@IFMU Just do a simple thought experiment on the load factor formula: n = lift / weight.
Assume 1 for lift as it remains the same throughout the exercise. Further assume weight = 1: n = 1/1= 1. If you shed half the weight, your new weight now is 0.5. so n becomes 1/0.5 = 2. So you just doubled the load factor by sheeding half your weight.
That explains why the load factor momentarily and appreciably increases when you suddenly dump a largish amount of liquid from an airplane. that may well increase it beyond its structural limits.
And for any fellow physicists out there: yes it pains me to talk about weight. It's mass, really, we should be considering, not weight.