Common use of Fixed Options Clause in Contracts

Fixed Options. consist of the Fixed Account and the Fixed LT Account, which are part of our general account. Home Office – means our Life Insurance Client Services offices. Insured – is the person insured under this policy, as shown in the Policy Specifications. Investment Options – consist of the Variable Accounts and the Fixed Options. Monthly Payment Date – is the day each month on which certain policy charges are deducted from the Accumulated Value. This first Monthly Payment Date is the Policy Date. Later Monthly Payment Dates are the same day each month thereafter. Net Amount at Risk – is equal to the death benefit as of the most recent Monthly Payment Date divided by the Divisor for Calculating the Net Amount at Risk shown in the Policy Specifications, then reduced by the Accumulated Value at the beginning of the policy month before the Monthly Deduction is due. The Accumulated Value section describes how the Net Amount at Risk is used to calculate the Cost of Insurance Charge. Net Premium – is the premium we receive reduced by any Premium Load. PL, we, our, ours, us and the Company – refer to Pacific Life Insurance Company. Policy Date – is shown on page 3. Policy months, years and anniversaries are measured from this date. Policy Debt – is the sum of outstanding policy loans plus accrued Loan Interest.