EXCHANGE OF POLICY. In the event the Employer is required to exchange the Policy under Article 4, Section C, the Employee shall execute any forms necessary or appropriate to effect such exchange including, without limitation, the surrender of the Policy, the transfer of proceeds to the new insurer and the execution of a new Split Dollar Agreement and Collateral Assignment. Such exchange shall qualify under Section 1035 of the Internal Revenue Code or successor provisions of similar import.
EXCHANGE OF POLICY. Within 24 months after the Date of Issue shown on page 3, provided premiums are duly paid, the Owner may exchange this policy without evidence of insurability for a fixed benefit life insurance policy on the life of the Insured. The new policy will be on a form determined by the Company to be similar to this policy. To effect the change the Owner must send this policy, a completed application for change, and any required payment to the Home Office of the Company. The change will be effective on the later of the date of the application or the date the required items are received at the Home Office. The new policy will have the same initial guaranteed death benefit, policy date and issue age as this one, and the premiums and cash values will be the same as those for whole life policies issued on the Date of Issue of this policy. Any additional benefit included in this policy will be included with the new policy only to the extent that such provisions were being offered with the new policy on the Date of Issue of this policy.
EXCHANGE OF POLICY. You may exchange this policy for a policy of permanent fixed benefit insurance on the life of the Insured. You may make such an exchange within 18 months after the Date of Issue shown on page 3. We will not require evidence of insurability. We will require:
EXCHANGE OF POLICY. 12 Error in Age or Sex.........................................................................................6
EXCHANGE OF POLICY. Exchange of Policy Within 24 months after its Date of Issue, you can exchange this Policy, if all premiums due have been paid, for a policy which provides fixed benefit insurance. The new policy will be issued: . By New England Mutual Life Insurance Company; . On any plan of Whole Life or Endowment insurance with a level face amount issued by New England Mutual Life Insurance Company on the Policy Date; . With the same Insured, Age, Policy Date, Face Amount and underwriting class as this Policy; . Subject to any cost or credit and the repayment of any Policy Loan Balance; and . Subject to any assignments of this Policy, and limitations on this Policy stated in riders. Riders which provide benefits that are the same as those provided by riders on this Policy will be attached to the new policy, if they are available. Change Cost or Credit Any change cost or credit will be quoted by the Company on request. A detailed statement of the method of computing the change cost or credit has been filed with the Insurance Department of the state in which the Policy is delivered.
EXCHANGE OF POLICY. Within 24 months after the Date of Issue shown on page 3, the Owner may exchange this policy without evidence of insurability for a similar fixed benefit life insurance policy issued by the Company on the life of the Insured. To effect the change the Owner must send this policy, a completed application for change, and any required payment to the Home Office of the Company. The change will be effective on the later of the date of the application or the date the required items are received at the Home Office. The new policy will have the same face amount, policy date and issue age as this one, and the cash values will be the same as those for policies issued on the Date of Issue of this policy.
EXCHANGE OF POLICY. Within 18 months after the Date of Issue shown on the Policy Schedule Pages (page 3), and while this Policy is in force, the Owner may exchange this Policy without evidence of insurability for a fixed benefit life insurance policy. The new policy will have the same Issue Age, Date of Issue and Policy Date as this Policy. The new policy will take effect on the date the written request to exchange this Policy is received at the Home Office. This Policy will terminate when the new policy takes effect.
EXCHANGE OF POLICY. 10.1 In the event the Trust elects or is required to exchange the Policy under Section , the Employee shall execute any forms necessary or appropriate to effect such exchange including, without limitation, the surrender of the Policy, the transfer of proceeds to the new insurer and the execution of a new Split Dollar Agreement and Collateral Assignment. Such exchange shall qualify under Section 1035 of the Internal Revenue Code or successor provisions of similar import.
EXCHANGE OF POLICY. Exchange of Policy--At any time within the first 24 policy months while this policy is in force during the life of the Insured, the Owner may exchange this policy without evidence of insurability for a new policy on the life of the Insured providing benefits which do not vary with the investment experience of a separate account. The exchange will be subject to the following conditions:
(1) The new policy will be on the flexible premium adjustable life insurance plan that was being issued by Penn Mutual on the Date of Issue of this policy.
(2) The new policy will provide the same amount of Death Benefit or the same net amount at risk to Penn Mutual as this policy and will have the same Date of Issue and issue age as this policy.
(3) The Cost of Insurance Rates for the new policy will be those applicable to flexible premium adjustable life policies in the same risk classification as this policy and issued on the same date as the policy.
(4) All outstanding indebtedness under this policy must be paid. The contestable period, suicide period, and surrender charge period of the new policy will be measured from the issue date of this policy. The Policy Value of this policy will be transferred to the new policy as of the effective date of the exchange. The effective date of the exchange will be the date Penn Mutual received written request for exchange at its Home Office.
EXCHANGE OF POLICY. At any time during the first 18 policy months, so long as this Policy is in force, any Owner may exchange this Policy, without evidence of insurability, for a policy of general account life insurance that the Company then offers in the state of New York on the life of the Insured for the Total Face Amount of this Policy. Alternatively, the Owner may elect to Transfer all amounts from the Variable Account into the Fixed Account without restriction, if the Company determines at the time of the exchange, that the Fixed Account under this Policy is competitively priced in relation to other general account products. The exchange to a general account policy is subject to the following requirements: (i) the new policy shall bear the same date of issue and issue age as this Policy and at the rates in effect on that date for the same premium class; (ii) the new policy shall include such incidental insurance benefits as are included in this Policy if such incidental insurance benefits are available for issue with the new policy; and (iii) the exchange shall be subject to an equitable premium or policy value adjustment that takes appropriate account of the premiums and policy values under this Policy. A detailed statement of the method of computing any adjustments shall be filed with the Superintendent of the New York Department of Financial Services.
