Common use of CUMULATIVE PREMIUM LIMIT Clause in Contracts

CUMULATIVE PREMIUM LIMIT. The Internal Revenue Code provides for exclusion of the Death Benefit from gross income. To qualify for the exclusion, total premium payments must not exceed the limit stated in the Code. The portion of any premiums paid in excess of that limit will be refunded to you.

CUMULATIVE PREMIUM LIMIT. The Internal Revenue Code provides for exclusion of the Death Benefit Proceeds from gross income. To qualify for the exclusion, total premium payments must not exceed the limit stated in the Code. The portion of To comply with these requirements, we may refuse to accept premiums and may refund any premiums, earnings on premiums paid or accumulated value. In addition, any transaction that would result in excess of that limit this contract not complying with Internal Revenue Code requirements will not be refunded to youpermitted.