Premium Credit. If your request for a new contract is received at our Home Office before the fifth anniversary of this contract, we will allow a credit on each premium that is due or scheduled for payment during the first year of the new contract. If, as of the date of the new contract, this contract has been in force for at least one year, the credit will be equal to 10% of the premium for the new contract, excluding any premium or charge for an extra risk. If, as of the date of the new contract, this contract has been in force for less than one year, the credit will equal to the credit determined in the preceding sentence, multiplied by the number of months for which this contract has been in force, divided by twelve. We will apply the credit to each due or scheduled first-year premium on the date we receive payment of the balance of that premium.
Premium Credit. When the insurance on a dependent child is converted, we will allow a premium credit on the first premium for the new contract. The credit is equal to the lesser of $1.00 for each full $1,000 of the term insurance under this benefit and $1.00 for each full $1,000 of the new contract’s basic amount of insurance. Contract Date The date of the new contract will be the day after the date the insurance on the dependent child is converted. Contract Specifications The new contract will be in the standard, non-smoking rating class. We will set the issue age and the premiums for the new contract in accordance with our regular rules in use on its contract date. Except as we state in the next sentence, the new contract may be any life policy we or the Prudential Insurance Company of America regularly issue on its contract date for the standard, non-smoking rating class, requested amount, issue age, and sex. It may not be: one that insures anyone in addition to the child; one that includes or provides for term insurance, other than extended insurance; or one with any benefit other than the basic insurance benefit and the waiver benefit we refer to below. The basic amount of the new contract may be any amount as long as it is at least $25,000 and not more than five times the amount of insurance on the child’s life under this benefit. If the amount requested is smaller than the smallest amount we would regularly issue on the requested plan, a new contract for as low as $25,000 on the Life Paid Up at Age 85 plan will be issued if you ask. If the new contract requires premium payment to at least age 85, if asked, we will include a benefit for waiving premiums in the event of the disability of the person insured if we would include a waiver benefit in other contracts like the new one. We will not waive any premium under the new contract unless the disability started on or after its contract date. And we will not waive any premium under the new contract unless it has a benefit for waiving premiums in the event of disability, even if we have waived premiums under this contract. Any benefit for waiving premiums in the new contract will be the same one with the same provisions that we put in other contracts like it on the new contract date. In any of these paragraphs, when we refer to other contracts, we mean contracts we would regularly issue on the same plan as the new contract and for the standard, non-smoking rating class, requested amount, issue age and sex. MISCELLANEOUS...
Premium Credit. Reinsurer shall calculate a credit in the amount of 75% of the premium received by the Reinsurer from the Plan during the ER Term.
Premium Credit. If we receive your request for conversion before the fifth anniversary of this contract, we will allow a premium credit. Upon conversion to a new contract with scheduled premiums, we will allow a credit, as described below, on each premium that is due or scheduled for payment during the first year of the new contract. Upon conversion to a new contract without scheduled premiums, we will allow a credit as of the contract date provided you pay any required minimum initial premium for the new contract. If this benefit has been in force for at least one year on the contract date of the new contract, we will allow the full credit described below. If this benefit has been in force for less than one year as of that date, the credit will be reduced on a pro-rata basis taking into consideration the portion of a year for which this benefit has then been in force. The full credit is equal to the premiums for the term insurance being converted that were due, on the premium mode in effect at the time of conversion, during the twelve months preceding the date of the new contract. Extra premiums or charges for extra risks or extra benefits other than a waiver benefit are not considered in determining this credit. If the new contract has scheduled premiums, we will reduce each premium due or scheduled for payment in the first year of the new contract to consider either the full or reduced credit, as appropriate. If more than one premium is due or scheduled for payment, we will apportion any credit between them. If the new contract does not have scheduled premiums, we will pay either the full or reduced credit, as appropriate, into the new contract as of the contract date provided you pay any required minimum initial premium for the new contract.
Premium Credit. The Reinsurer shall calculate a premium credit in the amount of 71.2% of the premium received by the Reinsurer for this Contract Year.
