Common use of Surrender Charge Clause in Contracts

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. If you surrender this policy, there may be a Surrender Charge deducted from the Accumulated Value. During the Level Periodfirst policy month, the Surrender Charge is equal to the Initial AmountAmount reduced by one-twelfth of the Reduction Factor. After the Level Periodfirst policy month, 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.