OWNERSHIP AND BENEFICIARY PROVISIONS. OWNERSHIP The original Owner is the person named as the Owner in the application and shown in the Policy Schedule. You, as Owner, can exercise all rights and receive the benefits during the Insured's life before maturity. All rights of the Owner are subject to the rights of any assignee and any irrevocable Beneficiary. BENEFICIARY The Beneficiary will receive any death benefits of this Policy, subject to any assignment you have made. Unless otherwise provided, the interest of any Beneficiary who dies before the Insured will be paid in equal shares to any surviving Beneficiaries. If no Beneficiary is living at the Insured's death, payment will be made to the Owner's estate. The Beneficiary may be changed by Written Request. After we record receipt of your request, the change will take effect as of the date the request is signed, but will not affect any action already taken. The rights of the former Beneficiary will cease at the same time. We may require return of the Policy to record the change. If you give up the right to change a Beneficiary, that Beneficiary's written consent will be needed along with your Written Request to make any change in this Policy. ASSIGNMENT We will not honor an assignment of this Policy unless it is in writing and filed with the Company. You must provide the form of assignment. Conditions of the assignment take priority over any conflicting ownership or beneficiary provisions. It is up to you to make sure it is valid. All assignments are subject to Policy Debt(s). PAYMENT OF PREMIUMS PREMIUMS Premiums must be paid to the Company. A receipt will be furnished on request. The first premium is due on the Policy Date. The Policy will not take effect until it has been delivered and the first premium paid while the Insured is alive and prior to any change in health as shown in the application. The planned periodic premium and the mode of payment are shown on the Policy Schedule. We will send reminder notices to you for the planned periodic premium that you have selected. You may select to receive notices either annually, semiannually or quarterly. You may also arrange for payment of premiums on a monthly basis through an authorized special payment facility. All payment modes are subject to our minimum requirements for the payment mode selected. Changes in frequency and increases or decreases in the amount of planned premiums may be made by you, subject to our current administrative rules and minimum limits on premiums. Additional unpl...
OWNERSHIP AND BENEFICIARY PROVISIONS. OWNER The rights and privileges of this policy belong to you, the Owner, during the Insured's lifetime. The policy names you or someone else as the Insured. If you are not the Insured, you should name a successor owner who will become the Owner if you die before the Insured. If you die before the Insured and there is no successor owner, ownership passes to your estate. CHANGE OF OWNERSHIP You may change the ownership of this policy by sending Notice To Us during the Insured's lifetime. The change will take effect on the date we receive the request. A change in ownership will not affect actions taken by us before the request is received. A change of ownership is subject to the rights of an assignee of record and any irrevocable beneficiary.
OWNERSHIP AND BENEFICIARY PROVISIONS. 13 Ownership........................................................... 13 Beneficiary......................................................... 13
OWNERSHIP AND BENEFICIARY PROVISIONS
