EFTA00804385.pdf

Massachusetts Mutual Life Insurance Company Home Office: 1295 State Street Springfield. Massachusetts e1111-cool Survivorship Flexible Premium Adjustable Life Insurance Policy INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26, 2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20, 2011 INITIAL FACE AMOUNT $5,000,000 Dear Policy Owner: READ YOUR POLICY CAREFULLY. It has been written in readable language to help you understand its terms. We have used examples to explain some of its provisions. These examples do not reflect the actual amounts or status of this policy. As you read through the policy, remember the words "we," "us," and "our" refer to Massachusetts Mutual Life Insurance Company. We will, subject to the terms of this policy, pay the death benefit to the Beneficiary when due proof of the death of both Insureds has been received at our Home Office. However, due proof of the first death must be furnished when it occurs. The terms of this policy are contained on this and the following pages. For service and information on this policy, contact the agent who sold the policy, any of our agency offices, or our Home Office, toll free: 1-800- 272-2216. YOU HAVE THE RIGHT TO RETURN THIS POLICY. If you decide not to keep this policy, return it within 14 days after you receive it. It may be returned by delivering or mailing it to our Home Office, to any of our agency offices, or to the agent who sold the policy. Then, the policy will be as though it had never been issued. We will promptly refund any premium paid for it, less any amounts withdrawn and any policy debt. Signed for Massachusetts Mutual Life Insurance Company. Sincerely yours, Ootedge o Pituca- PRESIDENT SECRETARY This Policy provides that: The benefits under this policy may Increase or decrease, and are not guaranteed as to a fixed dollar amount. A death benefit is payable when both Insureds have died. Within specified limits, flexible premiums may be paid while either Insured is living. This policy is participating - Annual dividends may or may not be paid. P9-2005(FL)a (a405myfl) EFTA00804385 Policy Summary This Summary briefly describes some of the major policy provisions. Since it does not go into detail, the actual provisions will prevail. See the provisions for full information and any limits that may apply. The "Table Of Content? shows where the provisions may be found. This is a universal life insurance policy on the lives of two Insureds. We will pay a death benefit if both Insureds die while the policy is in force. "In force" means that the insurance has not terminated. "Universal life" means that, subject to the limits and conditions stated in the policy, the amount of insurance may be adjusted and flexible premium payments may be made. Premiums for this policy are flexible. After the first premium has been paid, there is no requirement that any specific amount of premium be paid on any date. Instead, within the limits stated in the policy, any amount may be paid on any date during the lifetime of either Insured. Premiums are applied to increase the value of this policy. Monthly charges are deducted from the value of this policy each month. If the value cannot cover the monthly charges for a month, the policy may terminate at the end of 62 days. There is, however, a right to reinstate the policy. Other rights available under this policy include the rights to: • Change the Owner or any Beneficiary; • Assign this policy; • Receive any dividends that may or may not be allocated to this policy; • Change the Face Amount; • Change the Death Benefit Option; • Make loans; • Make withdrawals; and • Surrender this policy. This policy also includes a number of Payment Options. They provide alternate ways for us to pay the death benefit or the amount payable upon surrender of the policy. P9-2005(FL)a (005myll) EFTA00804386  TABLE