Common use of BENEFICIARY CONTINUATION OPTION Clause in Contracts

BENEFICIARY CONTINUATION OPTION. This Section applies only if: you die before the Maturity Date and before a supplementary contract has been issued, and the Beneficiary named under the “Beneficiary” Section of this Contract is an individual, with the exception of the following paragraph. Any non-individual Beneficiary’s portion of the Death Benefit described in the “Payment Upon Death” Section of this Contract is payable to the Beneficiary. This Section applies to a non-individual Beneficiary only if it is a “see-through trust”. A “see-through trust” is an irrevocable trust, valid under state law, the only beneficiaries of which are individuals, and which trust has met applicable documentation requirements under applicable Regulations as we may determine. If such a “see-through trust” described in Treasury Regulation Section 1.401(a)(9)-4 Q&A A-5, or any successor Regulation, is the Beneficiary named in the “Beneficiary” Section of this Contract, the individual used as the measuring life for calculating payments is the oldest beneficiary of such trust. If this Section applies and there is more than one Beneficiary, the Annuity Account Value on the Transaction Date we receive all Beneficiary Requirements will be apportioned among your Beneficiaries as you designate pursuant to the “Beneficiary” Section of this Contract. If the Beneficiary qualifies to continue this Contract, and we receive that Beneficiary’s completed election no later than September 30 of the calendar year following the calendar year of your death and before any contrary election is made, that Beneficiary may continue your Contract pursuant to this Section under the terms set forth in (a) through (h) below. Each such Beneficiary electing to continue his or her portion of the interest in this Contract is a “Continuation Beneficiary.” For any Beneficiary who does not timely elect to continue his or her portion of the interest in this Contract, we will pay in a single sum that Beneficiary’s share of the Death Benefit pursuant to the “Payment Upon Death” Section of this Contract. The terms of the Beneficiary Continuation Option are as follows: (a) This Contract cannot be assigned and must continue in your name for benefit of your Continuation Beneficiary. The Continuation Beneficiary may not assign his/her portion of the entire interest in this Contract. (b) The Continuation Beneficiary automatically becomes the successor Annuitant with respect to that Continuation Beneficiary’s portion of the entire interest in this Contract. If you have specifically elected under the “Beneficiary” Section of this Contract that we not separately account for each Beneficiary’s portion of the interest in this Contract, the oldest Continuation Beneficiary will be the successor Annuitant used as the measuring life for purposes of calculating the Required Minimum Distribution payments in the Section, “Required Minimum Distribution Rules–Payments After Your Death”. (c) The Continuation Beneficiary may transfer amounts among the Investment Options with respect to that Continuation Beneficiary’s portion of the entire interest in this Contract. (d) The Continuation Beneficiary cannot make any additional Contributions to this Contract. (e) Distributions to the Continuation Beneficiary with respect to that Continuation Beneficiary’s portion of the entire interest in this Contract will be made in accordance with requirements described in the Section, “Required Minimum Distribution Rules–Payments After Your Death”. (f) The Beneficiary Continuation Option is designed to pay out at least annually the post-death Required Minimum Distribution payment calculated for a Continuation Beneficiary’s portion of the entire interest in this Contract. If a Continuation Beneficiary elects to take all or part of any such Required Minimum Distribution payment from another of your Xxxx individual retirement arrangements under which you also designated that Continuation Beneficiary as beneficiary, as described in the Section, “Required Minimum Distribution Rules–Payments After Your Death” in order for us to suspend such payment, that Continuation Beneficiary must give us advance notice in accordance with our procedures at the time.

