Common use of Change of Owner or Beneficiary Clause in Contracts

Change of Owner or Beneficiary. The Owner may change the ownership of this contract by a written request in Good Order. Such change may be subject to state and federal gift taxes, federal income taxes and penalty taxes. If there are joint Owners, both Owners must agree in writing to any change of ownership. Any new Owner must meet our issue requirements in effect on the Valuation Date we receive your written request in Good Order at our Customer Service Office. A change of Owner may impact the death benefit provided under this contract. Please see the Death Benefit section for more information. Subject to any existing assignment, the Owner may change the Beneficiary at any time. In the case of a Non-Natural Owner, we may require that the Non-Natural Owner be named the Primary Beneficiary. Unless otherwise specified by the Owner, the Owner or Beneficiary change will take effect as of the date the request is signed, whether or not the Owner or Annuitant is living when we receive the request in Good Order at our Customer Service Office. However, the change will not apply to any payments made or actions taken by us before the request is received. Assignment We will not be bound by an assignment unless it is received at our Customer Service Office in Good Order and is accepted by us. An assignment must be signed and dated by both the assignor and the assignee and, as applicable, by the Beneficiary. Unless otherwise specified by the Owner, an assignment is effective on the date the notice of assignment is signed. The rights of any Owner or Beneficiary and the entire contract, as defined in The Contract provision set forth in the General Provisions section, will be subject to the assignment. We will rely solely on the assignee’s statement as to the amount of the assignee’s interest. We will not be responsible for any tax consequences arising from or the validity of any assignment, or for any actions taken in reliance on the validity of the assignment. Unless otherwise provided, the assignee may exercise all rights granted by this contract except: • the right to change the Owner or Beneficiary; and • the right to elect an annuity payout option. Assignments are subject to all payments made or actions taken by us on or before the Valuation Date we accept the assignment at our Customer Service Office.

Change of Owner or Beneficiary. The Before the Annuity Commencement Date, the Owner may change the ownership of this contract by a written request in Good Order. Such change may be subject to state and federal gift taxes, federal income taxes and penalty taxes. If there are joint Owners, both Owners must agree in writing to any change of ownership. Any new Owner must meet our issue requirements in effect on the Valuation Date we receive your written request in Good Order at our Customer Service Office. A change of Owner may impact the death benefit provided under this contract. Please see the Death Benefit section for more information. Subject to any existing assignment, the Owner may change the Beneficiary at any time. In the case of a Non-Natural Owner, we may require that the Non-Natural Owner be named the Primary Beneficiary. Unless otherwise specified by the Owner, the Owner or Beneficiary change will take effect as of the date the request is signed, whether or not the Owner or Annuitant is living when we receive the request in Good Order at our Customer Service Office. However, the change will not apply to any payments made or actions taken by us before the request is received. Assignment We will not be bound by an assignment unless it is received at our Customer Service Office in Good Order and is accepted by us. An assignment must be signed and dated by both the assignor and the assignee and, as applicable, by the Beneficiary. Unless otherwise specified by the Owner, an assignment is effective on the date the notice of assignment is signed. The rights of any Owner or Beneficiary and the entire contract, as defined in The Contract provision set forth in the General Provisions section, will be subject to the assignment. We will rely solely on the assignee’s statement as to the amount of the assignee’s interest. We will not be responsible for any tax consequences arising from or the validity of any assignment, or for any actions taken in reliance on the validity of the assignment. assignment Unless otherwise provided, the assignee may exercise all rights granted by this contract except: • the right to change the Owner or Beneficiary; and • the right to elect an annuity payout option. Assignments are subject to all payments made or actions taken by us on or before the Valuation Date we accept the assignment at our Customer Service Office.

