Policy Date means the effective date of a Policy. The Policy Date with respect to any Policy may be a January 1 or July 1. The Policy Date with respect to Policies issued during the initial enrollment period shall be January 1, 1993.
The Policy Date may also be any other date mutually agreed to by the Company and the Policyowner.
If the Policy Date would fall on the 29th, 30th or 31st of any month, the Policy Date will instead be the 28th of such month.
The effective date of insurance coverage under the Policy will be the latest of (i) the Policy Date, (ii) if an amendment to the initial application is required pursuant to the Company's underwriting rules, the date the Insured signs the last such amendment, or (iii) the date on which the full initial premium is received by the Company at its Home Office.
The initial Net Premium (the initial premium reduced by a premium expense charge) will be allocated automatically to the Declared Interest Option as of the Policy Date.
Prior to the Policy Date, if the Company finds that an Owner's planned periodic Premium schedule would cause the Policy to exceed the "seven-pay limit" rules and become subject to special tax treatment as a MEC under Section 7720A of the Code, the Company will notify the Owner and request further instruction.