Common use of Modifications and timing Clause in Contracts

Modifications and timing. During any Contract year, while this Contract is in force, the Contract Owner may elect to modify any or all benefits and/or the sums assured and/or contributions to a higher or lower amount with a consequent alteration in the cost of insurance. Any modification to a higher cover may only be made if the Company is satisfied as to the continued good health and insurability of the Life Assured and may necessitate the payment of a higher contribution. Any election under this paragraph must be made by written notice from the Contract Owner to the Company and any modification will take effect on the next contribution due date that follows the acceptance by the Company of the said modification and an endorsement will be issued and signed accordingly by the Company. For any endorsement, the Contract Owner shall return the original copy of the Contract and any subsequent endorsement.

Modifications and timing. During any Contract year, while this Contract is in force, the Contract Owner owner may elect to modify any or all benefits and/or the sums assured and/or contributions to a higher or lower amount with a consequent alteration in the cost of insurance. Any modification to a higher cover may only be made if the Company is satisfied as to the continued good health and insurability of the Life Assured life assured and may necessitate the payment of a higher contribution. Any election under this paragraph must be made by written notice from the Contract Owner owner to the Company and any modification will take effect on the next contribution due date month that follows the acceptance by the Company of the said modification and an endorsement will be issued and signed accordingly by the Company. For any endorsement, the Contract Owner owner shall return the original copy of Contract to the Contract and any subsequent endorsementCompany.