Change of Owner or Beneficiary. The Before the Annuity Commencement Date, the Owner may may, subject to our approval, change the ownership of this contract by a written request in Good Order. Such change may be subject to state and federal gift taxes, federal income taxes and penalty taxes. If there are joint Owners, both Owners must agree in writing to any change of ownership. Any new Owner must meet our issue requirements in effect on the Valuation Date we receive your written request in Good Order at our Customer Service Office. We reserve the right to restrict ownership changes to once per calendar year. A change of Owner may impact the death benefit provided under this contract. Please see the Death Benefit section for more information. Subject to any existing assignment, the Owner may change the Beneficiary at any time. In the case of a Non-Natural Owner, we may require that the Non-Natural Owner be named the Primary Beneficiary. Unless otherwise specified by the Owner, the Owner or Beneficiary The change will take effect as of the date the request is signed, whether or not the Owner or Annuitant is living when we receive the request in Good Order at our Customer Service Office. However, the change will not apply to any payments made or actions taken by us before the request is received. Assignment We will not be bound by an assignment unless it is received at our Customer Service Office in Good Order and is accepted by us. An assignment must be signed and dated by both the assignor and the assignee and, as applicable, by the Beneficiary. Unless otherwise specified by the Owner, an assignment is effective on the date the notice of assignment is signed. The rights of any Owner or Beneficiary and the entire contract, as defined in The Contract provision set forth in the General Provisions section, will be subject to the assignment. We will rely solely on the assignee’s statement as to the amount of the assignee’s interest. We will not be responsible for any tax consequences arising from or the validity of any assignment, or for any actions taken in reliance on the validity of the assignment. Unless otherwise provided, the assignee may exercise all rights granted by this contract except: • the right to change the Owner or Beneficiary; and • the right to elect an annuity payout option. Assignments are subject to all payments made or actions taken by us on or before the Valuation Date we accept the assignment at our Customer Service Office.

Change of Owner or Beneficiary. The Owner During your lifetime and while this Contract is in effect, you may change the transfer ownership of this contract by Contract or change the Beneficiary. To make any of these changes, you must send us written notice of the change in a written request in Good Order. Such change may be subject form satisfactory to state and federal gift taxes, federal income taxes and penalty taxesus. If there are joint Joint Owners, both Owners must agree in writing to any change of ownershipthe change. Any new Owner must meet our issue requirements in effect on the Valuation Date we receive your written request in Good Order at our Customer Service Office. A change of Owner may impact the death benefit provided under this contract. Please see the Death Benefit section for more information. Subject to any existing assignment, the Owner may change the Beneficiary at any time. In the case of a Non-Natural Owner, we may require that the Non-Natural Owner be named the Primary Beneficiary. Unless otherwise specified by the Owner, the Owner or Beneficiary The change will take effect as of the date day the request notice is signed, whether . The change will not affect any payment made or not action taken by us before recording the Owner or Annuitant is living when we receive the request in Good Order change at our Customer Service OfficeCenter. However, See "Proceeds Payable to Beneficiary." IU-IA-3010 7 PREMIUM PAYMENTS AND TRANSFERS -------------------------------------------------------------------------------- PREMIUM PAYMENT This is a single premium annuity. The premium may be paid in one lump sum or in installments during the change will not apply to any payments made or actions taken first Contract Year. Any such planned installments must be identified at the time the Contract is issued and be received by us before the request is received. Assignment We will not be bound by an assignment unless it is received at our Customer Service Office in Good Order and Center within 60 days after the Contract Date. There is accepted no penalty if a planned installment is not paid. PREMIUM PAYMENT ALLOCATION Premium will be allocated among the available Guarantee Periods of the Term Indexed Division as instructed by usyou. An assignment must Any premium installments will be signed and dated by both the assignor and the assignee and, as applicable, by the Beneficiary. Unless otherwise specified by the Owner, an assignment is effective on the date the notice of assignment is signed. The rights of any Owner or Beneficiary and the entire contract, as defined in The Contract provision set forth allocated in the General Provisions sectionsame manner, will be subject unless you specify otherwise. No allocation of premium is allowed into the Annual Interest Division. WHERE TO MAKE PAYMENTS Remit the Premium Payments to the assignment. We will rely solely on the assignee’s statement as to the amount of the assignee’s interest. We will not be responsible for any tax consequences arising from or the validity of any assignment, or for any actions taken in reliance on the validity of the assignment. Unless otherwise provided, the assignee may exercise all rights granted by this contract except: • the right to change the Owner or Beneficiary; and • the right to elect an annuity payout option. Assignments are subject to all payments made or actions taken by us on or before the Valuation Date we accept the assignment at our Customer Service OfficeCenter at the address shown on the cover page. On request we will give you a receipt signed by our treasurer. TRANSFERS Transfers between the Term Indexed Division and the Annual Interest Division, as well as transfers between Guarantee Periods of the Term Indexed Division are not allowed, except as provided under How We Measure The Contract's Accumulation Value. HOW WE MEASURE THE CONTRACT'S ACCUMULATION VALUE -------------------------------------------------------------------------------- CONTRACT ACCUMULATION VALUE The Contract's Accumulation Value is the sum of the Accumulation Value in the Term Indexed Division and the Annual Interest Division as determined below.

