Purchase Payment definition

Purchase Payment. A payment made toward this Contract.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Purchase Payment. A payment made by or for an Owner with respect to this Contract.

Purchase Payment has the meaning assigned to that term in Section 2.03.

Examples of Purchase Payment in a sentence

• If the age or gender of an Annuitant has been misstated (but the age as of the Contract Date did not exceed the Maximum Issue Age), the amount we will pay will be that which the Purchase Payment would have purchased if the correct age and gender had been stated.

• We may deduct the amount of that tax from your Purchase Payment when your Purchase Payment is received, or from the Contract Value upon a Withdrawal, the election of a Settlement Option, or the payment of the Death Benefit.

• Misstatement of Age or Gender If the age of an Owner or Annuitant has been misstated and, as of the Contract Date, their correct age exceeded the Maximum Issue Age, we will refund the Purchase Payment less any prior Withdrawals or distributions and we will void this contract.

• Unless we approve otherwise, the maximum Purchase Payment that we will accept for your contract is $1,000,000.

• The minimum amount required to issue your contract is the Minimum Purchase Payment, as shown on the Contract Schedule.

More Definitions of Purchase Payment

Purchase Payment. (s): Payment(s) accepted by Aetna at its home office. Aetna reserves the right to refuse to accept any Purchase Payment at any time for any reason. No advance notice will be given to the Contract Holder or Certificate Holder.

Purchase Payment. The gross payment accepted by Us and allocated to the Certificate Holder's Account. We reserve the right to refuse to accept any Purchase Payment at any time for any reason.

Purchase Payment. A cash consideration in currency of the United States of America given to us in exchange for the rights, privileges and benefits outlined in this Annuity.

Purchase Payment has the meaning set forth in Section 8.2.1.

Purchase Payment shall have the meaning assigned to it in Section ---------------- 2.

Purchase Payment. A Purchase Payment less any applicable Premium Tax.

Purchase Payment. A payment made by or on behalf of a Certificate Owner with respect to a Certificate. Sub-account: Variable Account assets are divided into Sub-accounts. Assets of each Sub-account will be invested in shares of a Portfolio of an Eligible Fund, or directly in portfolio securities.