Common use of ISP Clause in Contracts

ISP. When Purchase Payments Are Credited We must accept or reject an application or your enrollment materials within two business days of receipt. If the forms are incomplete, we may hold any forms and accompanying Purchase Payments for five business days pending completion. If we reject the application or enrollment forms, we will return the forms and any Purchase Payments. MAKING WITHDRAWALS: ACCESSING THE MONEY IN YOUR CONTRACT Withdrawals of Variable Income Payments You may make partial or full withdrawals of the present value of any remaining guaranteed variable Income Payments if you are receiving payments under either one of the following: • A lifetime payment option with guaranteed payments and you elected a right to make withdrawals. In this circumstance withdrawals are allowed once each year, beginning after the first Contract year (subject to state approval); or • The nonlifetime payment option. Partial withdrawals are allowed only if each remaining guaranteed payment will be at least $50.