Surrender Amount definition

Surrender Amount means, in relation to a Forward Contract, the amount in kWh per Day (being a quantity not a rate) of Firm NTS Entry Capacity as is specified in the Surrender Offer relating to that Forward Contract;

Surrender Amount. (Rückkaufswert) means in case of a Series TEP the payout amount, which the Noteholder receives upon the occurrence of an Extraordinary Policyholder Event. In the context of the Note, Surrender Amount is the sum of all Surrender Amounts of all Series TEPs.

Surrender Amount. Each Contract Year after the first Contract Year, on a non-cumulative basis, you can withdraw amounts from the Contract Value without incurring a Contingent Deferred Sales Charge. The amount not subject to the Contingent Deferred Sales Charge is 15% of the Contract Value, less any previous Free Surrender Amount withdrawn during that Contract Year.] [If your Contract Value is $25,000 or more you can elect the Systematic Withdrawal Option in lieu of the Free Surrender Option described above. Systematic Withdrawals are available on a monthly or quarterly basis if your Contract Value is $25,000 or more. The total of Systematic Withdrawals in a Contract Year which can be made without incurring a Contingent Deferred Sales Charge is limited to not more than 15% of the Contract Value determined on the last Valuation Date prior to the receipt of the Systematic Withdrawal Option request. There is no limit to the amount or percentage of the Systematic Withdrawals if your Purchase Payments are no longer subject to a Contingent Deferred Sales Charge. If you have elected the Systematic Withdrawal Option, any additional surrenders will be subject to any applicable Contingent Deferred Sales Charge. We reserve the right to modify the eligibility rules at any time, without notice.] [If you have a Qualified Contract and your Contract Value is $25,000 or more, you can elect the Minimum Distribution Program with respect to your Contract. Surrenders will be made on a monthly or quarterly basis and will not be subject to a Contingent Deferred Sales Charge. Such payments will be designed to meet the applicable minimum distribution requirements imposed by the Internal Revenue Code on Qualified Contracts. Withdrawals from your Qualified Contract pursuant to the Minimum Distribution Program are in lieu of the Free Surrender Amount described above. If you have elected the Minimum Distribution Program, any additional surrenders will be subject to any applicable Contingent Deferred Sales Charge.] MINIMUM PARTIAL SURRENDER: [$500] MINIMUM CONTRACT VALUE WHICH MUST REMAIN IN THE CONTRACT AFTER A PARTIAL SURRENDER: [$2,000]

Examples of Surrender Amount in a sentence

• SUSPENSION OR DELAY IN PAYMENT OF SURRENDER AMOUNT We have the right to suspend or delay the date of any surrender payment from the variable subaccounts for any period: 1.

• SURRENDER AMOUNT - The portion of the Sub-Account Value removed to satisfy a written request for a full or partial surrender.

• THE PROPORTION WILL BE COMPUTED AS THE SURRENDER AMOUNT DIVIDED BY (CASH VALUE MINUS LOAN ACCOUNT VALUE).

• MAXIMUM TRANSFER CHARGE: NONE PARTIAL SURRENDER FEE: LESSER OF $25.00 OR 2% OF PARTIAL SURRENDER AMOUNT PAID.

• INTEREST RATE CHARGED TO LOAN ACCOUNTS: 5% CHARGED IN ARREARS ANNUAL INTEREST RATE CREDITED TO LOAN ACCOUNTS: 4% DEATH BENEFIT INTEREST FACTOR: 1.00327374 MINIMUM PARTIAL SURRENDER AMOUNT: WE RESERVE THE RIGHT TO LIMIT THE MINIMUM PARTIAL SURRENDER AMOUNT TO $500 SALES EXPENSE CHARGE: GUARANTEED NOT TO EXCEED [12%] UP TO TARGET PREMIUM ALL YEARS.

• PREFERRED PARTIAL SURRENDER AMOUNT - After the second policy anniversary, one or more partial surrenders may be made during each policy year without application of a fund charge (see Fund Charge section), up to a total surrender amount for that year of: 10% of the Policy's cash value on the date of the first surrender made during that year.

• INITIAL INHERITANCE PERIOD: [270.41 MONTHS] TRIGGER: CASH VALUE AS OF THE ISSUE DATE GUARANTEED ANNUITY PAYMENT AMOUNT: $[430.92] MINIMUM PARTIAL SURRENDER AMOUNT: $1,000 MINIMUM CASH VALUE AFTER PARTIAL SURRENDER: $5,000 BENCHMARK RATE: 3.00% PER YEAR COMPOUNDED YEARLY.

• PREFERRED SURRENDER AMOUNT In each Policy Year, a portion of the Accumulation Value is not subject to the surrender charge percentages shown in the Policy Schedule.

• PARTIAL SURRENDER AVAILABILITY: [YES] MINIMUM PARTIAL SURRENDER AMOUNT: $1,000 MINIMUM CASH VALUE AFTER PARTIAL SURRENDER: $5,000 INTEREST RATE CREDITED FOR ANY DELAYED ANNUITY PAYMENTS: 3.00% PER YEAR.

• UNDERWRITTEN INCREASES ARE SUBJECT TO A $5,000 MINIMUM AND A MAXIMUM NOT TO EXCEED THE PREMIUM LIMITS SHOWN ON THE PREMIUM INFORMATION POLICY DATA PAGE.SECTION SIX THE MINIMUM PARTIAL SURRENDER AMOUNT IS $500.

More Definitions of Surrender Amount

Surrender Amount. The greater of (A.) and (B.) where: (A.) is 10% of premium payments, decreased by any partial surrenders made since the last Contract Anniversary; and (B.) is the Accumulated Value minus remaining premium payments as of the date of the surrender. SURRENDER CHARGE TABLE Contract Year Surrender Charge Percentage 1 3.00% 2 2.00% 3 1.00% 4 and after 0.00%