Net Cash Surrender Value Sample Clauses
The Net Cash Surrender Value clause defines the amount of money a policyholder receives if they choose to terminate a life insurance policy before its maturity or the insured event occurs. This value is calculated by taking the policy’s accumulated cash value and subtracting any outstanding loans, interest, and applicable surrender charges. In practice, it ensures that policyholders are aware of the actual amount they will receive upon surrender, which is typically less than the total premiums paid, especially in the early years of the policy. The core function of this clause is to provide transparency and set clear expectations regarding the financial consequences of early policy termination.
Net Cash Surrender Value. The Net Cash Surrender Value is the Cash Surrender Value less any Policy Debt.
Net Cash Surrender Value. The Policy Account Value minus any applicable Surrender Charges, minus any outstanding policy loans and accrued interest.
Net Cash Surrender Value. The Net Cash Surrender Value is equal to the Cash Surrender Value minus any policy loan and accrued loan interest. You may give up this policy for its Net Cash Surrender Value at any time while the insured person is living. You may do this by sending us a written request for it and this policy to our Administrative Office. Your written request for cancellation or surrender must include the following:
Net Cash Surrender Value. The Net Cash Surrender Value is the Net Policy Value decreased by any Surrender Charge. Net Policy Value -The Net Policy Value is the Policy Value decreased by any Policy Debt on this Policy. Cash Surrender Value -The Cash Surrender Value is the Policy Value decreased by any Surrender Charge. Surrender Charge - The Surrender Charge for the initial Specified Amount is shown in the Table of Surrender Charges in Section 1, determined from the Policy Date. The Surrender Charge for each increase in Specified Amount is based on the amount of the increase and on the attained age, sex (if the Policy is issued on sex distinct basis), and rate class of the Insured at the time of the increase. The Surrender Charge for each increase will be provided to You. A Surrender Charge will be deducted from the Policy Value upon a decrease in the Specified Amount in the first five policy years. The charge will be proportional to the amount that the Specified Amount decreased. The Surrender Charge will be deducted from the values of the subaccounts of the Separate Account, the Short-Term Fixed Account, the Traditional Fixed Account, Holding Fixed Accounts, and the Indexed Fixed Accounts on a pro-rata basis in proportion to the current value of each account. If there is not enough value in these accounts, deductions will be made from the Fixed Dollar Cost Averaging Account. If there is an Indexed Loan on the Policy and there is not enough value in the Fixed Dollar Cost Averaging Account, the Surrender Charge will be deducted from any current value in the Indexed Loan Account net of any Policy Debt on a pro-rata basis over the Indexed Loan Account segments. There will be a proportional reduction in the Surrender Charge for the remaining Surrender Charges. Surrender Charges will not be deducted for decreases that were caused by partial withdrawals or changes to the Death Benefit Option.
Net Cash Surrender Value. 4, 13 Annual Report ...................................16
Net Cash Surrender Value. The Net Cash Surrender Value is the Cash Surrender Value less any policy debt. Cash Surrender Value - The Cash Surrender Value is the Accumulated Value less any surrender charge. Withdrawals - Withdrawals of the Net Cash Surrender Value may be taken as follows: Upon written request on or after the first policy anniversary while either insured is living, you may withdraw a portion of the Net Cash Surrender Value of this policy as a partial withdrawal. The Withdrawal Fee described above will apply. A partial withdrawal may cause a decrease in the Face Amount if the Death Benefit Option is A or D. The Face Amount will be reduced by the excess, if any, of the Face Amount over the result of (a) minus (b) where:
Net Cash Surrender Value. The Net Cash Surrender Value is equal to the Cash Surrender Value minus any unpaid policy loan and loan interest. You may give up this policy for its Net Cash Surrender Value at any time while the insured person is living. You may do this by sending us a written request for it and this policy to our Administrative Office. We will compute the Net Cash Surrender Value as of the date we receive your request for it and this policy at our Administrative Office. All insurance coverage under this policy ends on such date. SURRENDER CHARGES. If, during a surrender charge period, you give up this policy for its Net Cash Surrender Value or it ends without value at the end of a grace period, we will withdraw the total applicable surrender charges from the Policy Account. The surrender charge applicable to each premium and the surrender charge periods are shown in the Policy Information section. The surrender charge applicable to a premium stays the same throughout a policy year. It changes only at the beginning of the policy year. -------------------------------------------------------------------------------- HOW A LOAN CAN BE MADE POLICY LOANS. You can get a loan on this policy while it has a loan value. This policy will be the only security for the loan. The initial loan and each additional loan must be for at least the minimum loan amount shown on Page 3. Any amount on loan is part of your Policy Account (see below). The loan value on any date is 95% of the Cash Surrender Value on that date. The amount of the loan may not be more than the loan value. Any existing loan and loan interest will be subtracted from a new loan. You may request a policy loan by contacting our Administrative Office. You may tell us how much o the loan is to be allocated from your value in each investment division of our SA. Such values will be determined as of the date we receive your request. If you do not tell us, or if we cannot allocate the loan on the basis of your direction, we will allocate it based on the proportion that your value in each investment division of our SA bears to your total value in the investment divisions. When a loaned amount is allocated from an investment division of our SA, we will redeem units of that investment division sufficient in value to cover the amount of the loan so allocated and transfer that amount to your Loaned Policy Account.
Net Cash Surrender Value. The Net Cash Surrender Value is the Cash Surrender Value less any Policy Debt. Withdrawals – Upon Written Request on or after the first policy anniversary, you may withdraw a portion of the Net Cash Surrender Value of this policy. We reserve the right to charge a fee not to exceed $25 for each withdrawal. Withdrawals will be subject to the following conditions: • The amount of each withdrawal must be at least $200; • The Net Cash Surrender Value remaining after a withdrawal must be at least $500; and • We reserve the right to disallow any withdrawal that would result in a Basic Face Amount of less than $10,000 after the withdrawal. Withdrawals will be deducted from the Accumulated Value. When you take a Withdrawal, the amount of the withdrawal and any withdrawal fee is deducted from the policy’s Investment Options. Unless you provide otherwise, any such deduction will be deducted from the Accumulated Value as an Account Deduction. If Death Benefit Option A is in effect at the time of a withdrawal, and if a requested withdrawal would increase the Net Amount at Risk, we will decrease the Total Face Amount by the minimum amount necessary to prevent the Net Amount at Risk from increasing as a result of the withdrawal, except:
Net Cash Surrender Value. 3 other assets........................................................ 3 Parent.............................................................. 1