Change of Owner, Covered Person, or Annuitant Clause Samples

Change of Owner, Covered Person, or Annuitant. You may not change an Owner, Covered Person, or Annuitant without our approval. We will not approve any change that violates any federal or state law. The only change to Covered Person that we allow is to add a Joint Covered Person if you previously appointed only a sole Covered Person, or to remove a Joint Covered Person. To request a change, you must send us Notice. If there are Joint Owners, both must agree in writing to the change. If we approve a change, it is effective as of the date we receive Notice. We are not responsible for any tax consequences of such a change. We are not liable for any actions taken before we receive the Notice and approve of and record the change. Upon the change, we issue a new Contract Schedule to reflect the change. If there is a divorce, you must immediately send us Notice. We will comply with any applicable law or court order regarding this contract. If the applicable law or the court order divides either (i) your Designated Account, or (ii) any benefit payments being made from this contract, we will issue one of the former Spouses a new contract, and we will issue a new Contract Schedule for the original contract to the other former Spouse to reflect the division and changes in the Owner, Covered Person, and Annuitant. If there are Joint Covered Persons and there is a divorce before the Monthly Benefit Start Date, and your Designated Account value is greater than or equal to the Required Minimum, and if one Covered Person dies before we receive Notice of the divorce, this contract terminates as of the date of the divorce to comply with the Federal Tax Code.