Change of Owner or Beneficiary. The Owner During your lifetime and while this Contract is in effect, you may change the transfer ownership of this contract by Contract or change the Beneficiary. To make any of these changes, you must send us written notice of the change in a written request in Good Order. Such change may be subject form satisfactory to state and federal gift taxes, federal income taxes and penalty taxesus. If there are joint Joint Owners, both Owners must agree in writing to any change of ownershipthe change. Any new Owner must meet our issue requirements in effect on the Valuation Date we receive your written request in Good Order at our Customer Service Office. A change of Owner may impact the death benefit provided under this contract. Please see the Death Benefit section for more information. Subject to any existing assignment, the Owner may change the Beneficiary at any time. In the case of a Non-Natural Owner, we may require that the Non-Natural Owner be named the Primary Beneficiary. Unless otherwise specified by the Owner, the Owner or Beneficiary The change will take effect as of the date day the request notice is signed, whether . The change will not affect any payment made or not action taken by us before recording the Owner or Annuitant is living when we receive the request in Good Order change at our Customer Service OfficeCenter. See "Proceeds Payable to Beneficiary." GA-IA-1100 7 -------------------------------------------------------------------------------- HOW WE MEASURE THE CONTRACT'S ACCUMULATION VALUE -------------------------------------------------------------------------------- SINGLE PREMIUM PAYMENT This is a single premium annuity. However, the change single premium may be paid in one lump sum or in installments during the first Contract Year. Any such planned installments must be identified at the time the Contract is issued and be received by us at our Customer Service Center within 60 days after the Contract Date. There is no penalty if a planned installment is not paid. PREMIUM PAYMENT ALLOCATION Premium will be allocated among the Divisions of the Separate Account as elected by you. Any premium installments will be allocated in the same manner, unless you specify otherwise. Where to Make Payments Remit the Premium Payments to our Customer Service Center at the address shown on the cover page. On request we will give you a receipt signed by our treasurer. TRANSFERS You may transfer Accumulation Value between Divisions of the Separate Account only during the 30-day period immediately prior to the expiry of a Guarantee Period. Such transfers will occur on the Maturity Date of the ending Guarantee Period. Surrender Charges and Market Value Adjustments will not apply to any payments made such transfers. GUARANTEE PERIODS We offer Guarantee Periods of 5, 7 and 10 years. From time to time, we may offer Guarantee Periods of durations other than those available on the Contract Date. We also reserve the right to cease offering a particular Guarantee Period or actions taken by us before Periods. At the request time the Contract is received. Assignment We will not be bound by issued, you elect an assignment unless it is received at our Customer Service Office in Good Order and is accepted Initial Guarantee Period from among the durations then being offered by us. An assignment must The Guarantee Period elected applies to all Divisions of the Separate Account. Only one Guarantee Period will be signed and dated by both in effect at any one time. Upon the assignor and expiry of a Guarantee Period (the assignee andGuarantee Period Maturity Date), as applicable, by the Beneficiarya subsequent Guarantee Period will begin. Unless otherwise specified by the Owner, an assignment is effective on the date the notice of assignment is signedGuarantee Period Maturity Dates will always coincide with a Contract Anniversary. The rights of any Owner or Beneficiary and the entire contract, as defined in The Contract provision set forth in the General Provisions section, Initial Guarantee Period Maturity Date applies to all installment payments received. Each subsequent Guarantee Period will be subject the same length as the previous Guarantee Period, unless: a) you elect a different duration from among those then being offered by us; or b) the new Guarantee Period would extend beyond the Annuity Commencement Date then in effect. If the period remaining from the expiry of the previous Guarantee Period to the assignmentAnnuity Commencement Date is less than the period you have elected or the period expiring, the next shortest period then available that will not extend beyond the Annuity Commencement Date will be offered to you. We will rely solely on the assignee’s statement as notify you prior to the amount Guarantee Period Maturity Date of your options for renewal. In order to elect a different Guarantee Period, you must notify us in writing before the Maturity Date of the assignee’s interestGuarantee Period then ending. We will You may not be responsible for any tax consequences arising from or select a Guarantee Period that would extend beyond the validity of any assignment, or for any actions taken Annuity Commencement Date then in reliance on the validity of the assignment. Unless otherwise provided, the assignee may exercise all rights granted by this contract except: • the right to change the Owner or Beneficiary; and • the right to elect an annuity payout option. Assignments are subject to all payments made or actions taken by us on or before the Valuation Date we accept the assignment at our Customer Service Officeeffect.

