for any Partial Surrender(s) after the date the Rider was revoked, in proportion to the reduction in Contract Value due to such Partial Surrender(s).
Partial Surrenders will be taken on a last in first out basis and on a pro rata basis from the Strategy and Index.

More Definitions of Partial Surrenders

Partial Surrenders. You may take a Partial Surrender from this Policy after the first Policy Anniversary by submitting a written request. A Partial Surrender fee will be deducted. The Policy Value will be reduced by the amount of the Surrender, including fees. The face amount will be decreased by this same amount. Requests for a Partial Surrender will not be processed if, after the Partial Surrender, the face amount would be less than the minimum initial face amount shown on the Policy Schedule. Full Surrenders: You may take a Full Surrender of this Policy after the first Policy Anniversary by written request to us. All insurance and other benefits will terminate as of the next Monthly Anniversary. If a Full Surrender is requested within 30 days after a Policy Anniversary, the Surrender Value will not be less than the Surrender Value as of the most recent prior Policy Anniversary minus additional Policy Debt and Partial Surrenders since that Policy Anniversary. Payment of Proceeds: Proceeds represent the net amount payable from this Policy as a result of claiming a benefit or requesting a loan or Full or Partial Surrender. Unless we are instructed otherwise, payment of proceeds is paid in a lump sum. We may delay payment of Surrender or loan proceeds for up to six months where permitted or required. However, we will not do so when the Surrender or loan proceeds will be used to pay Premium to us.

Partial Surrenders. A partial surrender may be made at any time after the end of the first policy year by written notice. The Free Partial Surrender Amount as defined below may be withdrawn free of surrender charges in any policy year after the end of the first policy year. When you make a partial surrender, we will reduce the cash value by the partial surrender amount and any surrender charges. We will also reduce the specified amount. The reduction in specified amount will be proportional to the reduction in cash value due to the partial surrender. A new Policy Schedule will be issued reflecting the changes. The minimum partial surrender is shown on the Policy Schedule. We may require that any partial surrender amounts be first deducted from the cash value in the subaccounts. Partial surrenders will be allowed only if this policy continues to qualify as a contract of life insurance under IRC Section 7702.