USE OF DIVIDENDS. 6.1 The dividends declared by Phoenix Home Life Mutual Insurance Company on the Policy will be used to purchase Option Term with the balance used to purchase paid-up insurance.
6.2 The dividend option which is specified in paragraph 6.1 of this Article will not be terminated or changed without a conforming amendment to this Agreement and unless such change is done in accordance with the provisions of Part D "Joint Rights" section of the Assignment.
USE OF DIVIDENDS. All dividends attributable to the Policy shall be applied to the purchase of Paid-Up Additions from the Insurer.
USE OF DIVIDENDS. Annual dividends may be paid in cash or used to increase the Policy Value. Dividends used to increase the Policy Value will be allocated to the Divisions of the Separate Account according to the allocation of net premiums currently in effect. If no direction is given for the use of dividends, they will be used to increase the Policy Value.
USE OF DIVIDENDS. Policy In Force As Variable Whole Life With Additional Protection. If Additional Protection is in force and there is no Excess Amount, dividends will be used to increase Policy Value. If Additional Protection is not in force, or if there is Excess Amount, dividends may be paid in cash or used for one of the following: o Policy Value. Dividends will be used to increase Policy Value. o Paid-Up Additional Insurance. Dividends will purchase variable benefit paid-up additional insurance. o Premium Payment. Dividends will be used to reduce premiums. If the dividend is greater than the premium, the balance will be used to increase Policy Value. Other uses of dividends may be made available by the Company. If no direction is given for the use of dividends, they will be used to increase Policy Value. Policy In Force As Fixed Benefit Paid-Up Insurance. Dividends may be paid in cash or used to purchase fixed benefit paid-up additional insurance. Other uses of dividends may be made available by the Company. If no direction is given for the use of dividends, they will be used to purchase fixed benefit paid-up additional insurance. Policy In Force As Variable Benefit Paid-Up Insurance. Dividends may be paid in cash or used to purchase variable paid-up additional insurance. Other uses of dividends may be made available by the Company. If no direction is given for the use of dividends, they will be used to purchase variable paid-up additional insurance.
USE OF DIVIDENDS. Dividends declared on the Policy shall be applied as the Bank elects on the Policy application.
USE OF DIVIDENDS. Any dividends declared on the Policy shall be applied to purchase paid up additional insurance on Employee's life and the dividend provision of the Policy shall be so structured.
USE OF DIVIDENDS. Policy In Force As Variable Whole Life With Additional Protection. If Additional Protection is in force and there is no Excess Amount, dividends will be used to increase Policy Value. If Additional Protection is not in force, or if there is Excess Amount, dividends may be paid in cash or used for one of the following:
USE OF DIVIDENDS. Policy dividends shall be applied to purchase paid-up additional insurance protection.
USE OF DIVIDENDS. Dividends may be paid in cash or used for one of the following:
1. Paid-up additions share in the divisible surplus. * DIVIDEND ACCUMULATIONS. Dividends will accumulate at interest. Interest is credited at an annual effective rate of 3 1/2%. The Company may set a higher rate. Other uses of dividends may be made available by the Company. If no direction is given for the use of dividends, they will purchase paid-up additions.
USE OF DIVIDENDS. Annual dividends, if any, may be paid in cash or used for one of the following: • Paid-up Additions. Dividends will purchase Paid-up Additions as described in Section 5. • Dividend Accumulations. Dividends will ac- cumulate at interest. Interest is credited at an annual effective rate of not less than 0.5%. The Company may set a higher rate. Dividend accumulations increase the Policy's Cash Val- ue. They are payable as part of the Life Insur- ance Benefit. Accumulations may be with- drawn unless they are used for a loan, for Extended Term Insurance, or for Paid-up Insur- ance. • Premium Payment. Dividends will be applied to the payment of any premium then due. If the balance of a premium is not paid, or if this Policy is in force as Paid-up Insurance, the dividend will purchase Paid-up Additions. Other uses of dividends may be made available by the Company. If no direction is given for the use of dividends, they will purchase Paid-up Additions.
