Which action requires a policy owner to provide proof of insurability in an Adjustable Life policy?

In an Adjustable Life policy, an increase in the face amount typically requires the policy owner to provide proof of insurability. This is because increasing the face amount raises the insurer's risk exposure. The insurer must evaluate the insured's current health status, lifestyle changes, and any other relevant factors to determine if they are still an acceptable risk for the higher coverage level.

In contrast, actions like changing the address or decreasing the face amount generally do not require additional proof of insurability since they do not impact the risk the insurer is underwriting. Additionally, transferring ownership may involve certain administrative requirements but does not necessarily require proof of the new owner's insurability unless the insured life is also changing. Therefore, the requirement for proof of insurability is specifically tied to scenarios that could materially change the risk associated with the policy, such as increasing the face amount.