Common use of EXCHANGE OF POLICY Clause in Contracts

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. 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 ridersRiders. 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.