BENEFICIARY CONTINUATION OPTION. This Section applies only if: you die before the Maturity Date and before a supplementary contract has been issued, and the Beneficiary named under the “Beneficiary” Section of this Contract is an individual, with the exception of the following paragraph. Any non-individual Beneficiary’s portion of the Death Benefit described in the “Payment Upon Death” Section of this Contract is payable to the Beneficiary. This Section applies to a non-individual Beneficiary only if it is a “see-through trust”. A “see-through trust” is an irrevocable trust, valid under state law, the only beneficiaries of which are individuals, and which trust has met applicable documentation requirements under applicable Regulations as we may determine. If such a “see-through trust” described in Treasury Regulation Section 1.401(a)(9)-4 Q&A A-5, or any successor Regulation, is the Beneficiary named in the “Beneficiary” Section of this Contract, the individual used as the measuring life for calculating payments is the oldest beneficiary of such trust. If this Section applies and there is more than one Beneficiary, the Annuity Account Value on the Transaction Date we receive all Beneficiary Requirements will be apportioned among your Beneficiaries as you designate pursuant to the “Beneficiary” Section of this Contract. If the Beneficiary qualifies to continue this Contract, and we receive that Beneficiary’s completed election no later than September 30 of the calendar year following the calendar year of your death and before any contrary election is made, that Beneficiary may continue your Contract pursuant to this Section under the terms set forth in (a) through (h) below. Each such Beneficiary electing to continue his or her portion of the interest in this Contract is a “Continuation Beneficiary.” For any Beneficiary who does not timely elect to continue his or her portion of the interest in this Contract, we will pay in a single sum that Beneficiary’s share of the Death Benefit pursuant to the “Payment Upon Death” Section of this Contract. The terms of the Beneficiary Continuation Option are as follows: (a) This Contract cannot be assigned and must continue in your name for benefit of your Continuation Beneficiary. The Continuation Beneficiary may not assign his/her portion of the entire interest in this Contract. (b) The Continuation Beneficiary automatically becomes the successor Annuitant with respect to that Continuation Beneficiary’s portion of the entire interest in this Contract. If you have specifically elected under the “Beneficiary” Section of this Contract that we not separately account for each Beneficiary’s portion of the interest in this Contract, the oldest Continuation Beneficiary will be the successor Annuitant used as the measuring life for purposes of calculating the Required Minimum Distribution payments in the SectionSection 7.07, “Part B (Required Minimum Distribution Rules–Payments After Your Death”). (c) The Continuation Beneficiary may transfer amounts among the Investment Options with respect to that Continuation Beneficiary’s portion of the entire interest in this Contract. (d) The Continuation Beneficiary cannot make any additional Contributions to this Contract. . (e) Distributions to the Continuation Beneficiary with respect to that Continuation Beneficiary’s portion of the entire interest in this Contract will be made in accordance with requirements described in the SectionSection 7.07, “Part B (Required Minimum Distribution Rules–Payments After Your Death”. (f) The Beneficiary Continuation Option is designed to pay out at least annually the post-death Required Minimum Distribution payment calculated for a Continuation Beneficiary’s portion of the entire interest in this Contract. If a Continuation Beneficiary elects to take all or part of any such Required Minimum Distribution payment from another of your Xxxx individual retirement arrangements under which you also designated that Continuation Beneficiary as beneficiary, as described in the Section, “Required Minimum Distribution Rules–Payments After Your Death” in order for us to suspend such payment, that Continuation Beneficiary must give us advance notice in accordance with our procedures at the time).

BENEFICIARY CONTINUATION OPTION. This Section applies section will apply only if: you die if the Participant dies before the Maturity Date and before a supplementary contract has been issuedAnnuity Commencement Date, and the Beneficiary named under the “"Beneficiary” Section " section of this Contract is an individual, with . With the exception of the following paragraph. Any , this section does not apply to any Beneficiary that is not an individual and the non-individual Beneficiary’s 's portion of the Death Benefit described in the “Payment Upon Death” Section of this Contract death benefit is payable to the such non-individual Beneficiary. This Section applies to a non-individual Beneficiary only if it is a “see-"see through trust”". A “see-see through trust” trust is an irrevocable trust, valid under state law, the only beneficiaries of which are individuals, and which trust has met applicable documentation requirements under applicable Regulations as we may determine. If such a “"see-through trust” " described in Treasury Regulation Section 1.401(a)(9)-4 Q&A A-51.40(a)(9)-4 Q&A, or any successor Regulation, is the Beneficiary named in pursuant to