Exhibit 99-A(5)(b)
WAIVER OF PREMIUM AGREEMENT
WHAT DOES THIS AGREEMENT PROVIDE?
This agreement provides for the waiver of premiums on this policy if the covered
insured shown on page 1 becomes totally and permanently disabled. This means
that you will not be required to pay any premium that falls due during the
period of total and permanent disability. To qualify for this benefit, you must
give us timely notice of the covered insured's disability. You must also
furnish evidence satisfactory to us that the total disability:
(1) commenced while this policy and agreement were in force; and
(2) commenced after the policy anniversary nearest the covered insured's age 5
but before the policy anniversary nearest the covered insured's age 60; and
(3) was continuous for six months or more; and
(4) did not result directly from any act of war.
WHAT IS "TOTAL" DISABILITY?
Total disability is a disability resulting from an accidental injury or a
disease that requires the care of a licensed physician and continuously prevents
the covered insured from engaging in an occupation. During the first 24 months
of total disability, "occupation" means the covered insured's regular
occupation. After 24 months, it means any occupation for which the covered
insured is reasonably fitted by education, training or experience.
Also, the covered insured's total and irrecoverable loss of:
(1) the sight of both eyes, or
(2) the use of both hands, or
(3) the use of both feet, or
(4) the use of one hand and one foot, or
(5) hearing or speech
will be considered total disability even if the covered insured engages in an
occupation.
WHAT IS "PERMANENT" DISABILITY?
Total disability will be considered permanent only after it has existed
continuously for at least six months.
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ON WHAT BASIS WILL PREMIUMS BE WAIVED OR REFUNDED?
We will waive or refund premiums according to the frequency of premium payment
that was in effect on this policy on the date the total disability commenced.
We will refund all scheduled premiums paid from the date total disability
commenced to the date the claim is approved. We will not refund any
nonrepeating premiums. After the claim is approved, we will waive premiums
under this agreement as if your policy were on a plan with premiums payable to
the younger insured's age 100 and no scheduled decrease in the face amount. If
your policy is not on this plan, we will automatically increase or decrease your
annual premium so that your policy is on this plan. In that event, we will
issue a new page 1 which will be subject to the Policy Adjustments provision of
your policy. In addition, we will waive the premium for any additional benefit
agreement that is attached to your policy.
WHAT IF THE COVERED INSURED RECOVERS FROM THE DISABILITY?
We will no longer waive any premiums on this policy due after the covered
insured recovers. In addition, we will, upon your request, restore your policy
to the premium level that was in effect before the disability commenced, subject
to the Policy Adjustments provision of your policy.
ARE THERE ANY LIMITATIONS?
No premium will be waived or refunded if the total disability results directly
from an act of war while the covered insured is serving in the military, naval
or air forces of any country at war, declared or undeclared.
WHEN MUST WE BE NOTIFIED?
We must receive written notice of total disability at our home office:
(1) while the covered insured is living and totally disabled, and
(2) not later than one year after the termination of this agreement, and
(3) within one year after the due date of the premium that you request us to
waive or refund.
However, the failure to give this notice within the time provided will not
invalidate the claim if it is shown that notice was given as soon as reasonably
possible.
WHAT IS THE COST?
The annual premium for this agreement is shown on page 1 of this policy. If
this agreement terminates, the total annual premium for this policy will be
reduced by the amount shown.
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WHAT PROOF WILL BE REQUIRED?
You must furnish proof satisfactory to us that the covered insured is totally
and permanently disabled as defined in this agreement before any premiums will
be waived or refunded. We will from time to time also require additional proof
satisfactory to us of the continuation of total and permanent disability. We
may also require the covered insured to submit to one or more physical
examinations at our expense. However, we will not require a physical
examination more frequently than once a year if the total disability has
continued for two years.
WHAT IF THIS POLICY LAPSES?
If this policy is lapsed for nonpayment of premium before notice of total
disability is received at our home office, premiums will be waived or refunded
only if the notice is received within one year after the due date of the first
unpaid premium. Also, the total disability must have commenced prior to the due
date of the unpaid premium or during the grace period allowed for the payment of
that premium.
WHEN IS THIS AGREEMENT INCONTESTABLE?
This agreement is subject to the incontestability provision in this policy.
However, the contestable period for this agreement will be measured from the
effective date of this agreement.
WILL THIS AGREEMENT INCREASE YOUR POLICY VALUES OR POLICY DIVIDENDS?
No. This agreement will not increase the policy values of this policy nor will
it increase policy dividends.
WHEN WILL THIS AGREEMENT TERMINATE?
This agreement will terminate on:
(1) the date any premium due for this policy remains unpaid at the end of the
grace period; or
(2) the date the policy becomes paid-up; or
(3) the date this policy is continued as extended term insurance; or
(4) the date this policy is surrendered or terminated; or
(5) the date we receive your written request to cancel this agreement; or
(6) the date when the covered insured dies; or
(7) the policy anniversary nearest the covered insured's 60th birthday.
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This agreement is effective as of the original policy date of this policy unless
a different effective date is shown here.
President
Secretary
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