Life Insurance 16. General Provisions

Question 1

1. How can the Beneficiary borrow against the policy?

Answer 1

While the Insured is alive, the Beneficiary MAY NOT assign or borrow against the benefit amount.

Question 2

2. While the Insured is alive or upon death, a Beneficiary’s creditors may NOT

Answer 2

claim any of the benefit amount or interest, UNLESS ALLOWED BY LAW.

Question 3

3. PROTECTION AGAINST CREDITORS (OWNER’S RIGHTS). While the Insured is alive, the Owner may not assign or borrow against the benefit amount, except as:

Answer 3

stated in the Assignment Provision. While the Insured is alive, an Owner’s creditors may NOT claim any of the benefit amount or interest, unless allowed by law.

Question 4

4. STATEMENTS. The Insurance Carrier considers ALL STATEMENTS MADE IN THE APPLICATION to be:

Answer 4

REPRESENTATIONS and not WARRANTIES. No statement will be used to void coverage or reduce benefits unless:

a. It is in writing, and
b. a copy is attached to the Policy

Question 5

5. TERMINATION. All coverage under this Policy will terminate when any of the following occurs:

Answer 5

a. The insured dies
b. the Policy is converted as specified herein
c. the Grace Period ends without payment of the required premium after notice of lapse has been sent to the Policy Owner and any Secondary Addressee designated in writing;
d. the Expiration Date as shown on the Schedule.