Common use of SMALL ANNUITIES AND ACCOUNTS Clause in Contracts

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.1. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account under this contract. If the Account is cancelled, its dollar value will be paid to the Participant unless he directs payment to a named financial institution. The Annual Account Charge will be made only if no Account remains for him under a companion contract.

Appears in 10 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 11), Group Annuity Contract (Prudential Variable Contract Account 10), Group Annuity Contract (Prudential Variable Contract Account 10)

AutoNDA by SimpleDocs

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.1. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account under this contract. If the Account is cancelled, its dollar value will be paid to the Participant unless he directs payment to a named financial institutionContract-Holder. The Annual Account Charge will be made only if no Account remains for him under a companion contract.

Appears in 5 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 11), Group Annuity Contract (Prudential Variable Contract Account 11), Group Annuity Contract (Prudential Variable Contract Account 10)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.14.4. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account under this contract. If the Account is cancelled, its dollar value will be paid to the Participant unless he directs payment to a named financial institution. The Annual Account Charge will be made only if no Account remains for him under a companion contract.

Appears in 4 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 10), Group Annuity Contract (Prudential Variable Contract Account 11), Group Annuity Contract (Prudential Variable Contract Account 11)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.1. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account Accounts under this contract. If the Account is Accounts are cancelled, its the dollar value will be paid to the Participant unless he directs payment to a named financial institutionContract-Holder. The Annual Account Charge will be made only if no Account remains for him under a any companion contract.

Appears in 3 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 24), Group Annuity Contract (Prudential Variable Contract Account 24), Group Annuity Contract (Prudential Variable Contract Account 24)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.1. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account Accounts under this contract. If the Account is Accounts are cancelled, its the dollar value will be paid to the Participant unless he directs payment to a named financial institution. The Annual Account Charge will be made only if no Account Accounts remains for him under a any companion contract.

Appears in 3 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 24), Group Annuity Contract (Prudential Variable Contract Account 24), Group Annuity Contract (Prudential Variable Contract Account 24)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.1. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account Accounts under this contract. If the Account is Accounts are cancelled, its the dollar value will be paid to the Participant unless he directs payment to a named financial institution. The Annual Account Charge will be made only if no Account remains for him under a any companion contract.

Appears in 2 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 24), Group Annuity Contract (Prudential Variable Contract Account 24)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential 50,Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.1. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account under this contract. If the Account is cancelled, its dollar value will be paid to the Participant unless he directs payment to a named financial institutionContract-Holder. The Annual Account Charge will be made only if no Account remains for him under a companion contract.

Appears in 2 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 10), Group Annuity Contract (Prudential Variable Contract Account 11)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.1. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account under this contract. If the Account is cancelled, its dollar value will be paid on the Participant's behalf to the Participant Contract-Holder unless he it directs payment to a named financial institution. The Annual Account Charge will be made only if no Account remains for him under a companion contract.

Appears in 2 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 10), Group Annuity Contract (Prudential Variable Contract Account 11)

AutoNDA by SimpleDocs

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.14.4. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account Accounts under this contract. If the Account is Accounts are cancelled, its the dollar value will be paid to the Participant unless he directs payment to a named financial institution. The Annual Account Charge will be made only if no Account remains for him under a companion contract.

Appears in 2 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 24), Group Annuity Contract (Prudential Variable Contract Account 24)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section an 4.1. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account under this contract. If the Account is cancelled, its the dollar value of its non-forfeitable part will be paid to the Participant unless he directs payment to a named financial institution. The Annual Account Charge will be made only if no Account remains for him under a companion contract.

Appears in 2 contracts

Samples: Group Annuity Contract (Prudential Variable Contract Account 10), Group Annuity Contract (Prudential Variable Contract Account 11)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.14.3. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account Accounts under this contract. If the Account is Accounts are cancelled, its the dollar value will be paid to the Participant unless he directs payment to a named financial institutionContract-Holder. The Annual Account Charge will be made only if no Account remains for him under a any companion contract.

Appears in 1 contract

Samples: Group Annuity Contract (Prudential Variable Contract Account 24)

SMALL ANNUITIES AND ACCOUNTS. If the total monthly amount of annuity which would otherwise be purchased on behalf of any person under this contract and the companion contracts is less than $50, Prudential may, in lieu of an annuity under this contract, make payment in a single sum. The single sum will be equal to the amount that would otherwise be applied to purchase an annuity as described in section 4.14.4. If no contributions have been made under this contract or any companion contract for a Participant for a period of 24 months and the dollar value of his Accounts under all the contracts is $1,000 or less, Prudential may cancel his Account Accounts under this contract. If the Account is Accounts are cancelled, its the dollar value will be paid to the Participant unless he directs payment to a named financial institution. The Annual Account Charge will be made only if no Account Accounts remains for him under a any companion contract.

Appears in 1 contract

Samples: Group Annuity Contract (Prudential Variable Contract Account 24)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!