The Cash Surrender Value Clause Samples
The Cash Surrender Value clause defines the amount a policyholder is entitled to receive if they choose to terminate a life insurance policy before its maturity or the insured event occurs. This value is typically calculated based on the premiums paid, minus any applicable fees or outstanding loans, and may increase over time as more premiums are paid. The core function of this clause is to provide a clear, predetermined payout option for policyholders who no longer wish to maintain their policy, ensuring transparency and financial flexibility.
The Cash Surrender Value. If the Owner's Issue Age is greater than 67 but less than or equal to 75, the Death Benefit is the greatest of:
(1) The sum of premium payments less any withdrawals and taxes;
(2) The Accumulation Value less any taxes;
(3) The Accumulation Value (plus subsequent premiums less subsequent withdrawals and taxes) on the 8th Contract anniversary but on or before the Owner's death; or (4) The Cash Surrender Value. 3D2 THE SCHEDULE CONTRACT FACTS (continued) ------------------------------------------------------------------------------ Annuitant Owner [▇▇▇▇▇▇ ▇. ▇▇▇] [▇▇▇▇ ▇. ▇▇▇] ------------------------------------------------------------------------------ Initial Premium Annuity Option Annuity Commencement Date [$10,000] [LIFE 10-YEAR CERTAIN] [JANUARY 1, 2026] ------------------------------------------------------------------------------ Separate Account(s) Contract Number [SEPARATE ACCOUNT B AND THE FIXED ACCOUNT] [123456] ------------------------------------------------------------------------------ If the Owner's Issue Age is greater than 75: The Death Benefit is equal to the greater of Accumulation Value or Cash Surrender Value.] CHANGE OF OWNER When ownership changes, the death benefit must be redetermined. If the new Owner's age at the time of the change of Owner is less than or equal to the original Owner's Issue Age, then the death benefit in effect prior to the change of Owner will remain in effect. If the new Owner's age at the time of the change of Owner is greater than the original Owner's Issue Age, then the death benefit must be recalculated based on a new Owner's Issue Age equal to the new Owner's age at the time of the change of Owner. The new Owner's death will then determine when a death benefit is payable. CHOOSING AN INCOME PLAN
The Cash Surrender Value. The Cash Surrender Value of this Contract equals the greater of:
(1) The Minimum Guaranteed Contract Value (as defined in the Contract Schedule); or (2) The Accumulation Value, less any Surrender Charge.
The Cash Surrender Value. If the Owner's Issue Age is greater than 67 but less than or equal to 75, the Death Benefit is the greatest of:
The Cash Surrender Value. If the Owner's Issue Age is greater than 67 but less than or equal to 75, the Death Benefit is the greatest of:
(1) The sum of Premium Payments less any withdrawals and taxes; GA-CA-1074 3D2 THE SCHEDULE CERTIFICATE FACTS (continued) ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ | Annuitant Owner | | [▇▇▇▇▇▇ ▇. ▇▇▇] [▇▇▇▇ ▇. ▇▇▇] | |----------------------------------------------------------------------------| | Initial Premium Annuity Option Annuity Commencement Date| | [$10,000] [LIFE 10-YEAR CERTAIN] [JANUARY 1, 2026] | |----------------------------------------------------------------------------| | Separate Account(s) Contract Number | | [SEPARATE ACCOUNT B AND THE FIXED ACCOUNT] [123456] | ------------------------------------------------------------------------------
(2) The Accumulation Value less any taxes; (3) The Accumulation Value (plus subsequent premiums less subsequent withdrawals and taxes) on the 8th Certificate anniversary but on or before the Owner's death; or (
The Cash Surrender Value. This report will also provide a summary of transactions made during the previous Contract Year and any information required by law. ATTAINED AGE. The Attained Age of the Annuitant on any date is the Issue Age of the Annuitant shown in the Data Section plus the number of full Policy Years which have passed since the Date of Issue. The Attained Age of the Owner on any date is the Issue Age of the Owner shown in the Data Section plus the number of full Policy Years which have passed since the Date of Issue.
The Cash Surrender Value the current death benefit; .. any existing Policy Debt; .. transactions that occurred during the reporting period; .. the Guideline Premiums, if applicable; and .. any information required by law. In addition to the above report, we will mail you annually a report containing financial statements for the Separate Account and the designated investment company or companies in which the Separate Account invests, the latter of which will include a list of the portfolio securities of the investment company, as required by the Investment Company Act of 1940. We will also send any other reports as required by federal securities law. Policy Illustrations - Upon request we will give you an illustration of the future benefits under this policy based upon both guaranteed and current cost factor assumptions. However, if you ask us to do this more than once in any policy year, we reserve the right to charge you a fee not to exceed $25 per request for this service. Illustrated benefits that are not guaranteed, such as benefits based on the current cost factor assumptions, will vary depending upon a number of factors, including but not limited to, changes in future investment performance. Basis of Values - A detailed statement showing how values are determined has been filed with the state insurance department. All values are at least equal to the minimums required by the law of the state in which this policy is delivered, based on the guaranteed interest for the Fixed Options, as detailed in the Fixed Accumulated Value provision, and 1980 CSO mortality, except for unisex issues which are based on 1980 CSO Table B mortality (80% male and 20% female).
The Cash Surrender Value. If the Owner's Issue Age is greater than 75, the Death Benefit is equal to the greater of Accumulation Value or Cash Surrender Value. SPECIAL FUNDS Where used in this Contract, Special Funds are [the Liquid Asset Division, the Limited Maturity Bond Division, the Fixed Allocations and the Guaranteed Interest Division]. We may add newly available divisions as Special Funds. We may also reclassify an existing division as a Special Fund or remove such designation upon 30 days notice to you. Such reclassification will apply to amounts transferred or otherwise added to such division after the date of change. We may reduce the Mortality and Expense Risk Charge (if applicable) for that portion of the Contract invested in a Special Fund.