SURRENDERS AND WITHDRAWALS. Surrenders — You may surrender your Contract any time prior to the Annuity Date for its Surrender Value.
SURRENDERS AND WITHDRAWALS. Surrenders and withdrawals include the total amount paid in the event of a partial withdrawal of account value or full surrender of Policies, net of any applicable surrender charges. Surrender charges are the total amount that the Ceding Company deducts before paying the cash surrender value upon a full or partial surrender of Policies.
SURRENDERS AND WITHDRAWALS. Surrender of Contract Before the Annuity Commencement Date and while the annuitant is living, the owner may surrender this contract for its surrender value as defined below. The contract will then terminate. The owner's request for such surrender must be received in Good Order by GIAC at its Customer Service Office. This contract must be sent to GIAC's Customer Service Office for cancellation. The surrender value is determined by deducting (b), (c) and (d) from (a), where:
SURRENDERS AND WITHDRAWALS. 15 Form VL105 Flexible Premium Adjustable Variable Life Insurance Policy Insurance Proceeds payable upon death before Final Policy Date Policy Account Value payable on Final Policy Date / Adjustable Death Benefit Values provided by this Policy are based on declared interest rates of the Guaranteed and Loan Accounts and on the investment experience of the Subaccounts Non-participating PROVIDENT MUTUAL LIFE INSURANCE COMPANY 1000 Chesterbrook Boulevard, Berwyn, Pennsylvania 19312-1181 Form VX000
SURRENDERS AND WITHDRAWALS. May a certificate be surrendered? Yes. The owner of a certificate may request the surrender of a certificate at any time while the insured under that certificate is living. What is the surrender value of the certificate? The surrender value of a certificate is the net cash value. The determination of the surrender value is made as of the end of the valuation period during which we receive the surrender request at our home office. The cash surrender values and nonforfeiture benefits available under this rider are not less than the minimum values and benefits required by any statute of the state in which this rider is delivered. Any certificate delivered or deemed to be delivered in New York must comply with New York requirements. The cash surrender value of a certificate will be furnished to the owner within twenty business days from the date of written request. A detailed statement of the method of computation of cash surrender values and other nonforfeiture benefits is on file with the Superintendent of Insurance for the State of New York. Is a withdrawal permitted? Yes. The owner may make a withdrawal of the net cash value of a certificate. The amount of a withdrawal must be [$500] or more and it cannot exceed 100% of the net cash value of the certificate. A withdrawal will cause a decrease in the face amount equal to the amount withdrawn under those certificates issued with a level death benefit, Option A. A withdrawal has no effect on the face amount of an Option B death benefit. However, since the account value is reduced by the amount of the withdrawal, the death benefit under Option B will be reduced by this same amount at the time of the withdrawal. We reserve the right to change the minimum amount for withdrawals or limit the number of times the owner may make a withdrawal. May the owner direct us as to how withdrawals will be taken from the net cash value?
SURRENDERS AND WITHDRAWALS. We will determine the Surrender Value of this policy, subject to Section 20, if we receive written notice requesting full surrender of this policy while this policy is in full force. We will process the request and pay the Surrender Value only if we have not received due proof that the Insured died prior to the Surrender Date. The Surrender Value will be calculated as of the Surrender Date. The Surrender Date is the end of the day in which we have received at our Servicing Office written notice requesting full surrender of this policy. While this policy is in full force, the Surrender Value will be an amount equal to the Account Value less any indebtedness. When this policy ceases to be in full force under Section 7, we will pay the Surrender Value, if any, to you. You may request a withdrawal of part of the Surrender Value in accordance with our rules then in effect. The amount of the withdrawal will be removed from the Subaccounts in proportion to your policy investment in each Subaccount on the date such withdrawal is made (unless our then current rules allow you to designate a different allocation of your withdrawal and you in fact do so). For each withdrawal, we reserve the right to make a charge to the Account Value of an amount not to exceed $20. Each withdrawal must be at least $1,000. No withdrawal can be made unless the resulting Sum Insured is at least equal to the Minimum Sum Insured shown in Section 1 and the Surrender Value is equal to or greater than three times the Section 9 charges at the time of withdrawal. All amounts withdrawn will be subtracted from the No Lapse Guarantee Premium Balance as described in Section 6 and will also be subtracted from your Account Value. Further, your death benefit will be affected as follows: . With respect to determining the death benefit of the policy under Death Benefit Option A, an amount equal to any withdrawal and its related charge will be deducted from the Account Value until the Account Value multiplied by the appropriate Corridor Factor or Required Additional Death Benefit Factor becomes equal to the Sum Insured. After that point is reached, both the Sum Insured and the Account Value will each be reduced by an amount equal to any remaining withdrawal amounts. Your Death Benefit will continue to be determined in accordance with Section 4. . With respect to determining the death benefit of the policy under Death Benefit Option B, an amount equal to any withdrawal and its related charge will be deduc...
