Surrender Proceeds Clause Samples

Surrender Proceeds. We will pay proceeds of a full surrender as either a lump sum or under a payment option as described in Section 10, Payment of Proceeds. Unless you specify otherwise, we will pay full surrender proceeds as a lump sum. Surrender proceeds will be equal to the cash surrender value as described in Section 5.6. The amount of proceeds payable under the Partial Surrender Provision is defined in Section 5.7. We will only pay out partial surrender proceeds as a lump sum or under the Systematic Partial Surrender Plan described in Section 5.8.

Surrender Proceeds. The surrender proceeds will be paid as set forth in Section 9.2 in a lump sum or into an income plan made available by the Company, if any. If applicable to the income plan selected, the Owner may name and change the beneficiaries of the income plan. read your Policy. notify your Northwestern Mutual agent or the Company at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, of an address change. call your Northwestern Mutual agent for information—particularly on a suggestion to terminate or exchange this Policy for another policy or plan. Please read the copy of the application(s) attached in this Policy. Omissions or misstatements in the application(s) could cause an otherwise valid claim to be denied. Carefully check the application and write to the Company at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, within ten days of delivery, if any information shown on it is not correct and complete, or if any past medical history or other information has been left out of the application. The application is part of this Policy, and this Policy was issued on the basis that the answers to all questions and the information shown on the application are correct and complete.

Surrender Proceeds. The surrender proceeds will be paid as set forth in Section 8.2 in a lump sum unless an income plan made available by the Company, if any, is elected. If applicable to the income plan selected, the Owner may name and change the beneficiaries of the income plan. UU.VULP.(1019) 32 NY read your Policy. notify your Northwestern Mutual agent or the Company at 7▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, of an address change. call your Northwestern Mutual agent for information--particularly on a suggestion to terminate or exchange this Policy for another policy or plan. Please read the copy of the application(s) attached in this Policy. Omissions or misstatements in the application(s) could cause an otherwise valid claim to be denied. Carefully check the application and write to the Company at 7▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, if any information shown on it is not correct and complete, or if any past medical history or other information has been left out of the application. The application is part of this Policy, and this Policy was issued on the basis that the answers to all questions and the information shown on the application are correct and complete.

Surrender Proceeds. When you request your coverage to terminate, we will pay Proceeds of the full surrender as either a lump sum or under a payment option as described in Section 13, Payment of Proceeds. Unless you specify otherwise, we will pay full surrender Proceeds as a lump sum. We will pay partial surrender Proceeds only as a lump sum. The amount of Proceeds payable upon a full surrender is the Cash Surrender Value as described in Section 7.10, Cash Surrender. The amount of Proceeds payable under the partial surrender provision is defined in Section 7.11, Partial Surrenders. ICC19J209

Surrender Proceeds. At any time on or before the Maturity Date while the Annuitant is living, this Contract may be surrendered for its contract value, effective as of the Surrender Date. The Surrender Date is the date on which written request in proper form for surrender and payment in one sum or under one of the Payment Options is received at the Home Office of the Company, or, if payment is to be made under a Payment Option, such later date as may be specified in the request. A partial surrender may be made on the same basis, except that a partial surrender which would result in a remaining contract value of less than $500 shall be permitted only with the consent of the Company. In connection with such partial surrender, any Accumulation Units resulting from dividends shall first be terminated, unless otherwise requested; then Accumulation Units resulting from the Single Purchase Payment shall be terminated, and for the purpose of determining the amount of death proceeds the portion of the Single Purchase Payment attributable to such Accumulation Units shall be determined as provided in the Death Proceeds provision. One sum surrender proceeds will be paid within seven days after the Surrender Date; provided, however, that the Company may defer such payment when so permitted under applicable Federal laws, rules and regulations governing the redemption of variable annuities.