Change in Coverage Option Sample Clauses

Change in Coverage Option. You may change the coverage option any time after the contract has been in force one year. Once you have changed the coverage option, you cannot change it again for the next twelve months. If the coverage option is Option B or Option C, it may be changed to Option A. The new Specified Amount will be the death benefit as of the effective date of the change. The effective date of change will be the Monthly Anniversary Day on or next following the date we receive and approve your application for change. If the coverage option is Option A or Option B you may not change it to Option C. Coverage Option C is only available at issue. If the coverage option is Option A or Option C, you may change it to Option B subject to satisfactory evidence of insurability. The Specified Amount does not change. The new death benefit will be the Specified Amount plus the Contract Value. The effective date of change will be the Monthly Anniversary Day on or following the date we approve your application for change. We have the right to decline any coverage option change that we determine would cause this contract to not qualify as life insurance under applicable tax laws.
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Change in Coverage Option. You may change the coverage option any time after the contract has been in force for one year. Once you have changed the coverage option, you cannot change it again for the next twelve months. If the Coverage Option is Option B or Option C, you may change it to Option A. For changes from Option B, the new Specified Amount will be the Specified Amount plus the Contract Value as of the effective date of the change. For changes from Option C, the new Specified Amount will be the Specified Amount plus total premiums paid, minus the total amount of partial surrenders as of the effective date of the change. The new death benefit will be as described in Section 4.2, Death Proceeds. The effective date of the change will be the Monthly Anniversary Day on or following the date we receive your application for change. If the Coverage Option is Option A or Option B you may not change it to Option C. Coverage Option C is only available at issue. If the Coverage Option is Option A or Option C, you may change it to Option B subject to satisfactory evidence of insurability. The Specified Amount will not change. The new death benefit will be as described in Section 4.2, Death Proceeds. The effective date of the change will be the Monthly Anniversary Day on or following the date we approve your application for change. We have the right to decline any Coverage Option change that we determine would disqualify this contract as life insurance under applicable tax laws.
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Related to Change in Coverage Option

  • Termination After Change in Control Sections 9.2 and 9.3 set out provisions applicable to certain circumstances in which the Term may be terminated after Change in Control.

  • Termination of Service (S) ViaCord and the Account Owner(s) may terminate each Service as provided in the applicable Exhibit. Termination of one Service will not terminate another Service, except as provided for in the event of non-payment for a Service. This Agreement will terminate when all Service(s) are completed or otherwise terminated.

  • Termination of Employment; Change in Control (i) For purposes of the grant hereunder, any transfer of employment by the Optionee within the Hexcel Group shall not be considered a termination of employment by the applicable member of the Hexcel Group. (x) If the Optionee’s employment with a member of the Hexcel Group is terminated for Cause (as defined in the last Section hereof), the Option, whether or not then vested and exercisable, shall be automatically terminated as of the date of such termination of employment. Subject to Section 5(c)(ii), if the Optionee’s employment with a member of the Hexcel Group shall terminate other than by reason of Retirement (as defined in the last Section hereof), Disability (as defined in the last Section hereof), death or Cause, the Option (to the extent then vested and exercisable) may be exercised at any time within ninety (90) days after such termination (but not beyond the Term of the Option). The Option, to the extent not then vested and exercisable, shall immediately expire upon such termination. (y) If, while employed by a member of the Hexcel Group, the Optionee dies or is terminated by a member of the Hexcel Group following Disability, the Option shall (I) become fully and immediately vested and exercisable and (II) remain exercisable for one year from the date of termination of employment on account of death or following Disability (but not beyond the Term of the Option). (z) Subject to Section 5(c)(ii), if the Optionee’s employment with a member of the Hexcel Group terminates by reason of Retirement, (A) the Option shall, if not fully vested and exercisable at the time of such termination, continue to vest and become exercisable in accordance with Section 5(b) above, and (B) the Option shall expire upon the earlier to occur of the five-year anniversary date of such Retirement and the expiration of the Term. If the Optionee dies during the five-year period immediately following the Retirement of the Optionee, the Option shall (I) become fully and immediately vested and exercisable and (II) remain exercisable for the remainder of the five-year period from the date of Retirement (but not beyond the Term of the Option).

  • Termination of Award In the event that the Employee shall forfeit all or a portion of the restricted stock units subject to the Award, the Employee shall promptly return this Agreement to the Company for cancellation. Such cancellation shall be effective regardless of whether the Employee returns this Agreement.

  • Involuntary Termination in Connection with a Change in Control Notwithstanding anything contained herein, in the event of an Involuntary Termination prior to a Change in Control, if the Involuntary Termination (1) was at the request of a third party who has taken steps reasonably calculated to effect such Change in Control or (2) otherwise arose in connection with or in anticipation of such Change in Control, then the Executive shall, in lieu of the payments described in Section 4 hereof, be entitled to the Post-Change in Control Severance Payment and the additional benefits described in this Section 5 as if such Involuntary Termination had occurred within two (2) years following the Change in Control. The amounts specified in Section 5 that are to be paid under this Section 5(h) shall be reduced by any amount previously paid under Section 4. The amounts to be paid under this Section 5(h) shall be paid within sixty (60) days after the Change in Control Date of such Change in Control.