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Term Life Insurance by Top
Rated Companies
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TERM LIFE INSURANCE GENERAL CONTRACTUAL POLICY PROVISIONS
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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:
general contractual policy definitions
general
contractual policy provisions
contractual policy premium provisions
contractual policy renewal,
conversion, and exchange provisions
contractual non-forfeiture
policy provisions
contractual policy loan
provisions
contractual endorsement policy provisions
contractual settlement payment options policy provisions
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