Common use of Surrender Proceeds Clause in Contracts

Surrender Proceeds. We will pay Proceeds of a 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 only pay partial surrender Proceeds as a lump sum. The amount of Proceeds payable upon a full surrender is the Cash Surrender Value as described in Section 7.8, Cash Surrender. The amount of Proceeds payable under the partial surrender provision is defined in Section 7.9, Partial Surrenders.

Surrender Proceeds. We When you request your coverage to terminate, we will pay Proceeds of a 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 only 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 7.87.10, Cash Surrender. The amount of Proceeds payable under the partial surrender provision is defined in Section 7.97.11, Partial Surrenders.