OF CONTENTS Policy Specifications Page No. Paps Na Psifit 1. - The Basics Of Thls Policy Determining Amount Of Premium The Parties Involved • Owner, Insureds, Needed To Avoid Termination 12 Beneficiary, Irrevocable Beneficiary 1 Part 4. - Guaranteed Death Benefit Safety Dates - Policy Date, Policy Anniversary Test 12 Date, Policy Year, Monthly Charge Date, Guaranteed Death Benefit Measure 12 I Issue Date 1 Guaranteed Death Benefit Measure Policy A Legal Contract 2 Interest Factors 13 Representations And Contestability 2 Maximum Guaranteed Death Benefit Misstatement Of Age Or Gender 3 Monthly Factors 13 Death By Suicide 3 Maximum Guaranteed Death Benefit Meaning Of In Force 3 Monthly Face Amount Factor 14 Meaning Of Second Death 4 Maximum Guaranteed Death Benefit Simultaneous Deaths 4 Monthly Insurance Factor 14 Face Amount 4 Safety Test Example 14 Year Of Coverage 4 Ages - Issue Age, Attained Age 4 Part 5. - Ufe Benefits 15 Written Request 4 Policy Ownership 15 Status For Federal Tax Purposes 4 Rights Of Owner 16 Currency 5 Changing The Owner Or Beneficiary 15 Home Office 6 Assigning This Policy 15 Annual Report 16 Part 2. - Premium Payments 6 This Policy's Share In Dividends 16 The First Premium 5 Policy Is Participating 15 Planned Premiums 5 How Dividends May Be Used 16 Premium Flexibility And Premium Notices 5 Dividend After Death Of Insured 16 Where To Pay Premiums 6 Right To Change The Face Amount 16 Right To Refund Premiums 6 No Increases In The Face Amount 16 Net Premium 6 Decreases In The Face Amount 16 Maximum Guaranteed Death Benefit Evidence Of Changes 17 Safety Test Premium 6 Transfers Of Values 17 Transfers From The Specified Premium Palt & Accounts, Values, And Charges 7 Premium Account 17 Values Of This Policy 7 Transfers From The GOB Premium Account Value 7 Account 17 GDB Premium Account Value 7 Borrowing Against This Policy 17 Interest On The GDB Premium Account 8 Right To Make Loans 17 Specified Premium Account Value 8 Effect Of Loan 17 Interest On The Specified Premium Maximum Loan Available 18 Account 8 Interest On Loans 18 Loaned Account Value 8 Policy Debt Limit 18 "citify Poky Charges 9 Repayment Of Policy Debt 18 Monthly Charges 9 Surrendering This Policy And Making Administrative Charge 9 Withdrawals 19 Face Amount Charge 9 Right To Surrender 19 Insurance Charge 9 Net Surrender Value 19 Rider Charge 11 Making Withdrawals 19 Grace Period And Termination 11 How We Pay 21 Grace Period 11 Reinstating This Policy 21 Grace Period Notification 11 When Policy May Be Reinstated 21 Termination 12 P9-2005(FL)a (.1105myll) EFTA00804387 TABLE OF CONTENTS (continued) Requirements To Reinstate 21 Withdrawals And Changes 24 Policy After Reinstatement 21 Income Protection 25 Reports To Owner 21 Other Payment Option Rules 25 Illustrative Report 21 Part 8. - Notes On Our Computations 25 Part 6. - The Death Benefit 22 Basis Of Computation 25 Amount Of Death Benefit 22 Method Of Computing Values 26 Changes In The Death Benefit Option 22 Minimum Death Benefit 22 Payment Option Rates Tables 27-33 When We Pay 22 Interest On Death Benefit 23 Part 7. - Payment Options 23 Availability Of Options 23 Minimum Amounts 23 Description 01 Options 23 Options 1, 2, 3 and 4 23 Options 5 and 6 24 Alternate Life Income 24 Electing A Payment Option 24 Effective Date And Payment Dates 24 My riders and endorsements, and a copy of the application for the policy, follow page 33. P9.2005(FL)a 0905rnyll) EFTA00804388  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY ISSUE AGE GENDER INSURED NO. 1 JEFFREY KOGAN 58 MALE INSURED NO. 2 FAITH M KOGAN 54 FEMALE POLICY DATE OCTOBER 26, 2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20, 2011 INITIAL FACE AMOUNT $5,000,000 RISK CLASSES SEE THE TABLE(S) OF MAXIMUM MONTHLY INSURANCE CHARGES Stibject to the terms of this policy, the Face Amount is adjustable. If the Face Amount is adjusted, then revised or additional Policy Specifications will be sent. DEATH BENEFIT OPTION (See Part 6 of this policy.) 