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).
Appears in 6 contracts
Samples: Flexible Premium Variable Life Insurance Policy (Northwestern Mutual Variable Life Account), Flexible Premium Variable Life Insurance Policy (Northwestern Mutual Variable Life Account), Flexible Premium Variable Life Insurance Policy (Northwestern Mutual Variable Life Account)