the “"Beneficiary” Section " section of this the Contract, the individual used as the measuring life for calculating payments successor Participant is the oldest beneficiary Beneficiary of such trust. If this Section applies and there is more than one Beneficiary, the Annuity Account Value on Participant's entire interest in the Transaction Date we receive all Beneficiary Requirements Participant's account under this Contract will be apportioned among your the Participant's Beneficiaries as you designate the Participant designates pursuant to the “"Beneficiary” Section " section of this Contract. If the Beneficiary qualifies to continue the Participant's account under this Contract, and we receive that Beneficiary’s 's completed election no later than September 30 of the calendar year following the calendar year of your the Participant's death and before any contrary election is made, that Beneficiary may continue your the Participant's account under this Contract pursuant to this Section under the terms set forth in (a) through (hi) below. Each such Beneficiary electing to continue his or her portion of the interest in under the Participant's account under this Contract is a “" Continuation Beneficiary.” ". For any Beneficiary who does not timely elect to continue his or her portion of the interest in under the Participant's account under this Contract, we will pay in a single sum that Beneficiary’s 's share of the Death Benefit death benefit pursuant to the “Payment Upon Death” Section "Death Benefit" section of this Contract, in a lump sum. The terms of the Beneficiary Continuation Option are as follows: (a) This Contract cannot be assigned a. If the Beneficiary Continuation Option is elected, then as of the date we receive due proof of the Participant's death, and must continue in your name for any required instructions, information and forms necessary to effect the Beneficiary Continuation Option feature, we will increase the Annuity Account Value to equal the applicable death benefit of your Continuation Beneficiary. The if such death benefit is greater than such Annuity Account Value. b. Each Continuation Beneficiary may not assign his/her portion of will automatically become the entire interest Participant as defined in this Contract. (b) The Continuation Beneficiary automatically becomes the successor Annuitant Contract with respect to that Continuation Beneficiary’s 's portion of the entire interest in this the Participant's account under the Contract. If you have the Participant has specifically elected under the “"Beneficiary” Section " section of this the Contract that we not separately account for each Beneficiary’s 's portion of the interest in this the Participant's account under the Contract, the oldest Continuation Beneficiary will be the successor Annuitant used as the measuring life Participant for purposes of calculating the Required Minimum Distribution payments in the Section, “Required Minimum Distribution Rules–Payments After Your Death”payments. (c) The c. Each Continuation Beneficiary may will have the right to transfer amounts among the Investment Options with respect to that Continuation Beneficiary’s 's portion of the entire interest in the Participant's account under this Contract. d. Any death benefit provision (dincluding the minimum death benefit provision) The will no longer be in effect. e. A Continuation Beneficiary cannot make any additional Contributions to this ContractContributions. (e) f. Distributions to the Continuation Beneficiary with respect to that Continuation Beneficiary’s 's portion of the entire interest in the Participant's account under this Contract will be made in accordance with requirements described of the Code. g. A Continuation Beneficiary may withdraw the Annuity Account Value apportioned to such Continuation Beneficiary at any time; withdrawals made after we have received a Continuation Beneficiary's election to continue the Participant's account under this Contract are not subject to a withdrawal charge. h. Upon a Continuation Beneficiary's death, we will make a lump sum payment to the person designated by the deceased Continuation Beneficiary to receive that deceased Continuation Beneficiary's portion of the Annuity Account Value, if any remains. In the alternative, the deceased Continuation Beneficiary's designated Beneficiary may elect to continue the payment method originally elected by the deceased Continuation Beneficiary in accordance with the Section, “Code rules (Required Minimum Distribution Rules–-Required Payments After Your Death”. (f) ). i. The Beneficiary Continuation Option is designed to pay out at least annually Participant's account under this Contract cannot be assigned and must continue in the post-death Required Minimum Distribution payment calculated Participant's name for a the benefit of the Participant's Continuation Beneficiary’s portion of the entire interest in this Contract. If a Continuation Beneficiary elects to take all or part of any such Required Minimum Distribution payment from another of your Xxxx individual retirement arrangements under which you also designated that Continuation Beneficiary as beneficiary, as described in the Section, “Required Minimum Distribution Rules–Payments After Your Death” in order for us to suspend such payment, that Continuation Beneficiary must give us advance notice in accordance with our procedures at the time.

