Common use of Corporate Owned Life Insurance Policies Clause in Contracts

Corporate Owned Life Insurance Policies. In lieu of the restrictions above, each Intermediary restricts corporate owned life insurance policy owners as follows: corporate owned life insurance policy owners may rebalance the investment options in their policies within the following limits: (i) during the 10 calendar day period after any policy values are transferred from one investment account into a second investment account, the values can only be transferred out of the second investment account if they are transferred into the Money Market B investment account; and (ii) any policy values that would otherwise not be transferable by application of the 10 day limit described above and that are transferred into the Money Market B investment account may not be transferred out of the Money Market B investment account into any other accounts (fixed or investment) for thirty (30) calendar days.

Corporate Owned Life Insurance Policies. In lieu of the restrictions above, each Intermediary restricts corporate owned life insurance policy owners as follows: corporate owned life insurance policy owners may rebalance the investment options in their policies within the following limits: (i) during the 10 calendar day period after any policy values are transferred from one investment account into a second investment account, the values can only be transferred out of the second investment account if they are transferred into the Money Market B investment account; and (ii) any policy values that would otherwise not be transferable by application of the 10 day limit described above and that are transferred into the Money Market B investment account may not be transferred out of the Money Market B investment account into any other accounts (fixed or investment) for thirty (30) 30 calendar days.