Life Insurance 19. Premiums

Question 1

1. When is each premium due?

Answer 1

In advance of the period it applies

Question 2

2. When does the policy terminate?

Answer 2

on the due date or any Premium not paid on or before the due date, subject to the Grace Period provision

Question 3

3. What is needed to renew the policy?

Answer 3

This Policy may be renewed, WITHOUT EVIDENCE OF INSURABILITY, for successive annual periods until THE EXPIRATION DATE shown on the Schedule.

Question 4

4. When is the EXPIRATION DATE?

Answer 4

The Expiation Date is the date prior to the Policy Anniversary after the Insured’s 95th birthday

Question 5

5. What is the GRACE PERIOD?

Answer 5

AAA allows a GRACE PERIOD of 31 days for payment to any Premium after the first. The Policy remains in force during the Grace Period.

Question 6

6. How will I be notified if I am in a Grace Period?

Answer 6

A notice of Impending Lapse will be sent 21 days prior to the lapse date, to the Policy Owner and to any Secondary Addressee, if such Secondary Addressee has ben specified in writing by the Policy Owner to the Company

Question 7

7. During the life of the insured, you may apply to have the Policy reinstated within:

Answer 7

three years after the due date of any unpaid premium. THE POLICY MUST NOT HAVE BEEN CONVERTED, continional upon:

a. satisfactory Evidence of Insurability
b. payment of all overdue premiums from date of Termination to the Reinstatement Date
c. payment of the first Modal Premium Due after the Reinstatement Date.