Common use of NET PREMIUM Clause in Contracts

NET PREMIUM. is the premium we receive reduced by any Premium Load. Owner, you, or your – refers to the Owner of this policy. Policy Date – is shown in the Policy Specifications. Policy months, quarters, years and anniversaries are measured from this date. Policy Debt – is the sum of the Loan Account Value and accrued Loan Interest. Policy Specifications – is a section of the policy that shows information specific to your policy. Risk Class – is used in determining policy charges and is determined by us during the underwriting process. It depends on the Insureds’ sex, health, tobacco use, and other factors. The Risk Classes of the Insureds are shown in the Policy Specifications. Risk Class may also be referred to as Risk Classification. Separate Account – is the Pacific Select Exec Separate Account, which is a Separate Account of ours that consists of subaccounts, also called Variable Accounts. Each Variable Account may invest its assets in a separate class of shares of a designated investment company or companies. Survivor – is the Insured remaining alive after the first death of the two Insureds. If the two Insureds die in close proximity such that it cannot be determined who died first, unless otherwise provided, it shall be assumed that the younger survived the older. Total Face Amount – is the sum of Face Amount of Basic Coverage and the Face Amounts of any rider providing coverage on the Insureds, unless specifically excluded. The Total Face Amount is used in determining the Death Benefit under this policy and is shown in the Policy Specifications. Valuation Day – is each day required by applicable law and currently includes each day the New York Stock Exchange is open for trading and our Administrative Office is open. Valuation Period – is the period of time between successive Valuation Days. Variable Account – is a separate account of ours or a subaccount of a separate account of ours in which assets are segregated from assets in our general account and our other separate accounts. Premiums and Accumulated Value under this policy may be allocated to one or more Variable Accounts. We, our, ours, and us – refer to Pacific Life Insurance Company. Written Request – is your signed request in writing, or on a form we provide, and received by us at our Administrative Office, containing information we need to act on the request.