Cash Surrenders Sample Clauses
The Cash Surrenders clause defines the terms under which a policyholder can terminate their insurance policy in exchange for a cash payment from the insurer. Typically, this clause outlines the calculation of the surrender value, any applicable fees or penalties, and the process for requesting a surrender. For example, it may specify that the cash value is based on the accumulated premiums minus certain charges. The core function of this clause is to provide policyholders with a clear option to access the policy's cash value if they no longer wish to maintain coverage, thereby offering financial flexibility and transparency.
Cash Surrenders. The Reinsurer will pay the Ceding Company that --------------- portion of the Cash Surrenders paid by the Ceding Company on annuities reinsured hereunder which corresponds to the portion of the annuities reinsured hereunder.
Cash Surrenders. The Reinsurer does not participate in cash surrenders.
Cash Surrenders. The Reinsurer will reimburse the Company for its proportionate share of the cash surrender amount payable by the Company upon surrender of the policy less any outstanding policy loans.
Cash Surrenders. The Reinsurer does not participate in cash surrenders. Cash surrenders which decrease the policy face amount may also decrease the reinsured amount under this Agreement.