Common use of Certain Term Life Insurance Contracts Clause in Contracts

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas Guernsey with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas Anguilla with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas the HKSAR with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas the Cayman Islands with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas Bermuda with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas the Republic of Kazakhstan with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas Curaçao with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas the Isle of Man with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas [FATCA Partner] with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas Seychelles with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.

Certain Term Life Insurance Contracts. A life insurance contract maintained in The Bahamas the Republic of Armenia with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements: 1. Periodic premiums, which do not decrease over time, are payable at least annually during the period the contract is in existence or until the insured attains age 90, whichever is shorter; 2. The contract has no contract value that any person can access (by withdrawal, loan, or otherwise) without terminating the contract; 3. The amount (other than a death benefit) payable upon cancellation or termination of the contract cannot exceed the aggregate premiums paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence and any amounts paid prior to the cancellation or termination of the contract; and 4. The contract is not held by a transferee for value.