Surrender Charge. Except as described below, if the Contract is Surrendered, in full or in part, while the Surrender Charge schedule shown in the Contract Schedule is in effect a Surrender Charge will be imposed as a percentage of Accumulation Value Surrendered. The percentage imposed at the time of Surrender depends on the number of complete years that have elapsed since Contract issue. Surrender Charges are shown in the Contract Schedule. No Surrender Charges will be assessed upon:
Surrender Charge. A surrender charge may apply in the event You surrender part of or all of Your Contract Value during the surrender charge period. The Schedule of Surrender Charges for Your contract is shown under Contract Data. A surrender charge applies if You surrender purchase payments during in the surrender charge period. Refer to Waiver of Surrender Charges for situations when surrender charges are not deducted. Your surrender charge amount is determined by multiplying purchase payments surrendered which could be subject to a surrender charge by the applicable surrender charge percentage. The amount that represents purchase payments surrendered is calculated using a prorated formula based on the percentage of Your Contract Value being surrendered. As a result, the amount that represents purchase payments surrendered may be greater than Your Contract Value surrendered. We determine the amount that represents purchase payments surrendered (PPS), purchase payments not subject to a surrender charge (PPF), and purchase payments which could be subject to a surrender charge (PPSC) by the following formula: PPS = PPSC + PPF PPSC = ( PS - FA ) X (PP - PPF) CV - FA (but not less than zero) PPF = FA—“contract earnings”, but not less than zero PP = Purchase payments not previously surrendered (total purchase payments – PPS) PS = Amount the Contract Value is reduced by the surrender FA = the “total free amount” CV = Contract Value prior to the surrender Definition of “contract earnings” With respect to these surrender provisions, “contract earnings” is defined as the Contract Value, less purchase payments not previously surrendered, but not less than zero. With respect to these surrender provisions, “contract earnings” are surrendered first followed by purchase payments. Definition of “total free amount” The “total free amount” is the amount You are allowed to surrender each contract year without incurring a surrender charge. The “total free amount” calculation is described below and is recalculated on each Contract Anniversary during the surrender charge period. Any unused portion does not carry over to future contract years. During the first contract year the “total free amount” is the greater of:
Surrender Charge. If you surrender this policy, there may be a Surrender Charge deducted from the Accumulated Value. During the Level Period, the Surrender Charge is equal to the Initial Amount. After the Level Period, the Surrender Charge decreases on each Monthly Payment Date by one-twelfth of the Reduction Factor until it becomes zero after the End Year. The Initial Amount, Level Period, Reduction Factor and End Year are shown in the Table of Surrender Charge Factors in the Policy Specifications.
Surrender Charge. SAMPLE A Surrender Charge may apply to a withdrawal in excess of the Free Withdrawal Amount or a surrender, depending on the date and amount of such withdrawal or surrender. The Surrender Charge schedule is specified on the Schedule Pages. The charge is calculated by multiplying the Accumulation Value being withdrawn in excess of the Free Withdrawal Amount or surrendered by the appropriate Surrender Charge Percentage shown on the Schedule Pages. After the application of any applicable Market Value Adjustment, Surrender Charges will be applied to the Accumulation Value withdrawn in excess of the Free Withdrawal Amount or surrendered. Surrender Charges will be waived upon death.
Surrender Charge. The charge associated with surrendering either some or all of the Contract Value. The Surrender Charge Schedule is shown in Section 1.02.
Surrender Charge. During the Initial Guarantee Period only, a Surrender Charge may be deducted from the Accumulation Value being withdrawn if you Surrender this Contract or take a Withdrawal, subject to the exceptions noted in this Section 5.5. Surrender Charges will be applied as follows:
Surrender Charge. If you surrender this policy, there may be a Surrender Charge deducted from the Accumulated Value.
Surrender Charge. 11 Transfers................................................ 10
Surrender Charge. A Surrender Charge will be applied to Full and Partial Surrenders. For Full Surrenders, the charge is made as a percentage of the Accumulated Value. For Partial Surrenders, the charge is made as a percentage of the amount surrendered (see Section 6.3(2)). The percent applied is shown on page 4. However: For any surrender made more than three years after the Date of Issue, no Surrender Charge will be deducted from the portion of the Accumulated Value surrendered which is paid under: Option 2, 3 or 3V of Section 11.2 provided that payments will be made for at least three years and that the proceeds may not be withdrawn; or Option 4, 4V, 5 or 5V of Section 11.2 or any other life income option agreed to by us; and In each Contract Year you may surrender without a Surrender Charge up to 10% of the Accumulated Value existing at the time the first surrender is made in that Contract Year.
Surrender Charge. A Surrender Charge will be applied to Full and Partial Surrenders. For the purpose of determining the Surrender Charge:
