CONTRACT FACTS. Contract Processing Date The Contract Processing Date for your Contract is [April 1] of each year. Specially Designated Divisions When a distribution is made from an investment portfolio underlying a Separate Account Division in which reinvestment is not available, we will allocate the amount of the distribution to the [Liquid Asset Division] unless you specify otherwise. PARTIAL WITHDRAWALS The maximum amount that can be withdrawn each Contract Year without being considered an Excess Partial Withdrawal is described below. We will collect a Surrender Charge for Excess Partial Withdrawals and a charge for any unrecovered premium taxes. In no event may a Partial Withdrawal be greater than 90% of the Cash Surrender Value. After a Partial Withdrawal, the remaining Accumulation Value must be at least $100 to keep the Contract in force. Systematic Partial Withdrawals and Conventional Partial Withdrawals may not be taken in the same Contract Year.
Appears in 2 contracts
Samples: Deferred Combination Variable and Fixed Annuity Contract (Separate Account B of Golden American Life Insurance Co), Deferred Variable Annuity Contract (Separate Account B of Golden American Life Insurance Co)
CONTRACT FACTS. Contract Processing Date The Contract Processing Date for your Contract is [April 1] of each year. Specially Designated Divisions When a distribution is made from an investment portfolio underlying a Separate Account Division in which reinvestment is not available, we will allocate the amount of the distribution to the [Liquid Asset Division] unless you specify otherwise. PARTIAL WITHDRAWALS The maximum amount that can be withdrawn each Contract Year without being considered an Excess Partial Withdrawal is described below. We will collect a Surrender Charge for Excess Partial Withdrawals and a charge for any unrecovered premium taxesPremium Taxes. In no event may a Partial Withdrawal be greater than 90% of the Cash Surrender Value. After a Partial Withdrawal, the remaining Accumulation Value must be at least $100 to keep the Contract in force. Systematic Partial Withdrawals and Conventional Partial Withdrawals may not be taken in the same Contract Year.
Appears in 2 contracts
Samples: Flexible Premium Deferred Variable Annuity Contract (Separate Account B of Golden American Life Insurance Co), Flexible Premium Deferred Variable Annuity Contract (Golden American Life Insurance Co /Ny/)