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GENERAL CONTRACTUAL POLICY PROVISIONS
consist of
the contract, policy date, owner
and beneficiary, change of owner and beneficiary,
assignment, misstatement, suicide, incontestability, payment
of proceeds, amount of the death proceeds, and
nonparticipating.
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PREMIUM POLICY
PROVISIONS
defines procedures for premium payments, refund of
premium, grace period, reinstatement,
and
change of premium.
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POLICY
RENEWAL, CONVERSION, AND
EXCHANGE POLICY
PROVISIONS speaks to policy
renewal, conversion,
and exchange.
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NON-FORFEITURE POLICY
PROVISIONS may be elected by written notice
during the Insured's lifetime. This section
includes: policy
surrender, paid-up
insurance, extended
term insurance,
automatic option
and basis of
values.
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POLICY LOANS POLICY PROVISIONS
states the
conditions for a
cash loan,
automatic
premium loan
option,
deferral,
interest and
replacement.
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ENDORSEMENT
allow insurers
to modify
standard forms
by attaching
endorsements
preapproved by
counsel.
In this case the
endorsement
speaks to a
policy premium
modification.
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SETTLEMENT PAYMENT OPTIONS POLICY PROVISIONS
describe
Life Income,
Life Income With
Period Certain,
Joint Life
Income, Payments
for a Fixed
Period, and
Proceeds At
Interes. This section
includes Evidence of Survival, Automatic Payment Option, Basis of Values,
and Additional Options.
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GENERAL CONTRACTUAL POLICY DEFINITIONS
defines the terms used in the
contractual policy provisions.
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