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.
Appears in 3 contracts
Samples: Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins), Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins), Life Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins)
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 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 policy to be classified as a Modified Endowment Contract under the Code.
Appears in 2 contracts
Samples: Life Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins), Life Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins)
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 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 policy to be classified as a Modified Endowment Contract under the Code.
Appears in 2 contracts
Samples: Life Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins), Life Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins)
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 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 policy to be classified as a Modified Endowment Contract under the Code.
Appears in 1 contract
Samples: Insurance Policy (Pacific Select Exec Separate Acct Pacific Life Ins)