1 MINIMUM FACE AMOUNT $100,000 MONTHLY CHARGE DATES 26th day of each month FIRST PREMIUM $6,000.00 PLANNED PREMIUM $6,000.00 PLANNED PREMIUM FREQUENCY Monthly MINIMUM ANNUAL INTEREST RATE 3.00% (decimal monthly equivalent 0.0024662698) (decimal daily equivalent 0.0000809863) LOAN INTEREST RATE (See Interest On Loans in Part 5.) 4% POLICY CHARGES AND FEES: MAXIMUM PREMIUM EXPENSE CHARGE 5.00% of premium payments (See Net Premium provision in Part 2.) MAXIMUM MONTHLY ADMINISTRATIVE CHARGE' $12.00 MAXIMUM MONTHLY FACE AMOUNT CHARGE BY YEAR OF COVERAGE Years 1 - 20 $0.45 (Per $1,000 of Face Amount) Years 21 and later $0.00 (Per $1,000 of Face Amount) MAXIMUM MONTHLY INSURANCE CHARGE See the Table(s) Of Maximum Monthly Insurance Charges RIDER CHARGES• See the Policy Specifications for the Rider(s), if any MAXIMUM LOAN INTEREST RATE EXPENSE CHARGE 1.00% MAXIMUM WITHDRAWAL FEE $25.00 per withdrawal SURRENDER CHARGE See the Table(s) Of Surrender Charges 'For more information, see the "Monthly Policy Charges" section in Part 3 of this policy. Monthly Charges beyond Attained Age 120 of the younger Insured are zero. Note: Unless this policy Is kept In force because the Guaranteed Death Benefit Safety Test has been met, neither the timely payment of planned premiums nor the Issuance of the policy with a planned premium of S0.00 necessarily guarantees that this policy will stay In force until the death of both Insureds. POLICY SPECIFICATIONS PAGE 1 OF 10 EFTA00804389  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26, 2011 POLICY NUMBER 15,665.562 ISSUE DATE DECEMBER 20, 2011 LIMIT ON PREMIUM PAYMENTS IN ANY POLICY YEAR: The maximum limit for premium payments in any Policy Year is the largest premium that would not exceed the greatest of: • $ 95,100.00 ; • The amount of premiums paid in the preceding Policy Year; and • The largest premium that would not increase the Insurance Risk. RIDER(S) ATTACHED TO THIS POLICY: Substitute of Insureds Rider Policy Split Option Rider Accelerated Death Benefit Rider POLICY SPECIFICATIONS PAGE 2 OF 10 EFTA00804390  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26,2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20, 2011 TABLE OF MAXIMUM MONTHLY INSURANCE CHARGES RATES PER THOUSAND OF INSURANCE RISK RISK CLASSES: INSURED NO.1: NON-TOBACCO INSURED NO.2: NON-TOBACCO ATTAINED ATTAINED ATTAINED AGE OF THE AGE OF THE AGE OF THE YOUNGER MONTHLY YOUNGER MONTHLY YOUNGER MONTHLY INSURED RATE INSURED RATE INSURED RATE 54 0.002600 84 5.805500 114 60.284700 55 0.008800 85 6.559400 115 63.618600 56 0.016800 86 7.278500 116 67.078800 57 0.027200 87 8.171500 117 70. 892900 58 0.040500 88 9.097900 118 75.342400 59 0.057100 89 10.069900 119 83.332500 60 0.077300 90 10.977000 120 83. 332500 61 0.101800 91 11 .509800 62 0.131000 92 12.329100 63 0.164800 93 13.494700 64 0.204500 94 14.961700 65 0.250700 95 16.783500 66 0.306300 96 18.536200 67 0.371800 97 20.327100 68 0.453000 98 20.633400 69 0.547400 99 21 .655100 70 0.656500 100 23.300300 71 0.784900 101 25.070700 72 0.934400 102 27.063300 73 1 .109600 103 29.250600 74 1 .315600 104 31.673000 75 1 .556900 105 34.304100 76 1 .832300 106 37.009900 77 2.149600 107 39.788500 78 2.502200 108 42.588400 79 2.892900 109 45.508200 80 3.331700 110 48.497300 81 3.866600 111 51.371700 82 4.472200 112 54.161200 83 5.111200 113 56.702100 The above rates are based on the following mortality tables: INSURED NO. 1 - Commissioners 2001 Standard Ordinary Nonsmoker Mortality Table • Male INSURED NO. 2 - Commissioners 2001 Standard Ordinary Nonsmoker Mortality Table - Female Maximum Monthly Insurance Charges beyond Attained Age 120 of the younger Insured are zero. POLICY SPECIFICATIONS PAGE 3 OF 10 EFTA00804391  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26, 2011 POLICY NUMBER 15.665,562 ISSUE DATE DECEMBER 20, 2011 GUARANTEED DEATH BENEFIT SAFETY TEST INFORMATION MAXIMUM GUARANTEED DEATH BENEFIT SAFETY TEST PREMIUM $6,000.00 GUARANTEED DEATH BENEFIT PAY PERIOD END DATE 10/26/2027 GUARANTEED DEATH BENEFIT GUARANTEE PERIOD END DATE 10/26/2060 NOTES 1. The Maximum Guaranteed Death Benefit Safety Test Premium amount reflected above was calculated assuming the Planned Premium Frequency listed on Policy Specifications Page 1. 