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respective dividend accumulations under those policies in order
to have been able to make such withdrawals of such interest. We
disagree.
The Prudential policy provides in pertinent part:
Annual Dividends.--While this policy is in force
* * *, the portion, if any, of the divisible surplus of
the Company accruing upon the policy at each policy
anniversary will be determined annually by the Board of
Directors, and will be credited to the policy as a
dividend on such anniversary * * *.
* * * * * * *
Upon proper written request to the Home Office,
any such dividend may be (1) paid in cash, or * * *
(4) left to accumulate with compound interest at the
rate authorized from time to time by the Board of
Directors, but not less than 2½% per annum. * * * Upon
proper written request to the Home Office, * * * any
dividend accumulations may be withdrawn * * *.
The USAA policy provides in pertinent part:
DIVIDENDS. At the end of the second Policy year and
annually thereafter, * * * this Policy shall be cred-
ited with such share of the divisible surplus of the
participating business of the Company as may be appor-
tioned thereto by the Company.
Options. At the option of the Owner each dividend may
be
(a) paid in cash, or
* * * * * * *
(d) left to accumulate to the credit of this
Policy with interest, as determined by the Company, at
not less than 2½% per annum, compounded annually (here-
inafter called dividend accumulation), or
* * * * * * *
At any time * * * dividend accumulations * * * may be
withdrawn. * * *
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Last modified: November 10, 2007