DEATH BENEFIT OPTION CHANGES. If the death benefit option under a reinsured policy is changed and the face amount of insurance is either increased or decreased, the net amount at risk reinsured under this Agreement after the change will be the same as before the change.
DEATH BENEFIT OPTION CHANGES. 10 f. REDUCED PAID-UP INSURANCE............................................10 20. RECAPTURE.................................................................10
DEATH BENEFIT OPTION CHANGES. Subject to approval by the Company, the Owner may change the Death Benefit Option upon written request. If the request is received before the close of trading on the New York Stock Exchange (NYSE) on a monthly processing date, it will be effective on that monthly processing date; otherwise it will be effective on the next monthly processing date. The Company reserves the right to charge for a Death Benefit Option change. This charge will be deducted from the Contract Fund Value and will not exceed the amount shown on the Policy Schedule Pages (page 4). A change will not be allowed if the Specified Amount following the change would be less than the minimum Specified Amount the Company would require for issuance of a policy at the time of the change. A Death Benefit Option change may result in changes to or termination of the Death Benefit Guarantee, if applicable.
DEATH BENEFIT OPTION CHANGES. Subject to approval by the Company, the Owner may change the death benefit option upon written request. This change will be effective on the first monthly processing date following receipt of the request at the Home Office. The Company reserves the right to charge for a death benefit option change. This charge will be deducted from the Policy Value and will not exceed the amount shown on page 4. A change will not be allowed if the Specified Amount following a change would be less than the minimum amount the Company would issue at the time of change.
DEATH BENEFIT OPTION CHANGES. The Death Benefit Option may be changed once each Policy Year prior to the Insured's Attained Age 99. We will require a written request from the Owner. A change will be effective on the Monthly Policy Date on or next following our receipt of the request. The change may be made only if after such change the policy would qualify as "Life Insurance" for Federal Income Tax purposes under the Internal Revenue Code.
DEATH BENEFIT OPTION CHANGES. Subject to approval by the Company, the Owner may change the death benefit option upon written request. This change will be effective on the first monthly processing date following receipt of the request at the Home Office. The Company reserves the right to charge for a death benefit option change. This charge will be deducted from the Policy Value and will not exceed the amount shown on page 4. A change will not be allowed if the Specified Amount following a change would be less than the minimum amount the Company would issue at the time of change. CHANGES TO OPTION A. The death benefit option may be changed to Option A at any time. On the effective date of change, the Specified Amount will be changed as follows:
DEATH BENEFIT OPTION CHANGES. Beginning with the first monthly processing date and ending with the policy anniversary nearest the insured's 100th birth date, you may request to change the death benefit option. This change will be effective as of the next monthly processing date following approval. A death benefit option change applies to the entire stated death benefit. We may not allow any change if it would reduce the stated death benefit below the minimum we require to issue this policy at the time of reduction. After the effective date of the change, the stated death benefit will be changed according to the following table: OPTION FROM CHANGE TO STATED DEATH BENEFIT FOLLOWING THE OPTION CHANGE EQUALS: Opt A Opt B Stated death benefit prior to such change minus your account value as of the effective date of the change. Opt B Opt A Stated death benefit prior to such change plus your account value as of the effective date of the change. To determine the segment stated death benefit after an option change, your account value will be allocated to each segment in the same proportion that segment bears to the stated death benefit as of the effective date of the change.
DEATH BENEFIT OPTION CHANGES. 15 22. RECAPTURE........................................................................................ 15
DEATH BENEFIT OPTION CHANGES. The Death Benefit Option may be changed once each Policy Year prior to the Final Premium Acceptance Date. A Death Benefit Option Change may be made only while both Insureds are living. We will require a written request from the Owner. A change will be effective on the Monthly Policy Date on or next following our receipt of the request. The change will be made only if after such National Life Insurance Company One National Life * Montpelier, Vermont 05604 * (802) 000-0000 * xww.xxx.xxx -------------------------------------------------------------------------------- 2349(1197) Page 8 9 change the policy would qualify as "Life Insurance" for Federal Income Tax purposes under the Internal Revenue Code. Upon a change from Option A to Option B, the Face Amount shall decrease by an amount equal to the Accumulated Value of the policy just prior to the Effective Date of the change. However, the change may be made only if after such change the Face Amount would not be below the Minimum Base Coverage shown in the Data Section. The decrease in Face Amount will be performed in the order described in Face Amount Decreases, above. Upon a change from Option B to Option A, the Face Amount shall increase by an amount equal to the Accumulated Value just prior to the Effective Date of the change. INSURANCE CONTINUATION On the Final Premium Acceptance Date stated in the Data Section, if this policy is still in force, the Face Amount of this policy will be set equal to the Accumulated Value, and the Death Benefit Option will automatically revert to Option A. The Death Benefit Option may not thereafter be changed, and no additional premium will be accepted on this policy. All Accumulated Value will be transferred to the Fixed Account, and no transfers will be thereafter allowed. All Monthly Deductions on this policy will cease. The Owner may, however, continue to access the Cash Surrender Value and to make or repay Policy Loans. INVESTMENT --------------------------------------------------------------------- Investment of the Accumulated Value of the policy may be made in the Fixed Account and/or in one or more of the Sub-Accounts of the National Variable Life Insurance Account (herein called the "Variable Account"). The Accumulated Value in the Variable Account is based on the investment experience of the chosen Sub-Account(s) of the Variable Account, and may increase or decrease daily. It is not guaranteed as to dollar amount.
DEATH BENEFIT OPTION CHANGES. After the first policy year, you may change the death benefit option under your policy from Option 1 to Option 2 or from Option 2 to Option 1. If the change is from Option 1 to Option 2, the Specified Amount will be decreased by the amount of the Cash Value. If the change is from Option 2 to Option 1, the Specified Amount will be increased by the amount of the Cash Value. We will adjust the Specified Amount such that the Net Amount at Risk remains constant before and after the death benefit option change. The effective date of change will be the monthly anniversary from the Policy Date on or next following the date we approve the request for change.
