Common use of Minimum Death Benefit Clause in Contracts

Minimum Death Benefit. The Minimum Death Benefit will be determined based on the Death Benefit Qualification Test for the Policy and at any time will be no less than the minimum amount we determine to be required for this Policy to qualify as a life insurance contract under the Code and applicable law. The Minimum Death Benefit is equal to the Minimum Death Benefit Percentage multiplied by the cash surrender value (which may differ from the Policy’s Cash Surrender Value) as determined under applicable tax law. The Minimum Death Benefit Percentages as of the Policy Date are shown in the Policy Specifications. Changes to the Policy may affect these percentages if the Death Benefit Qualification Test is the Cash Value Accumulation Test. Death Benefit Options – You elected the initial Death Benefit Option in the Application. Descriptions of all the Available Death Benefit Options on this Policy and the initial Death Benefit Option in Effect are shown in the Policy Specifications. Certain changes in Death Benefit Option are allowed as described in Change of Death Benefit Option.