Common use of Contract Surrender Clause in Contracts

Contract Surrender. On or at any time prior to the Annuity Commencement Date, you may Surrender this Contract for its Cash Surrender Value. To do so, you must provide Notice to Us as defined in Section 2. If we receive your Notice to Us before the close of business on any Business Day, the Cash Surrender Value will be determined at the close of business on such Business Day; otherwise, the Cash Surrender Value will be determined as of the close of the next Business Day. We may require that this Contract be returned to us before we pay you the Cash Surrender Value. If you have lost the Contract, we may require that you complete and return to our Customer Service Center a lost contract form. Upon payment of the Cash Surrender Value, this Contract shall cease to have any further value. To calculate the Cash Surrender Value, we start with the Accumulation Value at the time of the Surrender. We subtract or, if applicable, add to the Accumulation Value any previously waived Market Value Adjustment and Surrender Charge on Interest Withdrawal Amounts taken in the Contract Year of the Surrender. Next, we calculate and apply the current Market Value Adjustment at the time of Surrender pursuant to Section 5.4. Finally, we subtract any Surrender Charge calculated at the time of Surrender pursuant to Section 5.5.

Contract Surrender. On or at any time prior to the Annuity Commencement Date, you may Surrender this Contract for its Cash Surrender Value. To do so, you must provide Notice to Us as defined in Section 2Us. If we receive your Notice to Us before the close of business on any Business Day, the Cash Surrender Value will be determined at the close of business on such Business Day; otherwise, the Cash Surrender Value will be determined as of the close of the next Business Day. We may require that this Contract be returned to us before we pay you the Cash Surrender Value. If you have lost the Contract, we may require that you complete and return to our Customer Service Center a lost contract form. Upon payment of the Cash Surrender Value, this Contract shall cease to have any further value. To calculate the Cash Surrender Value, we start with the greater of: (1) the Accumulation Value; or (2) the sum of the value of each Indexed Segment, each Variable Subaccount and the Fixed Strategy Minimum Guaranteed Value at the time of the Surrender. We subtract or, if applicable, add to the Accumulation Value any previously waived Market Value Adjustment and Surrender Charge on Interest Withdrawal Amounts taken Premium withdrawn in the Contract Year of the Surrender. Next, we calculate and apply the current Market Value Adjustment at the time of Surrender pursuant to Section 5.4. Finally, we subtract any Surrender Charge calculated at the time of Surrender pursuant to Section 5.55.7.