Change of Owner or Beneficiary. The Owner may and Beneficiary will be those named in the application until You change the ownership of this contract by a written request in Good Orderthem. Such To change may be subject to state and federal gift taxes, federal income taxes and penalty taxes. If there are joint Owners, both Owners must agree in writing to any change of ownership. Any new Owner must meet our issue requirements in effect on the Valuation Date we receive your written request in Good Order at our Customer Service Office. A change of Owner may impact the death benefit provided under this contract. Please see the Death Benefit section for more information. Subject to any existing assignment, the Owner may change the Beneficiary at any time. In the case of a Non-Natural Owner, we may require that the Non-Natural Owner be named the Primary Beneficiary. Unless otherwise specified by the Owner, the Owner or Beneficiary Beneficiary, notify Us In Writing while the Insured is alive. After We receive written notice, the change will take effect be effective as of the date the request is signedYou signed such notice, whether or not the Owner or Annuitant Insured is living when we We receive the request in Good Order at our Customer Service Officeit. However, the change will not apply be subject to any payments payment We made or actions We may have taken by us before We received the request is receivedrequest. Assignment We will not be bound by an ASSIGNMENT You may assign this policy. Until You notify Us In Writing, no assignment unless it is received at our Customer Service Office in Good Order and is accepted by us. An assignment must be signed and dated by both the assignor and the assignee and, as applicable, by the Beneficiary. Unless otherwise specified by the Owner, an assignment is effective on the date the notice of assignment is signed. The rights of any Owner or Beneficiary and the entire contract, as defined in The Contract provision set forth in the General Provisions section, will be subject to the assignmenteffective against Us. We will rely solely on the assignee’s statement as to the amount of the assignee’s interest. We will are not be responsible for any tax consequences arising from or the validity of any assignment, or . VOTING RIGHTS The Company shall notify the Owner of any Fund shareholders meeting at which the shares held for any actions taken in reliance on the validity Owner's Account may be voted and shall also send proxy materials and a form of instruction by means of which the Owner can instruct the Company with respect to the voting of the assignmentshares held for the Owner's Account. Unless otherwise providedIn connection with the voting of Fund shares held by it, the assignee may exercise all rights granted Company shall arrange for the handling and tallying of proxies received from Owners. The Company will vote the Fund shares held by this contract except: • it in accordance with the instructions received from the Owners having the right to change give voting instructions. If an Owner desires to attend any meeting which shares held for the Owner's benefit may be voted, the Owner may request the Company to furnish a proxy or Beneficiary; and • otherwise arrange for the exercise of voting rights with respect to the Fund shares held for such Owner's Account. In the event that the Owner gives no instructions or leaves the manner of voting discretionary, the Company will vote such shares of the appropriate Fund in the same proportion as shares of that Fund for which instructions have been received. Also, the Company will vote the Fund shares in this proportionate manner which are held by the Company for its own Account. SUBSTITUTION The Company reserves the right to elect an annuity payout optionsubstitute the shares of another registered investment company for the shares of any Fund already purchased or to be purchased in the future by the Separate Account provided that the substitution has been approved by the Securities and Exchange Commission. Assignments are VL-ALPINE SAMPLE Page 17 PRINTED IN U.S.A. OWNERSHIP AND BENEFICIARY (CONTINUED) CHANGE IN THE OPERATION OF THE SEPARATE ACCOUNT At the Company's election and subject to all payments made any necessary vote by persons having the right to give instructions with respect to the voting of the Fund shares held by the Sub-Accounts, the Variable Account may be operated as a management company under the Investment Company Act of 1940 or actions taken it may be deregistered under the Investment Company Act of 1940 in the event registration is no longer required. Deregistration of the Variable Account requires an order by us on or before the Valuation Date we accept Securities and Exchange Commission. OWNER'S RIGHTS While the assignment at our Customer Service Office.Insured is alive and no Beneficiary is irrevocably named, You may: