POLICY DEBT Clause Samples

POLICY DEBT. Policy debt consists of all outstanding loans and accrued interest. It may be paid to the Company at any time. Any policy debt will be deducted from the policy proceeds. If the policy debt equals or exceeds the Policy Value on a monthly processing date, the policy will terminate with no value subject to the conditions of the Grace Period (Section 4.5).

POLICY DEBT. Policy Debt consists of loan principal and accrued loan interest. It may be paid to the Company at any time. Policy Debt will affect any annual dividends that may be paid under Section 5.1. Any Policy Debt reduces the Life Insurance Benefit and the Cash Surrender Value. Policy Debt reduces the Cash Surrender Value and may cause this Policy to terminate with no value subject to the conditions of the Grace Period (Section 4.6) and the Death Benefit Guarantee (Section 3.5).

POLICY DEBT. The Policy Debt is the amount necessary to repay the policy loan in full and is equal to the Loan Account plus any accrued Loan Interest Charge. The Policy Debt reduces any amount otherwise payable under the policy. Loan Processing on Policy Anniversary – On each policy anniversary we will adjust the values of the Policy Debt, Loan Account and Loan Account Value so that they are equal to each other. To do this, we calculate the difference between the Policy Debt and the Loan Account Value. If the Policy Debt is greater than the Loan Account Value, which is generally the case when the policy Loan Interest Charge has not been paid, a new loan will be taken for the excess and will be added to the Loan Account. If the Loan Account Value is greater than the Policy Debt, which is generally the case when the policy Loan Interest Charge has been paid, the excess will be transferred according to your most recent premium allocation instructions.

POLICY DEBT. The principal amount of any outstanding loan against this Policy, plus accrued but unpaid interest on such loan.

POLICY DEBT. The amount necessary to repay the Policy loan in full and is equal to the Loan Account plus any accrued Loan Interest Charge. The Policy Debt reduces any amount otherwise payable under the Policy.

POLICY DEBT is the amount necessary to repay the Policy loan in full and is equal to the Loan Account plus any accrued Loan Interest Charge. The Policy Debt reduces any amount otherwise payable under the Policy. Policy Specifications – is a section of the Policy that shows information specific to your Policy. Risk Class – is used in determining Policy Charges and is determined by us during the underwriting process for each Coverage Layer. Risk Class depends on the Insureds’ gender classification, health, tobacco use, and other factors. The Risk Class of the Insureds for the initial Coverage Layer is shown in the Policy Specifications. The Risk Class of the Insureds for any additional Coverage Layer will be shown in a Supplemental Schedule of Coverage sent to you at that time. Risk Class may also be referred to as Risk Classification.

POLICY DEBT. Section 9.4 Market Loan Rate and Interest Accrual · Section 9.5 Withdrawals · Section 9.6 Effect on Death Benefit Guarantee

POLICY DEBT is the amount necessary to repay the Policy Loan in full and is equal to the Loan Account plus any accrued Loan Interest Charge. The Policy Debt reduces any amount otherwise payable under the Policy. Policy Specifications – is a section of the Policy that shows information specific to Your Policy. Proper Form – is among other things, a notarized signature or some other proof of authenticity that is required for Us to act on a Written Request. We do not generally require such proof, but proof may be requested: · If it appears that Your signature has changed; · If the signature does not appear to be Yours; · If we have not received a properly completed Application or confirmation of an Application; or · For any other reason to protect You and/or Us. Risk Class – is used in determining Policy Charges and is established by us during the underwriting process for each Basic Life Coverage Layer. Risk Class depends on the Insured’s sex, health, tobacco use, and other factors. The sex of the Insured on this Policy will be either male, female or unisex and is shown in the Policy Specifications. The Risk Class of the Insured for each initial Basic Life Coverage Layer is shown in the Policy Specifications. The Risk Class of the Insured for any additional Basic Life Coverage Layer will be shown in a Supplemental Schedule of Coverage sent to the Address on Record at that time. Risk Class may also be referred to as Risk Classification. Separate Account – consists of subaccounts, also called Variable Accounts. Each Variable Account may invest its assets in a separate class of shares of a designated investment company or companies. Our Separate Account is shown in the Policy Specifications. Supplemental Schedule of Coverage – is the written notice that will be sent to the last known Address on Record, or by other means where permitted, reflecting certain changes made to Your Policy after the Policy Date. A Supplemental Schedule of Coverage is an endorsement to Your Policy and becomes part of the contract as described in the Entire Contract provision.