BENEFICIARY CONTINUATION OPTION. This Section applies section will apply only if: you die if the Participant dies before the Maturity Date and before a supplementary contract has been issuedAnnuity Commencement Date, and the Beneficiary named under the “"Beneficiary” Section " section of this Contract is an individual, with . With the exception of the following paragraph. Any , this section does not apply to any Beneficiary that is not an individual and the non-individual Beneficiary’s 's portion of the Death Benefit described in the “Payment Upon Death” Section of this Contract death benefit is payable to the such non-individual Beneficiary. This Section applies to a non-individual Beneficiary only if it is a “see-"see through trust”". A “see-see through trust” trust is an irrevocable trust, valid under state law, the only beneficiaries of which are individuals, and which trust has met applicable documentation requirements under applicable Regulations as we may determine. If such a “"see-through trust” " described in Treasury Regulation Section 1.401(a)(9)-4 Q&A A-51.40(a)(9)-4 Q&A, or any successor Regulation, is the Beneficiary named in pursuant to the “"Beneficiary” Section " section of this the Contract, the individual used as the measuring life for calculating payments successor Participant is the oldest beneficiary Beneficiary of such trust. 2004EDCGAC 18 If this Section applies and there is more than one Beneficiary, the Annuity Account Value on Participant's entire interest in the Transaction Date we receive all Beneficiary Requirements Participant's account under this Contract will be apportioned among your the Participant's Beneficiaries as you designate the Participant designates pursuant to the “"Beneficiary” Section " section of this Contract. If the Beneficiary qualifies to continue the Participant's account under this Contract, and we receive that Beneficiary’s 's completed election no later than September 30 of the calendar year following the calendar year of your the Participant's death and before any contrary election is made, that Beneficiary may continue your the Participant's account under this Contract pursuant to this Section under the terms set forth in (a) through (hi) below. Each such Beneficiary electing to continue his or her portion of the interest in under the Participant's account under this Contract is a “" Continuation Beneficiary.” ". For any Beneficiary who does not timely elect to continue his or her portion of the interest in under the Participant's account under this Contract, we will pay in a single sum that Beneficiary’s 's share of the Death Benefit death benefit pursuant to the “Payment Upon Death” Section "Death Benefit" section of this Contract, in a lump sum. The terms of the Beneficiary Continuation Option are as follows: (a) This Contract cannot be assigned a. If the Beneficiary Continuation Option is elected, then as of the date we receive due proof of the Participant's death, and must continue in your name for any required instructions, information and forms necessary to effect the Beneficiary Continuation Option feature, we will increase the Annuity Account Value to equal the applicable death benefit of your Continuation Beneficiary. The if such death benefit is greater than such Annuity Account Value. b. Each Continuation Beneficiary may not assign his/her portion of will automatically become the entire interest Participant as defined in this Contract. (b) The Continuation Beneficiary automatically becomes the successor Annuitant Contract with respect to that Continuation Beneficiary’s 's portion of the entire interest in this the Participant's account under the Contract. If you have the Participant has specifically elected under the “"Beneficiary” Section " section of this the Contract that we not separately account for each Beneficiary’s 's portion of the interest in this the Participant's account under the Contract, the oldest Continuation Beneficiary will be the successor Annuitant used as the measuring life Participant for purposes of calculating the Required Minimum Distribution payments in the Section, “Required Minimum Distribution Rules–Payments After Your Death”payments. (c) The c. Each Continuation Beneficiary may will have the right to transfer amounts among the Investment Options with respect to that Continuation Beneficiary’s 's portion of the entire interest in the Participant's account under this Contract. d. Any death benefit provision (dincluding the minimum death benefit provision) The will no longer be in effect. e A Continuation Beneficiary cannot make any additional Contributions to this ContractContributions. (e) Distributions to the Continuation Beneficiary with respect to that Continuation Beneficiary’s portion of the entire interest in this Contract will be made in accordance with requirements described in the Section, “Required Minimum Distribution Rules–Payments After Your Death”. (f) The Beneficiary Continuation Option is designed to pay out at least annually the post-death Required Minimum Distribution payment calculated for a Continuation Beneficiary’s portion of the entire interest in this Contract. If a Continuation Beneficiary elects to take all or part of any such Required Minimum Distribution payment from another of your Xxxx individual retirement arrangements under which you also designated that Continuation Beneficiary as beneficiary, as described in the Section, “Required Minimum Distribution Rules–Payments After Your Death” in order for us to suspend such payment, that Continuation Beneficiary must give us advance notice in accordance with our procedures at the time.