2. If "Not Applicable" is reflected for the Maximum Guaranteed Death Benefit Safety Test Premium, Guaranteed Death Benefit Pay Period End Date and Guaranteed Death Benefit Guarantee Period End Date, we were unable to determine premium amounts that would guarantee your policy will not lapse based on the guarantee period and payment period you requested. 3. Even if the Guaranteed Death Benefit Safety Test is met, the policy can terminate before its Guaranteed Death Benefit Guarantee Period End Date if the policy debt limit is reached. Please read the Termination, Grace Period and Policy Debt Limit provisions for more information. POLICY SPECIFICATIONS PAGE 4 OF 10 EFTA00804392  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26, 2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20, 2011 GUARANTEED DEATH BENEFIT SAFETY TEST INFORMATION (Cont.) YEAR 1 GUARANTEED DEATH BENEFIT MEASURE INTEREST FACTOR 13.00% ! Decimal monthly equivalent 0.0102368444 Decimal daily equivalent 0.0003348989 YEARS 2 AND LATER GUARANTEED DEATH BENEFIT MEASURE BAND 1 INTEREST FACTOR 13.00% Decimal monthly equivalent 0.0102368444 Decimal daily equivalent GUARANTEED DEATH BENEFIT MEASURE BAND 2 INTEREST FACTOR 0.0003348989 3.08% Decimal monthly equivalent 0.0025311312 Decimal daily equivalent 0.0000831136 TABLE OF GUARANTEED DEATH BENEFIT BANDING ANNUAL THRESHOLDS PER THOUSAND OF FACE AMOUNT ATTAINED ATTAINED ATTAINED AGE OF THE ANNUAL AGE OF THE ANNUAL AGE OF THE ANNUAL YOUNGER THRESHOLD YOUNGER THRESHOLD YOUNGER THRESHOLD INSURED AMOUNT INSURED AMOUNT INSURED AMOUNT 55, 13.5100 83 340.6100 111 2,137.8900 56, 18.9700 84 352.4600 112 2,425.8500 57. 25.1400 85 363.7100 113 2,751.2600 58 31.9700 86 374.8900 114 3,118.9500 59 39.4300 87 385.3100 115 3,534.4600 60 47.6000 88 395.1100 116 4,003.9600 61' 58.8800 89 404.2900 117 4,534.5000 62 67.0000 90 414.4300 118 5,134.0200 63 77.6600 91 426.5200 119 5,811.4900 64 88.8100 92 440.0500 120 6,577.0200 65 100.3800 93 454.3600 se 112.3000 94 469.0600 67 124.4900 95 483.7400 68 136.8500 96 499.3700 69 149.4000 97 517.4900 70 162.0600 98 541.7400 71 174.7100 99 572.0900 72 187.3200 100 609.1700 73 199.7600 101 654.8800 74 214.9000 102 711.7000 75 229.8800 103 782.8700 76 244.6800 104 872.6400 77 259.2200 105 986.7600 78 273.6200 106 1,125.0500 79 287.7700 107 1,281.3400 80 301.8200 108 1,457.9500 81 315.3600 109 1,657.5300 82 328.2400 110 1,883.0500 The Annual Threshold Amount at Attained Age 120 continues beyond Attained Age 120 of the younger Insured. POLICY SPECIFICATIONS PAGE 5 OF 10 EFTA00804393  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26,2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20,2011 GUARANTEED DEATH BENEFIT SAFETY TEST INFORMATION (Cons.) MAXIMUM GUARANTEED DEATH BENEFIT FACTORS MONTHLY FACE AMOUNT FACTOR Years 1 - 20 0.40 Years 21 and later 0.00 RIDER FACTORS See the Policy Specifications for the Rider(s), if any TABLE OF MAXIMUM GUARANTEED DEATH BENEFIT MONTHLY INSURANCE FACTORS PER THOUSAND OF GUARANTEED DEATH BENEFIT MEASURE RISK ATTAINED ATTAINED ATTAINED AGE OF THE AGE OF THE AGE OF THE MONTHLY YOUNGER MONTHLY YOUNGER MONTHLY YOUNGER FACTOR INSURED FACTOR INSURED FACTOR INSURED 0.001200 82 4.427700 110 11 .167600 54 55 0.005800 83 4.771100 111 11 . 237600 0.013500 84 5.118700 112 11.263000 56 0.024800 85 5.473500 113 11 . 221900 57 0.041200 86 5.763900 114 11. 