Rider - Guaranteed Continuation of Policy Agreement
The Penn Mutual Life Insurance Company agrees, subject to the provisions of this
agreement, that the policy will not lapse while this agreement is in force.
This supplemental agreement is a part of the policy to which it is attached. It
is subject to all of the provisions of the policy unless stated otherwise in
this agreement.
Benefit -- The Company agrees that this policy will remain in force if the
following conditions are satisfied:
(a) An Insured is alive;
(b) This agreement is in force;
(c) This policy has not been surrendered; and
(d) The Guaranteed Continuation of Policy Premium Requirement is satisfied.
Guaranteed Continuation of Policy Premium -- The Guaranteed Continuation of
Policy Premium is based on the issue age and underwriting class of each Insured
and on the death benefit option and other policy riders. It is shown on Page 3.
Guaranteed Continuation of Policy Premium Requirement -- The Guaranteed
Continuation of Policy Premium Requirement on each Monthly Anniversary is
satisfied if the sum of all premiums paid less any partial surrenders, policy
loans and unpaid loan interest is greater than or equal to the Guaranteed
Continuation of Policy Premium, multiplied by the number of elapsed months since
the Policy Date.
Changes in Guaranteed Continuation of Policy Premium -- The Guaranteed
Continuation of Policy Premium may change if
(a) The Specified Amount is changed;
(b) The Death Benefit Option is changed;
(c) A rider is added or deleted; or
(d) The underwriting class is changed.
As a result of such change, an additional premium may be required on the date of
change in order to meet the new Guaranteed Continuation of Policy Premium
Requirement.
Monthly Deduction -- While this agreement is in force, the Monthly Deduction
under this policy will include the Monthly Deduction for this agreement. The
monthly Deduction for this agreement is the Cost of Insurance for this
agreement.
Cost of Insurance -- The Cost of Insurance for this agreement for each policy
month is calculated as (a) multiplied by (b), where:
(a) is $0.01; and
(b) is the Specified Amount for this policy divided by 1,000.
Subaccount Restrictions -- While this agreement is in force, transfers and
allocations of net premiums to certain subaccounts may be restricted.
Expiration Date -- This agreement will expire on the policy anniversary nearest
to the younger Insured's 100th birthday.
Grace Period -- If on a Monthly Anniversary the Guaranteed Continuation of
Policy Premium Requirement is not satisfied, a grace period of 61 days will be
allowed for the payment of a premium sufficient to keep this agreement in force.
Reinstatement -- If this agreement terminates, it may not be reinstated.
Termination -- This agreement will terminate upon:
(a) the expiration of the grace period for this agreement if the required
premium is not received;
(b) lapse of this policy;
(c) surrender of this policy;
(d) the date of the second death of an Insured;
(e) the expiration date of this agreement; or
(f) the Monthly Anniversary which coincides with or next follows (i) the receipt
at the Home Office of a written request by the Owner to terminate this
agreement, and (ii) the return of this policy for appropriate endorsement.
Effective Date -- The effective date of this agreement is the same as the Date
of Issue of this policy.
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/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
GCP-96(S)
