Beneficiary or Contingent Annuitant Sample Clauses
The 'Beneficiary or Contingent Annuitant' clause designates the individual(s) who will receive benefits from an annuity contract if the primary annuitant dies or is otherwise unable to receive payments. Typically, this clause outlines the process for naming a beneficiary or contingent annuitant, and may specify how and when these designations can be changed by the policyholder. Its core practical function is to ensure that annuity payments or benefits are properly directed in the event of the primary annuitant's death, thereby providing clarity and continuity in the distribution of benefits.
Beneficiary or Contingent Annuitant. You may remove a Beneficiary or a Contingent Annuitant from this Contract by providing proper written instructions to our Service Center.
Beneficiary or Contingent Annuitant. You may remove a Beneficiary or Contingent Annuitant from this Contract by providing written instructions satisfactory to us to our Service Center. Any change in Beneficiary or Contingent Annuitant will be effective on the date such change is signed, subject to any payments made or actions taken by us prior to our receipt of the notice.
Beneficiary or Contingent Annuitant. You may remove a Beneficiary or a Contingent Annuitant from this Contract by providing proper written instructions to our Service Center. Any change in Beneficiary or Contingent Annuitant will be effective on the date such change is signed, subject to any payments made or actions taken by us prior to our receipt of the notice. Ownership - This Contract belongs to the Owner. The Owner is entitled to exercise all rights available under this Contract. If this Contract names two Owners, both Owners must join in any request to exercise these rights. The Owner may exercise these rights without the consent of the Beneficiary or any other person, except as otherwise required by law. Assignment - You may assign all rights and benefits under this Contract before the Annuity Date. The assignment takes effect on the date on which it is signed, subject to any payments made or actions taken by us prior to our receipt of the notice. We are not responsible for the validity of any assignment. If the Contract has been absolutely assigned, the assignee becomes the Owner. You should consult with your tax adviser to determine the tax consequences of an assignment before taking any action. Delay of Payments - Generally, we will pay amounts due from the Contract within seven (7) days after our receipt of the request, in a form satisfactory to us. Payments or transfers to or from a Variable Account may be delayed after our receipt of the request under certain circumstances. These include: • a closing of the New York Stock Exchange other than on a regular holiday or weekend; • a trading restriction by the SEC; or • an emergency declared by the SEC. We may delay payments or transfers from our General Account (which would include payment of the withdrawal proceeds and loans) for up to six (6) months after the requested effective date of the transaction. Any amount delayed, so long as it is held under the General Account, will earn interest at a minimum annual rate of 3%. If you make any Purchase Payment by check, other than a cashier’s check, we may delay making payments to you until your check has cleared. Incontestability - After this Contract has been issued, we will not contest the validity of this Contract other than for misstatement of age, sex or identity. Misstatement of Age and/or Sex - We may require proof of the Annuitant’s or Owner’s Age and/or sex before any payments associated with the death benefit proceeds are made. If the Age and/or sex of the Annuitant or Owner is ...