- 37 -
balance could have been transferred at this time to the C-group
conversion UL policy, upon conversion thereto, because the C-
group term policy was in its first year. This policy lapsed on
December 31, 1991.
3. Dr. Sobo’s Inter-American C-Group Term Policy
Effective December 31, 1990, Inter-American issued a $1
million C-group term policy (certificate No. 5076057) on the life
of Dr. Sobo, age 38. The first-year premium was $10,800, and the
cost of insuring Dr. Sobo for that year was $2,374.08. The
Lakewood Plan paid the first-year premium, and, at the end of
that year, the conversion credit balance was $8,805.09 ($10,800 -
$2,374.08 + $379.17); the $379.17 is the interest of 4.5 percent
earned on the conversion credit balance (($8,805.09 - $379.17) x
4.5% = $379.17)). None of the conversion credit balance could
have been transferred at this time to the C-group conversion UL
policy, upon conversion thereto, because the C-group term policy
was in its first year. This policy lapsed on December 31, 1991.
4. Dr. Hirshkowitz’ Commonwealth C-Group Term Policy
Effective October 31, 1991, Commonwealth issued a $150,000
C-group term policy (certificate No. 6000972) on the life of Dr.
Hirshkowitz, age 58. The first-year premium was $7,540.50, and
the cost of insuring Dr. Hirshkowitz for that year was $1,572.75.
The Lakewood Plan paid the first-year premium, and, at the end of
that year, the conversion credit balance was $6,236.30 ($7,540.50
Page: Previous 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 NextLast modified: May 25, 2011