Summit Prime FIA Health Waiver Endorsement (Continued)
Nursing Home Care - the Annuitant has been continuously admitted to a facility:
- That is State-licensed;
- That provides continuous 24-hour-a-day nursing service;
- That is under the supervision of a Physician who maintains a daily medical record of each admitted individual; and
- For at least ninety (90) consecutive days.
The Endorsement can be exercised during the first year of the contract once the requirements above have been met for one or more category. However, during the first year, the amount available as a penalty-free withdrawal will be limited to 10% of the Accumulated Value of the Contract.
Exercising this Endorsement during the 2nd through final year of the contract will provide for a penalty-free withdrawal of up to 50% of the Accumulated Value of the Contract.
Penalty-free withdrawals under the Health Waiver Endorsement will only be allowed once during the duration of the policy contract and the Endorsement will terminate once the withdrawal has been made.
The withdrawal will be based on the value of the policy on the date the company receives the request to exercise the Endorsement.
