Common use of CANCELLATION OF ANNUITY Clause in Contracts

CANCELLATION OF ANNUITY. If you determine and report to us that under the provisions of the Plan in effect on an Owner of Benefits' Annuity Purchase Date, the annuity purchased for an Owner of Benefits is to be reduced, then the fraction you report of the variable annuity purchased for that Owner of Benefits will be cancelled, and the amount of payments paid to the Owner of Benefits, the beneficiary or contingent annuitant will be reduced accordingly. The Variable Annuity Reserve for any annuity cancelled under this Section will be treated as a forfeiture under Article II, Section 4.

Appears in 2 contracts

Samples: Principal Mutual Life Insurance Company Separate Account B, Principal Mutual Life Insurance Company Separate Account B

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CANCELLATION OF ANNUITY. If you determine and report to us that under the provisions of the Plan in effect on an Owner of Benefits' Annuity Purchase Date, the annuity purchased for an Owner of Benefits is to be reduced, then the fraction you report of the variable annuity purchased for that Owner of Benefits will be cancelled, cancelled and the amount of payments paid to the Owner of Benefits, the beneficiary or contingent annuitant will be reduced accordingly. The Variable Annuity Reserve for any annuity cancelled under this Section will be treated as a forfeiture under Article II, Section 4.. 4A--5;TDSA-VA2;9203 ARTICLE IVB -- OTHER BENEFITS

Appears in 1 contract

Samples: Principal Mutual Life Insurance Company Separate Account B

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CANCELLATION OF ANNUITY. If you determine and report to us that under the provisions of the Plan in effect on an Owner of Benefits' Annuity Purchase Date, the annuity purchased for an Owner of Benefits is to be reduced, then the fraction you report of the variable annuity purchased for that Owner of Benefits will be cancelled, cancelled and the amount of payments paid to the Owner of Benefits, the beneficiary or contingent annuitant will be reduced accordingly. The Variable Annuity Reserve for any annuity cancelled under this Section will be treated as a forfeiture under Article II, Section 4.. 4A--5;TDSA-VA2;9203 ARTICLE IVB OTHER BENEFITS

Appears in 1 contract

Samples: Principal Mutual Life Insurance Company Separate Account B

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