Modified Endowment Contract. At the time a Premium is received that would, in Our opinion, cause this Policy to become a modified endowment contract based on Our reasonable interpretation of Section 7702A of the Internal Revenue Code, We will so notify You or Your sales representative within one Business Day, and will not credit the Premium unless We have received specific instructions to do so. Any such Premium received will be held, for a period of time no greater than 90 days, in a non-interest bearing account. This Premium will be refunded at the end of the 90-day period if we have not, at that time, received specific instruction from You or Your sales representative concerning the Premium.
Appears in 4 contracts
Samples: Flexible Premium Variable Universal Life Insurance Policy (Sun Life of Canada U S Variable Account G), Flexible Premium Variable Universal Life Insurance Policy (Sun Life Ny Variable Account D), Flexible Premium Variable Universal Life Insurance Policy (Sun Life (N.Y.) Variable Account J)
