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Common use of Deferral of Payments Clause in Contracts

Deferral of Payments. During any period when: - the sale of securities or the determination of a Division Index is not reasonably practicable because (i) the New York Stock Exchange is closed, or (ii) conditions are such that, under rules and regulations adopted by the SEC, trading is deemed to be restricted or an emergency is deemed to exist, or - the SEC, by order, permits deferral for the protection of the Company's policyowners; the Company reserves the right: - to defer determination of cash values and payment of the cash value; - to defer payment of loan; - to defer determination of a change in the Variable Insurance Amount or other variable amounts payable on death, and, if such determination has been deferred, to defer payment of any portion of the Death Benefit equal to the Variable Insurance Amount or such other variable amounts; and - if payment of all or part of the Death Benefit is deferred, to defer application of the Death Benefit to a payment plan under Section 12.

Appears in 2 contracts

Samples: Variable Whole Life Insurance Policy (Northwestern Mutual Variable Life Account), Variable Whole Life Insurance Policy (Northwestern Mutual Variable Life Account)

Deferral of Payments. During any period when: - the sale of securities or the determination of a Division Index is not reasonably practicable because (i) the New York Stock Exchange is closed, or (ii) conditions are such that, under rules and regulations adopted by the SEC, trading is deemed to be restricted or an emergency is deemed to exist, or - the SEC, by order, permits deferral for the protection of the Company's policyowners; the Company reserves the right: - to defer determination of cash values and payment of the cash value; - to defer payment of a loan; - to defer determination of a change in the Variable Insurance Amount or other variable amounts payable on death, and, if such determination has been deferred, to defer payment of any portion of the Death Benefit equal to the Variable Insurance Amount or such other variable amounts; and - if payment of all or part of the Death Benefit is deferred, to defer application of the Death Benefit to a payment plan under Section 12.

Appears in 2 contracts

Samples: Single Premium Variable Whole Life Policy (Northwestern Mutual Variable Life Account), Single Premium Variable Whole Life Policy (Northwestern Mutual Variable Life Account)

Deferral of Payments. Variable Insurance. During any period when: - . the sale of securities or the determination of a Division Index investment results is not reasonably practicable because (i) the New York Stock Exchange is closed, or ; or (ii) conditions are such that, under rules and regulations adopted by the SEC, trading is deemed to be restricted or an emergency is deemed to exist, ; or - . the SEC, by order, permits deferral for the protection of the Company's policyowners; the Company reserves the right: - . to defer determination of cash values value and payment of the cash value; - . to defer payment of loana loan or withdrawal; - . to defer determination of a change in the Variable Insurance Amount amount of variable insurance or other variable amounts payable on death, and, if such determination has been deferred, to defer payment of any portion of the Death Benefit equal to the Variable Insurance Amount or such other death benefit based on a variable amountsamount; and - . if payment of all or part of the Death Benefit death benefit is deferred, to defer application of the Death Benefit death proceeds to a payment plan under Section 12.

Appears in 1 contract

Samples: Variable Whole Life Policy (Aerosonic Corp /De/)