Premium Limitation. We reserve the right to require Evidence of Insurability for any premium payment that would result in an increase in the Net Amount at Risk. If such Evidence of Insurability is not satisfactory, we may limit or refuse the premium payment. Guideline Premium Limit – This subsection applies only if the Guideline Premium Test is the Death Benefit Qualification Test for your policy. In order for this policy to be classified as a life insurance contract under Section 7702 of the Code, the sum of the premiums paid less a portion of any withdrawals, as defined in the Code, may not exceed the greater of: • The Guideline Single Premium; or • The sum of the annual Guideline Level Premiums to the earlier of the date of payment or the younger Insured’s Age 100. The Guideline Premiums are shown in the Policy Specifications. The Guideline Premiums may change whenever there is a change in the Face Amount of insurance or certain other policy benefits or factors. Any such Guideline Premium change will be shown in a supplemental schedule that we will send to you at the time of the change. The Guideline Premiums are used to determine the premium limits beyond which this policy would fail to qualify as a life insurance contract under the Code. Payment of the Guideline Premiums does not guarantee that the policy will never lapse and additional premiums may be necessary to prevent the policy from lapsing in the future. The Guideline Premiums are determined by the rules that apply to this policy as set forth in the Code. The Guideline Premiums will be adjusted to conform to any changes in the Code. In the event that a premium payment would exceed such revised limits, we will refund the excess payment to you, provided that we may not refuse any premium payment necessary to keep this policy In Force. Further, we reserve the right to make distributions from the policy to the extent we deem necessary to continue to qualify this policy as a life insurance contract under the Code.
Premium Limitation. Except in the case of a rollover contribution, as that term is described in Section 402(a)(5), 402(a)(6), 402(a)(7); 403(a)(4), 403(b)(8), or 408(d)(3) of The Code, or a direct transfer from one Individual Retirement Annuity issued by the Company to another Individual Retirement Annuity issued by the Company, no premiums will be accepted unless they are in cash, and the total of such premiums shall not exceed $2000 for any taxable year. If the premium consists entirely of an employer contribution under a simplified employee pension, as such is defined in Section 408(k) of The Code, the maximum amount of premium stated in paragraph 1 of this article shall be increased by the amount of this limitation in effect under section 415(c)(1)(A) of The Code. The minimum premium required for each additional premium payment under this IRA is $50. The sentence stating that "Each additional premium payment must be at least $1,000" found in the Premium Payments section of the policy is deleted.
Premium Limitation. If the Definition of Life Insurance test used for your Policy is the Guideline Premium Test, we will not accept any Premium that causes your Policy not to qualify as a life insurance policy under the Internal Revenue Code.
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Premium Limitation. We will refund any premium that causes your policy not to qualify as a life insurance policy under the Internal Revenue Code. No premium may be paid after the death of the insured. No premium may be paid after the policy anniversary nearest the insured's 100th birth date. If you stop paying premiums prior to the policy anniversary nearest the insured's 100th birth date, your coverage may lapse. See your Grace Period provision for details.
Premium Limitation. The maximum Original Gross Net Written Premium Income accepted by the Reassured for classes of business subject to this Contract shall not exceed $43,000,000 in all for the Contract Period. In the event the Reassured determines that the applicable Premium Limitation may be exceeded, then the Reassured shall advise Reinsurers and Reinsurers shall individually have the option to increase the Premium Limitation specific to their participation in this Contract. Should any individual Reinsurer decline the option to increase the Premium Limitation, the Reassured shall retain net the declining Reinsurer's share of all business exceeding the Premium Limitation specified at the outset of this Contract.
Premium Limitation. We will not accept any Premium that causes your Policy not to qualify as a life insurance policy under the Internal Revenue Code.
Premium Limitation. The maximum Original Gross Net Written Premium Income accepted by the Reassured for classes of business subject to this Contract shall not exceed $150,000,000 in all for the Contract Period, with Managed Care Errors and Omissions business not to contribute more than $35,000,000 of the total. In the event the Reassured determines that the applicable Premium Limitation may be exceeded, then the Reassured shall advise the Reinsurers and the Reinsurers shall individually have the option to increase the Premium Limitation specific to their participation in this Contract. Should any individual Reinsurer decline the option to increase the Premium Limitation, the Reassured shall retain net the declining Reinsurer's share of all business exceeding the Premium Limitation specified at the outset of this Contract.
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Premium Limitation. We will not accept premiums after the Insured attains Age 100 (except as needed to keep the policy from lapsing), although you may make a loan repayment at any time. We reserve the right to require Evidence of Insurability, satisfactory to us, for any unscheduled premium payment that would result in an immediate increase in the difference between the death benefit and the Accumulated Value.
