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subject to the Contingent Deferred Sales Charge is 15% of the Contract Value, less any previous Free Surrender Amount withdrawn during that Contract Year.]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

• We will not make a partial surrender to You for less than the Minimum Partial Surrender Amount shown on the Policy Summary.

• You cannot request a Gross Partial Surrender Amount that would reduce your Accumulation Value to less than the Minimum Accumulation Value shown on the Specifications Page.

• Partial surrenders that exceed the remaining Free Surrender Amount for that Contract Year are subject to any applicable Surrender Charge.

• If the partial Surrender amount is less than the remaining Free Surrender Amount for that Contract Year, no Surrender Charge will apply.

• A request to surrender or withdraw Contract values over the Penalty-Free Partial Surrender Amount will reduce the amount of proceeds paid upon full withdrawal, payment of any death benefits, or annuitization.

• The portion of the Gross Partial Surrender Amount that exceeds the GLWB Value Partial Surrender Allowance may be subject to surrender charges.

• Partial Surrenders that exceed the remaining Free Surrender Amount for that Contract Year are subject to any applicable Surrender Charge.

• Estimated Surrender Amount - – Estimated Surrender Amount is required.

• The Minimum Partial Surrender Amount is shown in the Contract Schedule.

• Net Partial Surrender Amount: Total amount received by the Owner as a partial surrender, after any applicable reductions for surrender charges and Premium Tax.

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%