Contract Rights and Benefits. The Settlement Phase begins when the Covered Fund Value declines to zero by means other than an Excess Withdrawal, provided the Benefit Base remains positive. When the Settlement Phase begins, if the remaining Covered Fund Value is less than the amount of the final Installment in the Withdrawal Phase, Great-West will pay the remaining balance of the Installment within 7 calendar days from the Installment Date. During the Settlement Phase, rights to receive Installments will continue, but all other rights and benefits under the Contract will terminate.
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Samples: Nonparticipating, Individual Flexible Premium Variable Deferred Annuity Contract (Variable Annuity-8 Series Account (Of Great-West Life & Annuity Insurance Company)), Group Fixed and Variable Deferred Annuity Contract (Variable Annuity-8 Series Account (Of Great-West Life & Annuity Insurance Company))
Contract Rights and Benefits. The Settlement Phase begins when the Covered Fund Value declines to zero by means other than an Excess Withdrawal, provided that the Benefit Base remains positive. When the Settlement Phase begins, if the remaining Covered Fund Value is less than the amount of the final Installment in the Withdrawal XXX Phase, Great-West will pay the remaining balance of the Installment within 7 calendar seven (7) days from the Installment Date. During the Settlement Phase, rights to receive Installments will continue, but all other rights and benefits under the Contract will terminate.
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Samples: Individual Deferred Annuity Contract (Variable Annuity-8 Series Account)
Contract Rights and Benefits. The Settlement Phase begins when the Covered Fund Value declines to zero by means other than an Excess Withdrawal, provided the Benefit Base remains positive. When the Settlement Phase begins, if the remaining Covered Fund Value is less than the amount of the final Installment in the Withdrawal Phase, Great-West of New York will pay the remaining balance of the Installment within 7 calendar days from the Installment Date. During the Settlement Phase, rights to receive Installments will continue, but all other rights and benefits under the Contract will terminate.
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Contract Rights and Benefits. The Settlement Phase begins when the Covered Fund Value declines to zero by means other than an Excess Withdrawal, provided the Benefit Base remains positive. When the Settlement Phase begins, if the remaining Covered Fund Value is less than the amount of the final Installment in the Withdrawal Phase, Great-West GWL&A of NY will pay the remaining balance of the Installment within 7 calendar days from the Installment Date. During the Settlement Phase, rights to receive Installments will continue, but all other rights and benefits under the Contract will terminate.
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