Examples of Surrender Charge in a sentence
The Maximum Surrender Charge as of the beginning of each Coverage Year for each initial Basic Life Coverage Layer is shown in the Policy Specifications.
When Death Benefit Option A is in effect, a requested withdrawal may increase the Net Amount at Risk, in which case, We will decrease the Basic Face Amount as follows: · During the first 15 Policy years, but only in the case of the first withdrawal of a given Policy year, the Basic Face Amount will be decreased only to the extent that the withdrawal exceeds the lesser of $10,000 or 10% of the Accumulated Value less any Maximum Surrender Charge and Policy Debt.
If there have been decreases in the Face Amount of any Basic Life Coverage Layer, including decreases due to withdrawals, the Maximum Surrender Charge for that Basic Life Coverage Layer will not change as a result of the decrease.
The Maximum Surrender Charge is the sum of the Maximum Surrender Charges on any Basic Life Coverage Layer that has an associated Surrender Charge.
The Cash Surrender Value is the Accumulated Value less any Surrender Charge.