Common use of Cancellation of the GLWB Clause in Contracts

Cancellation of the GLWB. The GLWB is cancelled when the GLWB Participant’s Covered Fund Value and Benefit Base are reduced to zero before the Settlement Phase as a result of one or more Excess Withdrawals. If the GLWB is cancelled, the Benefit Base, XXX, and any other benefit accrued or received under the GLWB will terminate.

Cancellation of the GLWB. The GLWB is cancelled when the GLWB Participant’s Covered Fund Value and Benefit Base are reduced to zero before the Settlement Phase as a result of one or more Excess Withdrawals. If the GLWB is cancelled, the Benefit Base, XXX, XXX and any other benefit accrued or received under the GLWB will shall terminate.