Any life insurance company may, at the request of a policyholder, exchange, alter
or convert any policy of life or endowment insurance, or annuity policy contract,
or any other policy benefits additional thereto issued by it, for or into any policy
which conforms with the laws in force on the date of the original policy, if the rewritten
policy is, by its terms, made effective as of such date, or which conforms with the
laws in force on a subsequent date as of which the rewritten policy is by its terms
made effective. If the rewritten policy is made effective as of a date earlier than the date on
which the exchange, alteration or conversion occurs, (a) the rewritten policy, if
evidence of insurability is required in conjunction with an exchange, alteration or
conversion to a policy on a plan requiring a lower premium rate or to a policy to
which benefits or features are added differing from those in the original policy,
may provide that the date on which the exchange, alteration or conversion occurs shall
be used in determining the applicability of an incontestability clause in the rewritten
policy to the right of the company to contest such exchange, alteration or conversion
or in determining the applicability of a clause in the rewritten policy limiting liability
in the event of suicide of the insured, and (b) the amount of insurance under said
rewritten policy shall not exceed the amount of insurance under said original policy,
or the amount of insurance which the premium paid for the original policy would have
purchased if the rewritten policy had been originally applied for, whichever amount
is the greater. Nothing contained in section three hundred and forty-six, 1 or in clause (c) of section four hundred and eleven, of this act 2 shall be construed as prohibiting any such exchange, alteration, or conversion of
policies as provided by this section.
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