325100 58 0.064700 87 6.145400 115 11.358400 59 0.096900 88 6.508300 116 11.379300 60 61 0.137800 89 6.862500 117 11 . 417900 0.186400 90 7.002100 118 11 .390500 62 0.248700 91 7.048900 119 11.349600 63 64 0.325900 92 7.229300 120 11.501600 65 0.420000 93 7.552300 66 0.526400 94 7.972200 67 0.647900 95 8.492600 68 0.785200 96 8.897800 69 0.929600 97 9. 127700 70 1 .085900 98 8.904200 71 1 . 255900 99 8.926200 72 1.437500 100 9.126800 73 1.637300 101 9.324700 74 2.068100 102 9.547600 75 2.322700 103 9.781900 76 2.589400 104 10.034800 77 2.870800 105 10.293800 78 3.144200 106 10.523800 79 3.440800 107 10. 725900 80 3.725200 108 10.890700 81 4.066000 109 11 .040900 There are no Guarantood Death Benefit Factors beyond Attained Age 120 of the younger Insured. POLICY SPECIFICATIONS PAGE 6 OF 10 EFTA00804394  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26,2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20,2011 TABLE OF SURRENDER CHARGES IF SURRENDER OCCURS IN POLICY YEAR SURRENDER CHARGE 01 $ 100,400.00 02 89,356.00 03 81,324.00 04 75,300.00 05 70,280.00 06 67,268.00 07 63,252.00 08 59,236.00 09 56,224.00 10 S 52,208.00 11 50,200.00 12 5 47,188.00 13 44,176.00 14 40,160.00 15 33,132.00 16 27,108.00 17 21 ,084.00 18 14,056.00 19 7,028.00 20 and later 0.00 For more information on surrender charges, see Part 5 of this policy. POLICY SPECIFICATIONS PAGE 7 OF 10 EFTA00804395  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26,2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20,2011 DEATH BENEFIT FACTORS ATTAINED ATTAINED ATTAINED AGE OF THE AGE OF THE AGE OF THE YOUNGER YOUNGER YOUNGER INSURED FACTOR INSURED FACTOR INSURED FACTOR 54 3.47 80 1 .46 106 1.00 55 3.34 81 1 .42 107 1.00 56 3.21 82 1.39 108 1.00 57 3.09 83 1 .37 109 1 .00 58 2.97 84 1.34 110 1.00 59 2.86 85 1.32 111 1.00 60 2.76 86 1 .30 112 1 .00 61 2.65 87 1.28 113 1 .00 62 2.56 88 1.26 114 1 .00 63 2.46 89 1 .24 115 1 .00 64 2.38 90 1.22 116 1 .00 65 2.29 91 1.21 117 1 .00 66 2.21 92 1.19 118 1 .00 67 2.14 93 1.17 119 1.00 68 2.06 94 1.16 120 1.00 69 2.00 95 1 .14 70 1 .93 96 1 .12 71 1 .87 97 1.10 72 1 .81 98 1 .08 73 1 .76 99 1 .04 74 1 .70 100 1 .00 75 1 .66 101 1 .00 76 1 .61 102 1 .00 77 1 .57 103 1.00 78 1 .53 104 1.00 79 1 .49 105 1.00 Death Benefit Factors beyond Attained Age 120 of the younger Insured are 1.00. These Death Benefit Factors are used to determine the amount of the minimum death benefit. For more information, see Part 6 of this policy. POLICY SPECIFICATIONS PAGE 8 OF 10 EFTA00804396  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26, 2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20, 2011 OWNER INFORMATION OWNER SEE APPLICATION PAGE. POLICY SPECIFICATIONS PAGE 9 OF 10 EFTA00804397  POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 JEFFREY KOGAN INSURED NO. 2 FAITH M KOGAN POLICY DATE OCTOBER 26, 2011 POLICY NUMBER 15,665,562 ISSUE DATE DECEMBER 20, 2011 BENEFICIARY INFORMATION BENEFICIARY SEE APPLICATION PAGE. POLICY SPECIFICATIONS PAGE 10 OF 10 EFTA00804398  Part 1. The Basics Of This Policy 'n this Part, we discuss some definitions and insurance concepts necessary to understand this policy. The words "we," "us," and "our'' refer to Massachusetts Mutual Life Insurance Company. The Parties The Owner is the person who owns this policy, as shown in our records. The Owner Involved - has the right to exercise rights and privileges and to receive benefits under the terms of Owner, Insureds, this policy during the lifetime of either Insured. If the Owner designated under the terms Beneficiary, of this policy is not living and if the policy does not provide otherwise, the Owner will be Irrevocable the estate of the last Owner to die. Beneficiary For more information about the rights and benefits available to the Owner, see the "Policy Ownership" section in Part 5. The Insureds are the two persons whose lives this policy