SURRENDERS AND WITHDRAWALS. 15 Form VL105 Flexible Premium Adjustable Variable Life Insurance Policy Insurance Proceeds payable upon death before Final Policy Date Policy Account Value payable on Final Policy Date / Adjustable Death Benefit Values provided by this Policy are based on declared interest rates of the Guaranteed and Loan Accounts and on the investment experience of the Subaccounts Non-participating NATIONWIDE LIFE INSURANCE COMPANY OF AMERICA 1000 Chesterbrook Boulevard, Berwyn, Pennsylvania 19312-1181 Form VX000 XXXXXX XXXXXXXX INSURED JOHN DOE POLICY NUMBER 9,000,000 09/01/2002 XXXICY ISSUE DATE FACE AMOUNT $50,000.00 35, MALE ISSUE AGE AND SEX DEATH BENEFIT OPTION A 09/01/2002 POLICY DATE PREMIUM CLASS STANDARD 09/01/2067 FINAL POLICY DATE BENEFITS FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE INITIAL FACE AMOUNT $50,000.00 This Policy provides life insurance coverage on the Insured until the final policy date, provided the Net Cash Surrender Value is sufficient to cover the deductions for the cost to that date of the benefits of this Policy and of any riders. You may have to pay more than the premiums shown below to keep this Policy and coverage in force to that date, and to keep any additional riders in force. MINIMUM INITIAL PREMIUM - $377.50 PLANNED PERIODIC PREMIUM - $500.00 PAYABLE ANNUALLY MINIMUM ANNUAL PREMIUM - $377.50 MINIMUM FACE AMOUNT - $50,000.00 MINIMUM PAYMENT - $20.00 PARTIAL WITHDRAWAL - MINIMUM AMOUNT $1,500.00 TRANSFERS - MINIMUM AMOUNT $1,000.00 POLICY LOAN - FIXED 6.00% POLICY LOAN INTEREST RATE MINIMUM LOAN AMOUNT $500.00 Form VL105 PAGE 3 POLICY SCHEDULE (Continued) POLICY NUMBER 9,000,000 EXPENSE CHARGES PREMIUM EXPENSE CHARGE
SURRENDERS AND WITHDRAWALS. SURRENDERS The Certificate Owner may surrender part or all of the Certificate Account Value at any time a Certificate Agreement is in force and prior to the earlier of the Annuitization Date or the death of the Annuitant. All conditions and restrictions applicable to Certificate Account surrenders are prescribed in the Certificate Agreement. The Company has the right to suspend or delay the date of any surrender payment from the Variable Account for any period defined in the Certificate Agreement. CONTINGENT DEFERRED SALES CHARGE If part or all of the Certificate Account Value is surrendered, a Contingent Deferred Sales Charge (CDSC) may be made by the Company. The CDSC is designed to cover expenses relating to the sale of the Certificate Account interest. All provisions governing the applicability of CDSC, including the waivers of CDSC, are prescribed in the Certificate Agreement. SYSTEMATIC WITHDRAWALS The Certificate Owner may elect in writing on a form provided by the Company to take Systematic Withdrawals as prescribed in the Certificate Agreement.
SURRENDERS AND WITHDRAWALS. We will determine and pay the Surrender Value of the policy if the Surviving Insured is then alive, subject to Section 21, and the policy will terminate, as of the end of the Valuation Period in which we receive at our Home Office (i) written notice requesting surrender of the policy, and (ii) the surrendered policy. While the policy is in full force, the Surrender Value will be an amount equal to the Account Value less any indebtedness. If the policy is surrendered before the end of the second Policy Year, then any excess Sales Load as defined in Rule 6e-3(t) of the Investment Company Act of 1940 will be returned to the Owner. You may request a withdrawal of part or all of the Surrender Value in accordance with our rules then in effect. The amount of the withdrawal will be removed from the Subaccounts in proportion to your policy investment in each Subaccount on the date such loan is made. For each withdrawal we will make a charge to the Account Value of $20. Each withdrawal must be at least $1000. All amounts withdrawn will be subtracted from the Cumulative Premium Balance as described in Section 6, and will be reflected in Option A death benefit as described in Section 4.
SURRENDERS AND WITHDRAWALS cont’d If this contract is surrendered, GIAC will deduct, if applicable, a contingent deferred sales charge and the contract fee from the amount otherwise payable. (See “Surrender of Contract” provision above). Premium payments made in the sixth contract year and later will not be subject to a contingent deferred sales charge upon withdrawal. The amount of the contingent deferred sales charge, if any, will be a percentage, as shown in the table below, of the amount withdrawn or surrendered during the first five contract years that is attributable to premium payments made in the first five contract years. Contract Year Contingent Deferred Sales Charge Percentage 1 4 % 2 3 % 3 3 % 4 2 % 5 2 % 6 and later 0 % The maximum contingent deferred sales charge will be equal to 4% of the lesser of: • the total of all premium payments made within the first five contract years; or • the amount withdrawn or surrendered. However, in the first five contract years, the owner may make a partial withdrawal, without incurring a contingent deferred sales charge, of an amount equal to the greater of: • the excess of the Accumulation Value on the date of withdrawal over the Unliquidated Net Premium payments made in the first five contract years; or
