Common use of Participating Contract Clause in Contracts

Participating Contract. This contract may participate in our divisible surplus. Divisible surplus, if any, to be apportioned to this contract shall be apportioned annually and will be allocated by us equitably among all Participants. Divisible surplus so allocated will be credited as Purchase Payments to the Participants' Variable and Fixed Accounts, unless the Participant elects to have it paid in cash. No divisible surplus is expected to be apportioned to this contract in the foreseeable future.

Appears in 1 contract

Samples: Penn Mutual Variable Annuity Account Iii

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Participating Contract. This The contract may participate in our divisible surplus. Divisible surplus, if any, to be apportioned to this the contract shall be apportioned annually and will shall be allocated by us equitably among all Participants. Divisible surplus so allocated will be credited as Purchase Payments to the Participants' Variable and Fixed Accounts, unless the Participant elects to have it paid in cashcash or applied to provide additional accumulation units or annuity units under the contract. No divisible surplus is expected to be apportioned to this contract in the foreseeable future. Divisible surplus apportioned to this contract, if any, will be applied to provide additional accumulation units or annuity units unless you elect to have it paid in cash.

Appears in 1 contract

Samples: Penn Mutual Variable Annuity Account Iii

Participating Contract. This The contract may participate in our divisible surplus. Divisible surplus, if any, to be apportioned to this the contract shall be apportioned annually and will shall be allocated by us equitably among all Participants. Divisible surplus so allocated will be credited as Purchase Payments to the Participants' Variable and Fixed Accounts, unless the Participant elects to have it paid in cashcash or credited to your Contract Value at the end of the contract year. No divisible surplus is expected to be apportioned to this contract in the foreseeable future.

Appears in 1 contract

Samples: Penn Mutual Variable Annuity Account Iii

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Participating Contract. This contract may participate in our divisible surplus. Divisible surplus, if any, to be apportioned to this contract shall be apportioned annually and will be allocated by us equitably among all Participants. Divisible surplus so allocated will be credited as Purchase Payments to the Participants' Variable and Fixed Accounts, unless the Participant Owner elects to have it paid in cash. No divisible surplus is expected to be apportioned to this contract in the foreseeable future.

Appears in 1 contract

Samples: Penn Mutual Variable Annuity Account Iii

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