insures. An Insured may be the Owner of this policy, or someone else may be the Owner. Example: You buy a policy insuring your own life and your spouse's life, and naming yourself as Owner. In this case, you are both an Insured and the Owner. If you buy a policy insuring two other lives and naming yourself as the Owner, then the Owner is not an Insured. A Beneficiary is any person named in our records to receive the death benefit after both insureds have died. There may be different classes of Beneficiaries, such as primary and secondary. These classes set the order of payment. There may be more than one Beneficiary in a class. Example: Elizabeth is named as primary (first) Beneficiary. Rachel and David are named as Beneficiaries in the secondary class. If Elizabeth is alive when the second death occurs, she receives the death benefit. If Elizabeth is not alive but Rachel and David are alive when the second death occurs, Rachel and David receive the death benefit. My Beneficiary may be named an Irrevocable Beneficiary. An Irrevocable Beneficiary is one whose consent is needed to change that Beneficiary, but has no other rights under this policy. If no Beneficiary designated under this policy survives both Insureds, the Beneficiary will be the Owner unless the policy states otherwise. The interest of any Beneficiary will be subject to any assignment of this policy that is binding on us and to any payment option in effect at the time of the time of the second death. See the "Policy Ownership" section in Part 5, and see "Part 7. Payment Options." Dates - Policy Date, The Policy Date is shown in the Policy Specifications. It is the starting point for Policy Anniversary determining Policy Anniversary Dates, Policy Years, and Monthly Charge Dates. Date, Policy Year, The first Policy Anniversary Date is one yew after the Policy Date. The period from the Monthly Charge Policy Date to the first Policy Anniversary Date, or from one Policy Anniversary Date to Date, Issue Date the next, is called a Policy Year. PS-2005(FL) Page 1 (c406m all) EFTA00804399  The Monthly Charge Dates are the dates on which monthly charges for this policy are due. The first Monthly Charge Date is the Policy Date. Subsequent Monthly Charge Dates are the same day of each month thereafter. Example: The Policy Date is June 10, 2OX4. The first Policy Anniversary Date is one year later, June 10, 20X5. The period from June 10, 20X4, through June 9, 20X5, is a Policy Year. The first Monthly Charge Date is June 10, 20X4. The next Monthly Charge Date is one month later, July 10, 20X4. The Issue Date is also shown in the Policy Specifications. The Issue Date starts the contestability and suicide periods. We discuss contestability and suicide later in this Part. Policy A Legal This policy is a legal contract between the Owner and us. The entire contract consists of Contract the policy, which includes the application and any rider(s) and endorsement(s) the policy has. We have issued this policy in return for the application and the payment of the first premium. Any changes or waiver of its terms must be in writing and signed by our Secretary or an Assistant Secretary to be valid. A copy of the initial application is attached to and made a part of this policy. Any subsequent applications requesting changes in the policy also will become part of the contract; copies of any such applications will be sent to the Owner for attachment to the policy. Representations We rely on all statements made by or for either or both Insureds in the application(s). And Legally, those statements are considered to be representations and not warranties. Contestability We can bring legal action to contest the validity of this policy, or any policy change requiring evidence of insurability, for any material misrepresentation of a fact. To do so, however, the misrepresentation must have been