Change of Death Benefit Option Sample Clauses
Change of Death Benefit Option. The Death Benefit Option may be changed to Option A or B upon Written Request no more than once per Policy year. Changes to Option C from either Option A or B are not permitted. The Total Face Amount will be adjusted, if necessary, so that the Death Benefit immediately after the change of Death Benefit Option will be equal to the Death Benefit immediately before the change. The change will be effective on the Monthly Payment Date on or next following the day we receive your Written Request at our Administrative Office. Unless you specify otherwise by Written Request, any request for a Death Benefit Option change will not take effect if the requested change would cause the Policy to be classified as a Modified Endowment Contract under the Code.
Change of Death Benefit Option. The Death Benefit Option may be changed as shown in the Policy Specifications, upon Written Request no more than once per Policy year. The Total Face Amount will be adjusted, if necessary, so that the Death Benefit immediately after the change of Death Benefit Option will be equal to the Death Benefit immediately before the change. The change will be effective on the Monthly Payment Date on or next following the day we receive your Written Request at our Administrative Office. Any such Death Benefit Option change will be shown in a Supplemental Schedule of Coverage that we will send to you at the time of the change. Unless you specify otherwise by Written Request, any request for a Death Benefit Option change will not take effect if the requested change would cause the Policy to be classified as a Modified Endowment Contract under the Code. If the Guideline Premium Test is the Death Benefit Qualification Test in Effect, then Change of Death Benefit Option requests will be subject to the Guideline Premium Limit as defined in the Code. This may result in one or more refunds of premiums or required distributions of Accumulated Value in order to maintain compliance with such limit, in accordance with the Tax Qualification as Life Insurance section of this Policy. Such request will not be allowed to the extent we determine that any resulting Guideline Premium limit would cause an amount in excess of the Net Cash Surrender Value to be distributed from the Policy.
Change of Death Benefit Option. The Death Benefit Option may be changed to Option A or B upon Written Request at a maximum of once per year. Changes to Option C are not permitted. After any such change, the Face Amount will be that amount which results in the death benefit after the change being equal to the death benefit before the change. The change will be effective on the Monthly Payment Date on or next following the day we receive your Written Request at our Home Office. We reserve the right to disallow any Death Benefit Option Change from Option A to B that would result in the Face Amount remaining after the change to be less than $50,000.
Change of Death Benefit Option. After the first policy year, you may request to change the death benefit option by making a written request in a form satisfactory to us. If you ask to change from Option 2 to Option 1, the face amount will be increased by the amount of the policy value. If you ask to change from Option 1 to Option 2, the face amount will be decreased by the amount of the policy value. The change will take effect on the monthly activity day after the date we receive the written request. We will provide to you an endorsement showing the actual start date of the death benefit option change and the new face amount. We reserve the right to limit the frequency of the death benefit option changes made under this policy. If this policy is in force on the policy anniversary following the insured's 100th birthday and Option 2 has been selected, the death benefit option will change to Option 1.
Change of Death Benefit Option. You may change the Death Benefit Option at any time before the Insured's Attained Age 100 except when the Death Benefit is based on the Table of Factors in Section 5.2. The change is subject to the following:
1) You must give Written Notice.
2) If you change from Option 1 to Option 2, the Face Amount will be decreased by the Accumulated Value on the effective date of the change. The decrease in Face Amount and any Decrease Charge will be applied in the order specified in Section 6.2(2). However, this change may not be made if it would reduce the Face Amount to less than the Minimum Face Amount shown on page 4.
3) If you change from Option 2 to Option 1, the Face Amount will be increased by the Accumulated Value on the effective date of the change. The Decrease Charge applicable to the increase will be the same as the Decrease Charge that applies to the most recent increase in Face Amount or, if there have been no increases, the Decrease Charge that applies to the Initial Face Amount.
4) A new Death Benefit Guarantee Premium will be determined for any Death Benefit Guarantee in effect on the effective date of the change. 5) The effective date of the change will be the Monthly Anniversary on or next after the date we receive Written Notice. The new Death Benefit Option will be shown on the supplemental contract schedule that we will mail to you.
Change of Death Benefit Option. The Death Benefit Option may be changed to Option A or B upon Written Request at a maximum of once per year. Changes to Option C are not permitted. After any such change, the Face Amount will be that amount which results in the death benefit after the change being equal to the death benefit before the change. For this purpose, death benefit is the amount calculated under the Death Benefit Options, disregarding the Minimum Death Benefit. The change will be effective on the Monthly Payment Date on or next following the day we receive your Written Request at our Home Office. If an option change causes a decrease in Face Amount, and there have been prior increases in Face Amount, the original Face Amount and any increases will be decreased in reverse order.
Change of Death Benefit Option. You may change the Death Benefit Option at any time except when the Death Benefit is a multiple of the Accumulated Value according to Section 5.1(1)(b) or 5.1(2)(b). The change is subject to the following: 1) You must give Written Notice.
Change of Death Benefit Option. You may change the Death Benefit Option at any time except when the Death Benefit is a multiple of the Accumulated Value according to Section 5.1(1)(b) or 5.1(2)(b). The change is subject to the following:
1) You must give Written Notice.
2) If you change from Option B to Option A, the Death Benefit will not change and the Face Amount will be decreased by the Accumulated Value on the effective date of the change. The decrease in Face Amount will be applied in the order specified in Section 5.5(2). However, this change may not be made if it would reduce the Face Amount to less than $5,000.
3) If you change from Option A to Option B, the Face Amount will not change and the Death Benefit will be decreased by the Accumulated Value on the effective date of the change.
4) The change may not be made if it would cause total premium payments already made to exceed the Cumulative Premium Limit of the Internal Revenue Code.
Change of Death Benefit Option. The Death Benefit Option may be changed to Option A or B upon Written Request at a maximum of once per policy year. Changes to Option C are not permitted. After any such change, the Face Amount will be that amount which results in the death benefit after the change being equal to the death benefit before the change. The change will be effective on the Monthly Payment Date on or next following the day we receive your Written Request at our Administrative Office. We reserve the right to disallow any Death Benefit Option Change from Option A to B that would cause the Face Amount after the change to be less than $50,000. Unless you specify otherwise by Written Request, any request for a Death Benefit Option change will not take effect if the requested change would cause the policy to be classified as a Modified Endowment Contract under the Code.
Change of Death Benefit Option. The following is added to Section 6.3