Common use of EXCHANGE OF POLICY Clause in Contracts

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.