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.
Appears in 5 contracts
Samples: Pacific Select Exec Separate Acct Pacific Life Ins, Pacific Select Exec Separate Acct Pacific Life Ins, Pacific Select Exec Separate Account of Pacific Life & Annui
