DEATH BENEFIT OPTION CHANGES Sample Clauses

DEATH BENEFIT OPTION CHANGES. If the death benefit option under a reinsured policy is changed and the face amount of insurance is either increased or decreased, the net amount at risk reinsured under this Agreement after the change will be the same as before the change.

DEATH BENEFIT OPTION CHANGES. 10 f. REDUCED PAID-UP INSURANCE............................................10 20. RECAPTURE.................................................................10

DEATH BENEFIT OPTION CHANGES. Subject to approval by the Company, the Owner may change the death benefit option upon written request. This change will be effective on the first monthly processing date following receipt of the request at the Home Office. The Company reserves the right to charge for a death benefit option change. This charge will be deducted from the Policy Value and will not exceed the amount shown on page 4. A change will not be allowed if the Specified Amount following a change would be less than the minimum amount the Company would issue at the time of change. (1) If the change is from Option B to Option A, the Specified Amount after the change will be equal to the Specified Amount before the change plus the Policy Value on the effective date of the change. (2) If the change is from Option C to Option A, the Specified Amount after the change will be equal to the Specified Amount before the change plus the sum of the premiums paid as of the effective date of the change. CHANGES TO OPTION B OR OPTION C. The death benefit option may be changed to Option B or Option C at any time before the policy anniversary nearest the Insured's 75th birthday. All changes to Option B or Option C will be subject to the Company's insurability requirements (Section 1.8). On the effective date of change, the Specified Amount will be changed as follows: (1) If the change is from Option A to Option B, the Specified Amount after the change will be equal to the Specified Amount before the change minus the Policy Value on the effective date of the change. (2) If the change is from Option A to Option C, the Specified Amount after the change will be equal to the Specified Amount before the change minus the sum of the premiums paid as of the effective date of the change. (3) If the change is from Option B to Option C, the Specified Amount after the change will be equal to the Specified Amount before the change plus (a) the Policy Value on the effective date of the change, minus (b) the sum of the premiums paid as of the effective date of the change. (4) If the change is from Option C to Option B, the Specified Amount after the change will be equal to the Specified Amount before the change plus (a) the sum of the premiums paid as of the effective date of the change, minus (b) the Policy Value on the effective date of the change.

DEATH BENEFIT OPTION CHANGES. Subject to approval by the Company, the Owner may change the Death Benefit Option upon written request. If the request is received before the close of trading on the New York Stock Exchange (NYSE) on a monthly processing date, it will be effective on that monthly processing date; otherwise it will be effective on the next monthly processing date. The Company reserves the right to charge for a Death Benefit Option change. This charge will be deducted from the Contract Fund Value and will not exceed the amount shown on the Policy Schedule Pages (page 4). A change will not be allowed if the Specified Amount following the change would be less than the minimum Specified Amount the Company would require for issuance of a policy at the time of the change. A Death Benefit Option change may result in changes to or termination of the Death Benefit Guarantee, if applicable.

DEATH BENEFIT OPTION CHANGES. Beginning with the first monthly processing date and ending with the policy anniversary nearest the insured's 100th birth date, you may request to change the death benefit option. This change will be effective as of the next monthly processing date following approval. A death benefit option change applies to the entire stated death benefit. We may not allow any change if it would reduce the stated death benefit below the minimum we require to issue this policy at the time of reduction. After the effective date of the change, the stated death benefit will be changed according to the following table: Opt A Opt B Stated death benefit prior to such change minus your account value as of the effective date of the change. Opt B Opt A Stated death benefit prior to such change plus your account value as of the effective date of the change. To determine the segment stated death benefit after an option change, your account value will be allocated to each segment in the same proportion that segment bears to the stated death benefit as of the effective date of the change.

DEATH BENEFIT OPTION CHANGES. After the first policy year, you may change the death benefit option under your policy from Option 1 to Option 2 or from Option 2 to Option 1. If the change is from Option 1 to Option 2, the Specified Amount will be decreased by the amount of the Cash Value. If the change is from Option 2 to Option 1, the Specified Amount will be increased by the amount of the Cash Value. We will adjust the Specified Amount such that the Net Amount at Risk remains constant before and after the death benefit option change. The effective date of change will be the monthly anniversary from the Policy Date on or next following the date we approve the request for change.

DEATH BENEFIT OPTION CHANGES. The Death Benefit Option may be changed once each Policy Year prior to the Insured's Attained Age 99. We will require a written request from the Owner. A change will be effective on the Monthly Policy Date on or next following our receipt of the request. The change may be made only if after such change the policy would qualify as "Life Insurance" for Federal Income Tax purposes under the Internal Revenue Code. a. Upon a change from Option A to Option B, the Face Amount shall decrease by an amount equal to the Accumulated Value of the policy just prior to the Effective Date of the change. However, the change may be made only if after such change the Face Amount would not be below the Minimum Coverage Amount shown in the Data Section. b. Upon a change from Option B to Option A, the Face Amount shall increase by an amount equal to the Accumulated Value just prior to the Effective Date of the change. MATURITY AT 99. If this policy is in force on the policy anniversary at which the Insured is Attained Age 99, we will pay the Cash Surrender Value to the Owner in one sum unless a Payment Option is chosen. 7207NY(0395)7 8 INVESTMENT

DEATH BENEFIT OPTION CHANGES. The Death Benefit Option may be changed once each Policy Year prior to the Insured's Attained Age 99. We will require a written request from the Owner. A change will be effective on the Monthly Policy Date on or next following our receipt of the request. The change may be made only if after such change the policy would qualify as "Life Insurance" for Federal Income Tax purposes under the Internal Revenue Code. a. Upon a change from Option A to Option B, the Face Amount shall decrease by an amount equal to the Accumulated Value of the policy just prior to the Effective Date of the change. However, the change may be made only if after such change the Face Amount would not be below the Minimum Coverage Amount shown in the Data Section. b. Upon a change from Option B to Option A, the Face Amount shall increase by an amount equal to the Accumulated Value just prior to the Effective Date of the change. At the Insured's Attained Age 99, if this policy is still in force, the Face Amount of this policy will be set equal to the Accumulated Value, and the Death Benefit Option will automatically revert to Option A. The Death Benefit Option may not thereafter be changed. ------------------------------------ 7 ------------------------------------- National Life Insurance Company One Xxxxxxxx Xxxx Xxxxx - Xxxxxxxxxx, Xxxxxxx 00000 - (802) 000-0000 0006(0395)7

DEATH BENEFIT OPTION CHANGES. After the first policy year, you may change the Death Benefit option under your policy from Option 1 to Option 2, Option 2 to Option 1, Option 3 to Option 1, or Option 3 to Option 2. We will adjust the Specified Amount such that the Net Amount at Risk remains constant. The effective date of change will be the Monthly Anniversary Day on or next following the date we approve the request for change. Only one change of option is permitted in a policy year. We will refuse a Death Benefit Option change which would reduce the Specified Amount to a level where the total premiums already paid exceeds the premium limit established by law to qualify your policy as a contract for life insurance. In order for a Death Benefit Option change to become effective, the Cash Surrender Value, after the change, must be sufficient to keep the policy in force for at least 3 months.

DEATH BENEFIT OPTION CHANGES. Employer agrees that it shall not change the Policy death benefit option without the written consent of Trustee.