Exhibit 26(d)(16)
BUSINESS CONTINUATION AGREEMENT
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This agreement is a part of the HOW DO YOU EXERCISE THIS RIGHT?
policy to which it is attached and is
subject to all its terms and You must notify us in writing that
conditions. This agreement is you are exercising your right to add
effective as of the agreement a new coverage layer. You must also
effective date shown on the policy send us:
data pages.
(1) proof satisfactory to us of the
WHAT DOES THIS AGREEMENT PROVIDE? designated life's death; and
This agreement gives you the right to (2) a completed application for the
increase the face amount of this new coverage layer.
policy, without evidence of
insurability, at the death of a We must receive these requirements in
designated life. The increase in face good order in our home office within
amount will create a new coverage the Option Period.
layer.
WHEN WILL THE NEW COVERAGE LAYER BE
This additional coverage layer will EFFECTIVE?
be part of the policy to which this
agreement is attached and will be If you exercise your right to add a
subject to the underwritten risk new coverage layer, the coverage
class for this policy at the time layer will be effective on the
this agreement was issued. If a monthly policy anniversary on or
coverage layer has been added since following the end of the Option
issuance of the agreement at a more Period.
favorable risk class than the base
policy coverage amount, the new The new coverage layer will be
coverage layer will be subject to the subject to all the provisions of the
more favorable risk class. All Policy Change section of this policy.
applicable charges will apply. Confirmation of the change and
updated policy data pages will be
WHAT IS A DESIGNATED LIFE? sent to you. A policy change
transaction charge will apply.
A designated life is a person named
in the application for this agreement WHAT IF THE BASE INSURED DIES WITHIN
and shown on the policy data pages. THE OPTION PERIOD?
MAY A DESIGNATED LIFE BE CHANGED? If the base insured dies during the
Option Period following the death of
No. a designated life but not
simultaneously with this designated
WHEN MAY THE RIGHT TO ADD AN life, we will pay the maximum
ADDITIONAL COVERAGE LAYER BE increase amount to the beneficiary of
EXERCISED? this policy.
At the death of a designated life, WHAT IF THE BASE INSURED AND ANY
you may exercise the right to add an DESIGNATED LIFE DIE SIMULTANEOUSLY?
additional coverage layer to this
policy during the ninety day period If the base insured and any
(Option Period) immediately following designated life die at the same time
the date of the designated life's or under circumstances in which the
death. order of death cannot be determined,
we will pay one-half of the maximum
WHAT IS THE MAXIMUM AMOUNT OF THE NEW increase amounts to the beneficiary
COVERAGE LAYER? of this policy.
The maximum amount of the new IS THERE A SUICIDE LIMITATION?
coverage layer is listed for each
designated life on your policy data Yes. If, within two years of the
pages. The maximum increase amount effective date of this agreement, any
available for each designated life designated life dies by suicide,
will decrease according to the whether sane or insane, this
schedule shown on your policy data agreement automatically terminates
pages. and the right to add a new coverage
layer under this agreement is no
longer available. Our liability under
this agreement will be limited to
return of charges paid for this
agreement.
WHEN DOES THE NEW COVERAGE LAYER
BECOME INCONTESTABLE?
The contestable and suicide period
for any new coverage layer added as a
result of exercising an option will
be measured from the effective date
of this agreement shown on the policy
data pages.
ICC14-20016 Business Continuation Agreement Minnesota Life Insurance Company
WHEN IS THIS AGREEMENT WHEN WILL THIS AGREEMENT TERMINATE?
INCONTESTABLE?
This agreement will terminate on:
If this agreement is
issued on the same date (1) the date the policy is
as this policy, it will be surrendered or terminated; or
subject to the
incontestability provision (2) the date we receive your
in this policy. If this written request to cancel this
agreement is issued at a agreement; or
date later than the policy,
then this agreement will (3) the date of the death of the
be contestable for two base insured; or
years from the effective
date of this agreement, (4) the end of the Option Period
but only as to the following the death of the last
evidence of insurability designated life; or
which we required to
issue this agreement at (5) the policy anniversary nearest
the later date. the base insured's 80th
birthday.
WHAT IF THE BASE
INSURED IS TOTALLY CAN THIS AGREEMENT BE REINSTATED?
DISABLED DURING AN
OPTION PERIOD? Yes. This agreement can be reinstated
under the following conditions:
If the base insured is
totally disabled during an (1) all of the reinstatement
Option Period, you may conditions stated in your
exercise your right to add policy have been satisfied; and
a new coverage layer.
However, if we are (2) we receive written request from
waiving the premiums or you; and
charges on this policy
because the base insured (3) your request to reinstate is
is totally disabled, the made prior to the policy
increase available will be anniversary nearest the base
limited to one-half of the insured's 80th birthday; and
maximum increase
amount. (4) at least one designated life is
still alive.
If any premiums are
being applied as a result /s/ Xxxx X. Xxxxxxxxxxx /s/ Xxxxxxxxxxx X. Xxxxxx
of a waiver of premium Secretary President
agreement at the time
you exercise your right
under this agreement,
additional premiums
relating to the new
coverage layer will also
be applied by us.
If any charges are being
waived as a result of a
waiver of charges
agreement at the time
you exercise your right
under this agreement,
charges relating to the
new coverage layer will
also be waived.
HOW WILL EXERCISING
THIS OPTION AFFECT OTHER
AGREEMENTS ATTACHED TO
THIS POLICY?
If you exercise the option
to add an additional
coverage layer and there
are any other agreements
attached to this policy,
the benefits resulting
from those agreements
will also apply to the new
coverage layer.
WHAT IF THE BASE FACE
AMOUNT OF THIS POLICY
DECREASES BEFORE THE
DEATH OF THE DESIGNATED
LIFE?
If the base face amount of
this policy decreases, we
reserve the right to
decrease the maximum
increase amount and the
charge for this agreement
proportionately.
WHAT IS THE CHARGE FOR
THIS AGREEMENT?
The charge for this
agreement is shown on
your policy data pages.
DOES THIS AGREEMENT
HAVE NONFORFEITURE
VALUES OR LOAN VALUES?
No. This agreement does
not have nonforfeiture
values or loan values.
