Surrender Amount definition

Surrender Amount means, in relation to a Forward Contract, the amount in kWh per Day (being a quantity not a rate) of Firm NTS Entry Capacity as is specified in the Surrender Offer relating to that Forward Contract;
View Source
Surrender Amount. Each Contract Year after the first Contract Year, on a non-cumulative basis, you can withdraw amounts from the Contract Value without incurring a Contingent Deferred Sales Charge. The amount not subject to the Contingent Deferred Sales Charge is 15% of the Contract Value, less any previous Free Surrender Amount withdrawn during that Contract Year.] [If your Contract Value is $25,000 or more you can elect the Systematic Withdrawal Option in lieu of the Free Surrender Option described above. Systematic Withdrawals are available on a monthly or quarterly basis if your Contract Value is $25,000 or more. The total of Systematic Withdrawals in a Contract Year which can be made without incurring a Contingent Deferred Sales Charge is limited to not more than 15% of the Contract Value determined on the last Valuation Date prior to the receipt of the Systematic Withdrawal Option request. There is no limit to the amount or percentage of the Systematic Withdrawals if your Purchase Payments are no longer subject to a Contingent Deferred Sales Charge. If you have elected the Systematic Withdrawal Option, any additional surrenders will be subject to any applicable Contingent Deferred Sales Charge. We reserve the right to modify the eligibility rules at any time, without notice.] [If you have a Qualified Contract and your Contract Value is $25,000 or more, you can elect the Minimum Distribution Program with respect to your Contract. Surrenders will be made on a monthly or quarterly basis and will not be subject to a Contingent Deferred Sales Charge. Such payments will be designed to meet the applicable minimum distribution requirements imposed by the Internal Revenue Code on Qualified Contracts. Withdrawals from your Qualified Contract pursuant to the Minimum Distribution Program are in lieu of the Free Surrender Amount described above. If you have elected the Minimum Distribution Program, any additional surrenders will be subject to any applicable Contingent Deferred Sales Charge.] MINIMUM PARTIAL SURRENDER: [$500] MINIMUM CONTRACT VALUE WHICH MUST REMAIN IN THE CONTRACT AFTER A PARTIAL SURRENDER: [$2,000]
View Source
Surrender Amount. (Rückkaufswert) means in case of a Series TEP the payout amount, which the Noteholder receives upon the occurrence of an Extraordinary Policyholder Event. In the context of the Note, Surrender Amount is the sum of all Surrender Amounts of all Series TEPs.
View Source

Examples of Surrender Amount in a sentence

  • Partial surrenders that exceed the remaining Free Surrender Amount for that Contract Year are subject to any applicable Surrender Charge.

  • Partial Surrenders that exceed the remaining Free Surrender Amount for that Contract Year are subject to any applicable Surrender Charge.

  • If the partial Surrender amount is less than the remaining Free Surrender Amount for that Contract Year, no Surrender Charge will apply.

  • If the partial surrender amount is less than the remaining Free Surrender Amount for that Contract Year, no Surrender Charge will apply.

  • If any surrender amount requested is greater than the Free Surrender Amount, then the Surrender Charge is calculated as follows: (Surrender amount requested – any remaining Free Surrender Amount) x Surrender Charge percentage.

  • If any Surrender amount requested is greater than the Free Surrender Amount, then the Surrender Charge is calculated as follows: (Surrender amount requested – any remaining Free Surrender Amount) x Surrender Charge percentage.

  • When a Partial Surrender is made, we will reduce the Cash Value by the Partial Surrender Amount.

  • Partial surrenders that exceed the remaining Free Surrender Amount for that Contract Year are subject to any applicable surrender charge.

  • If any surrender amount requested is greater than the Free Surrender Amount as shown on the Data Page, then the surrender charge is calculated as follows: (Surrender amount requested - any remaining Free Surrender Amount) x surrender charge Percentage.

  • We will reduce the Current Specified Amount by the amount of the Gross Partial Surrender Amount minus the excess, if any, of: o The Death Benefit at the time the Partial Surrender is made; over o The Current Specified Amount at the time the Partial Surrender is made.


More Definitions of Surrender Amount

Surrender Amount. The greater of (A.) and (B.) where: (A.) is 10% of premium payments, decreased by any partial surrenders made since the last Contract Anniversary; and (B.) is the Accumulated Value minus remaining premium payments as of the date of the surrender. SURRENDER CHARGE TABLE Contract Year Surrender Charge Percentage 1 3.00% 2 2.00% 3 1.00% 4 and after 0.00%
View Source