EXCHANGE OF POLICY Sample Clauses
The Exchange of Policy clause outlines the process by which an existing insurance policy can be replaced with a new one, typically at the request of the policyholder or as part of a contractual arrangement. This clause specifies the conditions under which the exchange is permitted, such as the surrender of the original policy and the issuance of a new policy with potentially different terms, coverage, or beneficiaries. Its core practical function is to provide flexibility for policyholders to update or modify their insurance coverage without the need to initiate an entirely new application, thereby streamlining the process and addressing changes in the policyholder’s needs or circumstances.
EXCHANGE OF POLICY. In the event the Employer is required to exchange the Policy under Article 4, Section C, the Employee shall execute any forms necessary or appropriate to effect such exchange including, without limitation, the surrender of the Policy, the transfer of proceeds to the new insurer and the execution of a new Split Dollar Agreement and Collateral Assignment. Such exchange shall qualify under Section 1035 of the Internal Revenue Code or successor provisions of similar import.
EXCHANGE OF POLICY. Within 24 months after the Date of Issue shown on page 3, provided premiums are duly paid, the Owner may exchange this policy without evidence of insurability for a fixed benefit life insurance policy on the life of the Insured. The new policy will be on a form determined by the Company to be similar to this policy. To effect the change the Owner must send this policy, a completed application for change, and any required payment to the Home Office of the Company. The change will be effective on the later of the date of the application or the date the required items are received at the Home Office. The new policy will have the same initial guaranteed death benefit, policy date and issue age as this one, and the premiums and cash values will be the same as those for whole life policies issued on the Date of Issue of this policy. Any additional benefit included in this policy will be included with the new policy only to the extent that such provisions were being offered with the new policy on the Date of Issue of this policy.
EXCHANGE OF POLICY. You may exchange this policy for a policy of permanent fixed benefit insurance on the life of the Insured. You may make such an exchange within 18 months after the Date of Issue shown on page 3. We will not require evidence of insurability. We will require:
EXCHANGE OF POLICY. 12 Error in Age or Sex.........................................................................................6
EXCHANGE OF POLICY. Exchange of Policy Within 24 months after its Date of Issue, you can exchange this Policy, if all premiums due have been paid, for a policy which provides fixed benefit insurance. The new policy will be issued: . By New England Mutual Life Insurance Company; . On any plan of Whole Life or Endowment insurance with a level face amount issued by New England Mutual Life Insurance Company on the Policy Date; . With the same Insured, Age, Policy Date, Face Amount and underwriting class as this Policy; . Subject to any cost or credit and the repayment of any Policy Loan Balance; and . Subject to any assignments of this Policy, and limitations on this Policy stated in riders. Riders which provide benefits that are the same as those provided by riders on this Policy will be attached to the new policy, if they are available. Change Cost or Credit Any change cost or credit will be quoted by the Company on request. A detailed statement of the method of computing the change cost or credit has been filed with the Insurance Department of the state in which the Policy is delivered.
EXCHANGE OF POLICY. Within 24 months after the Date of Issue shown on page 3, the Owner may exchange this policy without evidence of insurability for a similar fixed benefit life insurance policy issued by the Company on the life of the Insured. To effect the change the Owner must send this policy, a completed application for change, and any required payment to the Home Office of the Company. The change will be effective on the later of the date of the application or the date the required items are received at the Home Office. The new policy will have the same face amount, policy date and issue age as this one, and the cash values will be the same as those for policies issued on the Date of Issue of this policy.
EXCHANGE OF POLICY. Within 18 months after the Date of Issue shown on the Policy Schedule Pages (page 3), and while this Policy is in force, the Owner may exchange this Policy without evidence of insurability for a fixed benefit life insurance policy. The new policy will have the same Issue Age, Date of Issue and Policy Date as this Policy. The new policy will take effect on the date the written request to exchange this Policy is received at the Home Office. This Policy will terminate when the new policy takes effect.
EXCHANGE OF POLICY. During the first 24 months after the Policy Date or the effective date of any increase in Basic Amount, you have the right to exchange this policy for a flexible premium adjustable life policy that provides for benefits that do not vary with investment return of the Subaccounts. You do this by requesting a transfer of the entire Variable Policy Account Value to the Fixed Account. The Transfer Processing Fee provision does not apply to this request. -------------------------------------------------------------------------------- SURRENDERS AND WITHDRAWALS PROVISIONS --------------------------------------------------------------------------------
EXCHANGE OF POLICY. Within 24 months after its Date of issue, you can exchange this Policy, if the Policy is in force, for a policy which provides fixed benefit insurance. The new policy will be issued: . By New England Mutual Life Insurance Company; . On any plan of survivorship insurance with a level face amount issued by New England Mutual Life Insurance Company on the Policy Date; . With the same Insureds, Policy Date, and Face Amount as this Policy; . Based on the age of each Insured on the Policy Date of this Policy; . Based on the actual underwriting class to which each Insured was assigned by the Company on the Date of Issue of this Policy; . Subject to any cost or credit and the repayment of any Policy Loan Balance; and . Subject to any assignments of this Policy, and limitations on this Policy stated in riders. Riders which provide benefits that are the same as those provided by riders on this Policy will be attached to the new policy, if they are available. Change Cost or Credit Any change cost or credit will be quoted by the Company on request. A detailed statement of the method of computing the change cost or credit has been filed with the Insurance Department of the state in which the Policy is delivered.
EXCHANGE OF POLICY. 10.1 In the event the Trust elects or is required to exchange the Policy under Section , the Employee shall execute any forms necessary or appropriate to effect such exchange including, without limitation, the surrender of the Policy, the transfer of proceeds to the new insurer and the execution of a new Split Dollar Agreement and Collateral Assignment. Such exchange shall qualify under Section 1035 of the Internal Revenue Code or successor provisions of similar import.