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TERM LIFE INSURANCE GENERAL CONTRACTUAL POLICY PROVISIONS
 

 


What are the contractual provisions of a term life insurance policy contract?

These term life insurance contractual general policy provisions are general in nature and may differ by insurance company and/or by policy filing.


THE CONTRACT

The entire term life insurance contract consists of the following:

this Policy, including any applicable endorsements and riders;

the application;

any supplemental application; and

any application for reinstatement.

An application includes all sections and forms the Company has designated as parts
of the application.

The application is evidenced by the copy that was attached to this Policy at issue or
delivery. Any supplemental application or application for reinstatement will be evidenced
by the copy sent to the Owner for attachment to this Policy following Company approval.

For purposes of this section, any applications sent to the Owner will be considered to have been attached to this Policy at issue or delivery.

All statements made in an application are deemed representations and not warranties. No
statement will void this Policy or be used in defense of a claim unless it is contained in an
application attached to, or considered to have been attached to, this Policy when issued
or delivered.

Only the President, a Senior Vice President, or the Secretary of the Company can change
or waive any provision of this Policy. Any change or waiver must be made in writing.

POLICY DATE

Policy anniversaries, policy years, policy months, and Premium Due Dates are measured from the Policy Date. The first policy year begins on the Policy Date. Subsequent policy years begin on the same date each year thereafter. A policy anniversary occurs at the beginning of each policy year after the first policy year. If this policy is backdated, the Policy Date will be no more than six months prior to the date of the original application.

The first policy month begins on the Policy Date. Subsequent policy months begin on the
same day of the month as the Policy Date.

OWNERSHIP

The owner of this policy is shown in the policy schedule unless later changed. During the insured's lifetime, only the owner may exercise all the rights and agree with us as to changes in the policy. If the insured is not the owner and the owner dies, then the insured will become the owner. All rights of the owner are subject to the rights of any assignee and of any Irrevocable Beneficiary designation we have on record.

Assignment of Policy

This policy may be assigned. We will not be responsible for the validity of an assignment. We will not be liable for any payments made or actions taken before written notice of any assignment is received by us. Payments to any assignee will only be made in a lump sum.

OWNER AND BENEFICIARY

The designations of Owner and Beneficiary are as shown in the application or a notice of change that has been received at the administrative office in a form acceptable to the Company. The designation of Contingent Owner is as shown in the application or as subsequently elected by the Owner in a written notice received at the administrative office in a form acceptable to the Company. If the Insured becomes the Owner, any designation of Contingent Owner is void.

The Owner has all rights stated in this Policy. The Owner may amend this Policy during the Insured's lifetime with the Company's consent. The rights of the Owner are subject to the rights of an irrevocable beneficiary.  If the Owner is other than the Insured and the Owner dies during the Insured's lifetime, all rights of the Owner vest in the Contingent Owner, if living or in existence, and the

Contingent Owner becomes the Owner. If the Contingent Owner is not alive or not in existence at the Owner's death, all ownership rights vest in the Owner's estate or successors. The interest of a beneficiary terminates if that beneficiary dies or ceases to exist before the Insured dies. If no beneficiary survives or is in existence at the Insured's death, payment will be made to the Owner or the Owner's estate or successors.

CHANGE OF OWNER AND BENEFICIARY

The Owner may change the designations of Owner, Contingent Owner, and Beneficiary during the Insured's lifetime. Any change is subject to the consent of an irrevocable beneficiary.

If the designation of Owner is changed, any existing revocable Beneficiary designations and any Contingent Owner designation are automatically revoked; however, any existing irrevocable Beneficiary designation will be revoked only with that Beneficiary's consent.

Written notice of change of the Owner, Contingent Owner, and Beneficiary must be received at the administrative office in, a form acceptable to the Company. The new designation will then take effect as of the date the Owner signed the notice. Such a change does not affect any payment made or other action taken by the Company before the notice is received.

ASSIGNMENT

The Company is not responsible for the validity or effect of any assignment of this Term Life Insurance Policy. No assignment will bind the Company until it is received at the administrative office.

MISSTATEMENT

If the Insured's age or sex is misstated, the Company will adjust the proceeds to that amount which the premiums paid would have purchased based on the correct information.

"Attained age" is the age shown in the Schedule plus the number of whole years elapsed from the Policy Date.

SUICIDE

If the Insured, while sane or insane, dies by suicide within two years after the Date of Issue shown in the Schedule, the death proceeds under this Policy will be an amount equal to the premiums paid less the loan balance as of the date of death.

INCONTESTABILITY

With respect to statements made in the application, this Policy is not contestable after it has been in force during the Insured's lifetime for a period of two years beginning with the Date of Issue shown in the Schedule. With respect to statements made in an application for reinstatement, this Policy is not contestable after it has been in force during the Insured's lifetime for a period of two years beginning with the date of reinstatement. This provision does not apply to any rider providing additional benefits.

PAYMENT OF PROCEEDS

The proceeds will be paid from the administrative office.
This
Term Life Insurance Policy must be returned to the Company.
Unless a settlement option is elected, the proceeds will be paid in one sum.

AMOUNT OF THE DEATH PROCEEDS

The proceeds payable at the death of the Insured will
be:

the amount of insurance applicable on the date of the Insured's death; less

any premium required to keep this Policy in force to the end of the policy month

of death; less

the loan balance as of the date of death.

The portion of the premium paid for the period beyond the end of the policy month of death will be paid in addition to the death proceeds.

The death proceeds under this term life insurance contract will be adjusted due to any of the following:

a successful contest of this Policy in accordance with the Incontestability section;

misstatement as explained in the Misstatement section; and

death during the grace period.

If the Insured dies by suicide, the amount of the death proceeds may be determined in accordance with the Suicide section.
 

NONPARTICIPATING

This Policy does not share in any distribution of surplus. No dividends are payable.


This concludes the term life insurance general policy provisions section of the provisions of a term life insurance policy contract.

Related:

get a quote  general contractual policy definitions

get a quote  general contractual policy provisions

get a quote  contractual policy premium provisions

get a quote  contractual policy renewal, conversion, and exchange provisions

get a quote  contractual non-forfeiture policy provisions

get a quote  contractual policy loan provisions

get a quote  contractual endorsement policy provisions

get a quote  contractual settlement payment options policy provisions

      

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Lewis Fink is licensed as a term life agent offering term life quotes in the following states: Term life quotes for:
Alabama - AL,  Arkansas - AR,  California - CA Colorado - CO Connecticut - CT Delaware - DE District of Columbia - DC,  Florida - FL, Georgia - GA Idaho - ID Illinois - IL Indiana - IN Iowa - IA Kansas - KS Kentucky - KY Term quotes for: Louisiana - LA,  Maine - ME Maryland - MD Massachusetts - MA,  Michigan - MI Mississippi - MS Missouri - MO,  Montana - MT Nebraska - NE New Mexico - NM, New Jersey - NJ New York - NY,  North Carolina - NCTerm quotes for: North Dakota - ND,  Ohio - OH Oklahoma - OK Pennsylvania - PA, Rhode Island - RI South Carolina - SC,  South Dakota - SD,  Tennessee - TN Term quotes for: Texas - TX,  Utah - UT Vermont - VT Virginia - VA, and Wisconsin - WI.  

We offer term quotes for 5, 10, 15, 20, 25, and 30 year term periods. Our universal life products can be quoted to cover a term of up to age 120. Not all term product quotes from all term companies quoted are available in all states.



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