Common use of CASH VALUE Clause in Contracts

CASH VALUE. The cash value of this policy on any date when all premiums due have been paid, during the grace period following the due date of an unpaid premium, or when this policy is in force as variable benefit paid-up insurance is equal to: o the Policy Value; plus o the cash value of variable paid-up additional insurance; less o any policy debt; less o the surrender charge for the policy year shown on page 4. There is no surrender charge if the policy is in force as variable benefit paid-up insurance. If premiums are not paid on an annual basis, the cash value will reflect a reduction for any premiums due later in the policy year.

CASH VALUE. The cash value of this policy on any date when all premiums due have been paid, during the grace period following the due date of an unpaid premium, or when this policy is in force as variable benefit paid-up insurance is equal to: o . the Policy Value; plus o . the cash value of variable paid-up additional insurance; less o . any policy debt; less o . the surrender charge for the policy year shown on page 4. There is no surrender charge if the policy is in force as variable benefit paid-up insurance. If premiums are not paid on an annual basis, the cash value will reflect a reduction for any premiums due later in the policy year.