Convertible Proceeds definition
Convertible Proceeds means the proceeds payable under the policy at the death of the Insured, exclusive of any riders other than riders providing term insurance coverage on the life of the Insured, determined as if the Insured had died on the Option Date. Such proceeds will be net of any indebtedness. In addition, we reserve the right, but will not be required, to take into account either or both of the following in determining the Convertible Proceeds: (i) scheduled changes of policy and rider proceeds; and (ii) expected future premiums.
Convertible Proceeds has the meaning specified therefor in Section 2.2(d).