Death Benefit Qualification Test. In order for your policy to qualify as a life insurance contract under the Code, it must at all relevant times satisfy one of two Death Benefit Qualification Tests. The policy provides a minimum death benefit amount, as needed, for the policy to qualify under either of the Tests. Unless you elected otherwise in the application, the Death Benefit Qualification Test that is specified for this policy is the Guideline Premium Test. The Death Benefit Qualification Test that this policy is designed to satisfy appears in the Policy Specifications. You may not change your policy’s specified Death Benefit Qualification Test without our written consent. The two Death Benefit Qualification Tests and the Minimum Death Benefit amounts applicable to each are explained in this subsection.
Death Benefit Qualification Test. In order for your policy to be classified as life insurance under the Code, it must satisfy one of two Death Benefit Qualification Tests. Unless you have elected otherwise, the Death Benefit Qualification Test for this policy is the Guideline Premium Test. The Death Benefit Qualification Test for this policy appears in the Policy Specifications. It may not be changed for the life of the contract. The two Death Benefit Qualification Tests are explained in this subsection.
Death Benefit Qualification Test. In order for your policy to be classified as a “life insurance contract” under the Code, it must at all relevant times satisfy one of two Death Benefit Qualification Tests. The policy provides a minimum death benefit amount, as needed, for the policy to qualify under either of the Tests. Unless you elected otherwise in the application, the Death Benefit Qualification Test that applies to this policy is the Guideline Premium Test. The Death Benefit Qualification Test for this policy appears in the Policy Specifications. It may not be changed for the life of this policy. The two Death Benefit Qualification Tests and the Minimum Death Benefit amounts applicable to each are explained in this subsection.
Death Benefit Qualification Test. No-Lapse Provision........................................................................................................................................................ 3f
Death Benefit Qualification Test. In order for this policy to be classified as life insurance under Section 7702 of the Code, the sum of the premiums paid less a portion of any withdrawals, as defined in the Code, may not exceed the greater of: . The Guideline Single Premium; or . The sum of the annual Guideline Level Premiums to the date of payment. The Guideline Premiums are shown in the Policy Specifications. The Guideline Premiums may change whenever there is a change in the Face Amount of insurance or in other policy benefits. Any such Guideline Premium change will be shown in a supplemental schedule that we will send to you at the time of the change. The Guideline Premiums are determined by the rules, which apply to this policy as set forth in the Code. The Guideline Premiums will be adjusted to conform to any changes in the Code. In the event that a premium payment would exceed such revised limits, we reserve the right to refund the excess payment to you, provided that we may not refuse any premium payment necessary to keep this policy in force. Further, we reserve the right to make distributions from the policy to the extent we deem it necessary to continue to qualify this policy as life insurance under the Code.
Death Benefit Qualification Test. In order for this policy to be treated as life insurance under the Code, the sum of the premiums paid less a portion of any withdrawals, as defined in the Code, may not exceed the greater of:
Death Benefit Qualification Test. 7 Paid-Up Benefit 9 Entire Contract 18 Policy Date 5 Evidence of Insurability 5 Policy Debt 5 Face Amount 5 Policy Illustrations 19 Face Amount Change 8 Policy Loans 16 Face Amount Decrease 9 Premium Allocation 6 Face Amount Increase 8 Premium Limitation 6 Fixed Accumulated Value 9 Premium Load 12 Fixed Options 5, 15 Premiums 6 Free Look Transfer Date 5 Reinstatement 12 Grace Period 12 Reports 18 Guideline Premium Limitation 7 Risk Classification 3 Guideline Premium Test 7 Separate Account 5, 16 Home Office 5 Suicide Exclusion 18 Income Benefits 15 Surrender 14 Incontestability 18 Surrender Charges 14 Insured 5 Tax Qualification as Life Insurance 19 Investment Options 5 Transfers 13 Juvenile Insured 18 Valuation Date 5 Lapse 12 Valuation Period 5 Limits on Face Amount Increase 9 Variable Account 5, 17 Loan Account 10, 16 Variable Accumulated Value 10 Loan Amount Available 16 Withdrawals 14 Loan Interest 16 Written Request 5 [LOGO OF PACIFIC LIFE & ANNUITY COMPANY] 000 Xxxxxxx Xxxxxx Xxxxx Xxxxxxx Xxxxx, XX 00000 ===================================================================== FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY . Adjustable Face Amount . Benefits Vary Based on Investment Experience . Non-Participating
Death Benefit Qualification Test. In order for this policy to be treated as life insurance under the Code, the sum of the premiums paid less a portion of any withdrawals, as defined in the Code, may not exceed the greater of: . The Guideline Single Premium; or . The sum of the Guideline Level Premiums to the date of payment. The amounts of the Guideline Premiums are shown on the Policy Specification pages. The Guideline Premiums will change whenever there is a change in the Face Amount of insurance or in other policy benefits. Such Guideline Premium change will be shown in the supplemental schedule of benefits and premiums. The Guideline Premiums are determined according to the rules applicable to this policy set forth in the Code. The Guideline Premiums will be adjusted to conform to any changes in the Code. In the event that a premium payment would exceed these limits, we reserve the right to refund the excess payment to the Owner. Further, we reserve the right to make distributions from the policy to the extent we deem it necessary to continue to qualify this policy as life insurance under the Code. Modified Endowment Contract (MEC) Premium Limitation - In order for this policy to avoid being treated as a MEC, the sum of premiums paid less a portion of any withdrawals may not exceed the 7-Pay limit as defined in the Code. In the event that a premium payment would exceed the 7-Pay limit, we reserve the right to refund the excess payment to you, unless you have previously notified us in writing that such payments may be accepted by us and applied to the policy.