in the initial application or in a subsequent application, and a copy of that application must have been attached to (or sent to the Owner for attachment to) and made a part of this policy. The initial Policy Specifications are attached to this policy when issued. If a policy change is made, we will send to the Owner any revised or additional Policy Specifications for attachment to the policy. Except for any policy change or reinstatement requiring evidence of insurability, we cannot contest the validity of this policy: • With respect to any material misrepresentation in the application regarding the insurability of Insured No. 1, once the policy has been in force during the lifetime of Insured No. 1 for two years after its Issue Date; or • With respect to any material misrepresentation in the application regarding the insurability of Insured No. 2, once the policy has been in force during the lifetime of Insured No. 2 for two years after its Issue Date. P9-2005(FL) Page 2 Ic905rnall) EFTA00804400  For any policy change requiring evidence of insurability, we cannot contest the validity of the change with respect to each Insured after the change has been in effect for two years during the lifetime of that Insured. If evidence of insurability is required to reinstate this policy (see "Reinstating This Policy" in Part 5), our right to contest the validity of this policy begins again on the date of reinstatement. For each Insured living on that date, we cannot contest the reinstated policy after it has been in force during the lifetime of that Insured for two years after that reinstatement date. Misstatement Of If the date of birth or gender of either Insured as given in the application is not correct, Age Or Gender the Face Amount (discussed in this Part) will be adjusted. The adjustment will reflect the amount provided by the most recent monthly insurance charges using the correct ages and genders. If the adjustment is made while either Insured is living, monthly charges after the adjustment will be based on the correct ages and genders. Death By Suicide If either Insured commits suicide, while sane or insane, within two years after the Issue Date of this policy and while the policy is in force, this policy will terminate. In this case, we will refund to the Owner the amount of premiums accepted for this policy, less any amounts withdrawn and less any policy debt. If either Insured commits suicide, while sane or insane, within two years after this policy is reinstated and while the policy is in force, this policy will terminate. In this case, we will refund to the Owner any amount paid to reinstate this policy and any premiums accepted thereafter, less any amounts withdrawn and less any policy debt. Monthly charges are discussed in Part 3. Withdrawals, policy debt, and reinstatement are discussed in Part 5. Meaning Of "In force" means that the insurance provided by this policy is in effect and has not In Force terminated. This policy will be in force on the later of (a) its Issue Date or. (b) the date the first premium is received, unless: • There has been a change in the insurability of either Insured prior to the Issue Date; • The Company has issued an amendment to the application or requested additional information; or • The Company has requested a statement verifying the current insurability of either or both Insureds. If any of the above conditions apply, the policy will be considered in force on the later of (a) the date all required supplemental information is received at our Home Office, and (b) the date the first premium is received. Supplemental information may include, but is not limited to: • Evidence of policy delivery, • Evidence that there has been no material change in an Insured's health, and • Completed Application amendments. This policy will continue in force to the second death unless: P9-2005(FL)