Premium Credit. If your request for a new contract is received at our Home Office before the fifth anniversary of this contract, we will allow a credit on each premium that is due or scheduled for payment during the first year of the new contract. If, as of the date of the new contract, this contract has been in force for at least one year, the credit will be equal to 10% of the premium for the new contract, excluding any premium or charge for an extra risk. If, as of the date of the new contract, this contract has been in force for less than one year, the credit will be equal to the credit determined in the preceding sentence, multiplied by the number of months for which this contract has been in force, divided by twelve. We will apply the credit to each due or scheduled first-year premium on the date we receive payment of the balance of that premium. Example: You might request an exchange during the third year of this contract. Let us assume that premiums due or scheduled under the new contract resulting from the exchange would be $100 monthly (with no premium or charge for an extra risk). We would apply a credit of $10 on each date on which we VL 181A receive payment of at least $90 for a monthly premium that is due or scheduled for payment during the first year of the new contract. If you requested this exchange after this contract had been in force for only 6 months, we would apply a credit of $5 ($10 multiplied by 6, divided by 12) on each date on which we receive payment of $95 for a monthly premium that is due or scheduled during the first year of the new contract. Contract Date The date of the new contract will be the date you ask for in your request. But it may not be more than 61 days after tne date of your request. It may not be less than five years before the end of the term period for the benefit. And it may not be more than 31 davs before we have your request at our Home Office. Contract Specifications The new contract will be in the standard rating class. We will set the issue age and the premiums for the new contract in accord with our regular rules in use on its contract date. The contract may be any of of the following:
Premium Credit. When the insurance on a dependent child is converted, we will allow a premium credit on the first premium for the new contract. The credit is equal to the lesser of S 1 .00for each full S1,000 of the term insurance under this benefit and S1 .00 for each full S1,000 of the new contract's basic amount of insurance. Contract Date - The date of the new contract will be the day after the date the insurance on the dependent child is converted. Contract Specifications - The new contract will be in the standard rating class. We will set the issue age and the premiums for the new contract in accord with our regular rules in use on its contract date. The new contract may be on any life or endowment plan we would regularly issue on its contract date fer the same rating class, amount, issue age and sex. But it cann01 be any of these: (1) a single premium contract; or (2) one tha1 insures anyone in addition to the child; or (3) one that includes or provides for term insurance other than extended insurance; or (4) one with premiums 1ha1 increase after a stated time, if its first premium is less than 80% of any later premium; or (5) one with supplementary benefits other than the benefit to which we refer later in these paragraphs. Its face amount will be the amount asked for in the application. But, except as we state below, that amount must be an amount we would regularly issue for the plan chosen. And it cannot be less than S10,000 or more than five times the amount of insurance on the child's life under this benefit. The face amount, asked for might be less than the smallest amount we would regularly issue on the plan reques1ed. In tha1case we will issue a new contract for as low as $10,000 on the Life Paid Up a1 Age 85 plan if we are asked to do so.
Premium Credit. We will allow a premium credit on the first premium for the new contract. The credit will be at least $1 for each full Sl,000 of face amount of the new contract. If: (l) the new contract calls for premiums to be paid more often than annually; and (2) the credit would be more than that first premium, you may choose to have premiums paid less often to get the full credit. BENEFIT PREMIUMS AND CHARGES We show the premiums for this benefit in the Schedule of Premiums in the contract data pages. From each premium payment, we make the deductions shown under Schedule of Deductions from Premium Payments in these pages and the balance is the invested premium amount which is added to the contract fund. The premiums for this benefit stop on the contract anniversary on which the Insured's attained age is 52. The monthly charge for this benefit is deducted on each monthly date from the contract fund. The amount of that charge is included in the Schedule of Monthly Deductions from the Contract Fund in the contract data pages. The charges for this benefit stop on the contract anniversary on which the Insured's attained age is 52.
Premium Credit. Upon conversion to a new contract with scheduled premiums, we will allow a credit, as described below, on each premium that is due or scheduled for payment during the first year of the new contract. Upon conversion to a new contract without scheduled premiums, we will allow a credit as of the contract date provided you pay any required minimum initial premium for the new contract. If this benefit has been in force for at least one year on the contract date of the new contract, we will allow the full credit described below. If this benefit has been in force for less than one year as of that date, the credit will be reduced on a pro-rata basis taking into consideration the portion of a year for which this benefit has then been in force. The full credit is equal to the monthly charges deducted from the contract fund for the benefits being converted under this rider during the twelve months preceding the date of the new contract, less 20% of any of those premiums that were due prior to the first anniversary of this contract. Extra charges for extra risks or extra benefits other than a waiver benefit are not considered in determining this credit. If the new contract has scheduled premiums, we will reduce each premium due or scheduled for payment in the first year of the new contract to consider either the full or reduced credit, as appropriate. If more than one premium is due or scheduled for payment, we will apportion any credit between them. If the new contract does not have scheduled premiums, we will pay either the full or reduced credit, as appropriate, into the new contract as of the contract date provided you pay any required minimum initial premium for the new contract. Contract Date If this contract is not in default, you may choose any contract date for the new contract that is not more than 31 days after nor more than 31 days before the date we receive your request, and not later than the fifth contract anniversary. If this contract is in default but not past the last day of the grace period, the contract date for the new contract will be the date on which this contract went into default. Contract Specifications The new contract will be in the rating class we show for this benefit on a contract data page. We will set the issue age, premiums and charges for the new contract in accordance with our regular rules in use on its contract date. Except as we state in the next sentence, the new contract may be any life or endowment policy we regularly issue o...
Premium Credit. The Reinsurer shall calculate a premium credit in the amount of 71.2% of the premium received by the Reinsurer for the Contract Year. Effective: January 1, 2007 9 of 28 DOC: April 19, 2007 4882-0010 (ING Re)
