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).
Appears in 4 contracts
Samples: Life Insurance Policy (Northwestern Mutual Variable Life Account II), Life Insurance Policy (Northwestern Mutual Variable Life Account II), Life Insurance Policy (Northwestern Mutual Variable Life Account II)
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 5.15.1 so that the amount of annual dividends may be higher or lower than it otherwise may have been if there was no Policy Debt. 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).
Appears in 2 contracts
Samples: Individual Flexible Premium Variable Adjustable Life Insurance Policy (Northwestern Mutual Variable Life Account II), Life Insurance Policy (Northwestern Mutual Variable Life Account II)