Common use of POLICY DEBT Clause in Contracts

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 cash value decreases to zero, this policy will terminate unless a sufficient portion of the policy debt is repaid. Termination occurs 31 days after a notice has been mailed to the Owner and to any assignee on record at the Home Office. The notice will state the amount that must be repaid to keep the policy in force.

Appears in 8 contracts

Samples: Variable Whole Life Policy (Northwestern Mutual Variable Life Account), Variable Whole Life Policy (Aerosonic Corp /De/), Variable Whole Life Policy (Northwestern Mutual Variable Life Account)

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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 cash value decreases to zero, this policy will terminate unless a sufficient portion of the policy debt is repaid. Termination occurs 31 days after a notice has been mailed to the Owner and to any assignee on record at the Home Officeoffice. The notice will state the amount that must be repaid to keep the policy in force.

Appears in 2 contracts

Samples: Variable Whole Life Insurance Policy (Northwestern Mutual Variable Life Account), Variable Whole Life Insurance Policy (Northwestern Mutual Variable Life Account)

POLICY DEBT. Policy debt Debt consists of all outstanding loans and accrued loan interest. It may be paid to the Company Com- pany at any time. Policy Debt affects any dividends that may be paid under Section 4.1. Any policy debt Policy Debt will be deducted from the policy Policy proceeds. If the cash value decreases to zeroPolicy Debt equals or exceeds the Cash Value, this policy Policy will terminate unless a sufficient portion of the policy debt is repaidterminate. Termination occurs 31 days after a notice has been mailed to the Owner and to any assignee on record at the Home Office. The notice will state the amount that must be repaid to keep the policy in force.

Appears in 1 contract

Samples: Whole Life Insurance Policy

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POLICY DEBT. Policy debt consists of ot 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 cash value decreases to zero, this policy will terminate unless a sufficient portion of the policy debt is repaid. Termination occurs 31 days after a notice has been mailed to the Owner and to any assignee on record at the Home Office. The notice will state the amount that must be repaid to keep the policy in force.

Appears in 1 contract

Samples: Variable Whole Life Policy (Aerosonic Corp /De/)

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