Conditions applicable to the Source Contract Clause Samples
Conditions applicable to the Source Contract. 1) The death of the Deceased Holder of the Source Contract triggers the requirement to make post-death required payments by the Required Payment Starting Date from or with respect to the proceeds of the Source Contract.
2) You must not have already made an election with the insurance company which issued the Deceased Holder’s Source Contract for the payout under Section 72(s) of the Code of the Source Contract proceeds.
3) You cannot have previously applied the value of your interest as a beneficiary under the Source Contract to an annuity payout or any other post-death substantially equal periodic payment method offered under the Source Contract in accordance with Section 72(s)(2) of the Code.
4) You must not have elected to receive the Source Contract proceeds within 5 years after the date of death of the Deceased Holder of the Source Contract, in accordance with Section 72(s)(1)(B) of the Code. Also, even if no affirmative election was made, the insurance company that issued the Deceased Holder’s Source Contract must not have applied the 5 Year Rule under Section 72(s)(1)(B) of the Code.
Conditions applicable to the Source Contract. 1) The death of the Deceased Holder of the Source Contract triggers the requirement to make post-death required payments by the Required Payment Starting Date from or with respect to the proceeds of the Source Contract.
2) You must have already made an election with the insurance company which issued the Deceased Holder’s Source Contract or any Interim Source Contract for the payout under Section 72(s) of the Code of the Source Contract proceeds. You cannot have previously applied the value of your interest as a beneficiary under the Source Contract or any Interim Source Contract to a life contingent annuity payout.
3) You must not have elected to receive the Source Contract proceeds within 5 years after the date of death of the Deceased Holder of the Source Contract, in accordance with Section 72(s)(1)(B) of the Code. Also, even if no affirmative election was made, the insurance company that issued the Deceased Holder’s Source Contract or any Interim Source Contract must not have applied the 5 Year Rule under Section 72(s)(1)(B) of the Code.
4) You must have started to receive Required Payments Under Section 72(s)(2)(B) from the Deceased Holder’s Source Contract or any Interim Source Contract at least annually in accordance with Section 72(s)(2).
Conditions applicable to the Source Contract. AND THE EXCHANGE TRANSACTION Part I – Conditions applicable to the Source Contract and Exchange Transaction where Payments have not Started under the Deceased Holder’s Source Contract
Conditions applicable to the Source Contract. AND THE EXCHANGE TRANSACTION Part I – Conditions applicable to the Source Contract and Exchange Transaction where Payments have not Started under the Deceased Holder’s Source Contract
A. Conditions applicable to the Source Contract
1) The death of the Deceased Holder of the Source Contract triggers the requirement to make post-death required payments by the Required Payment Starting Date from or with respect to the proceeds of the Source Contract.
2) You must not have already made an election with the insurance company which issued the Deceased Holder’s Source Contract for the payout under Section 72(s) of the Code of the Source Contract proceeds.
3) You cannot have previously applied the value of your interest as a beneficiary under the Source Contract to an annuity payout or any other post-death substantially equal periodic payment method offered under the Source Contract in accordance with Section 72(s)(2) of the Code.
4) You must not have elected to receive the Source Contract proceeds within 5 years after the date of death of the Deceased Holder of the Source Contract, in accordance with Section 72(s)(1)(B) of the Code. Also, even if no affirmative election was made, the insurance company that issued the Deceased Holder’s Source Contract must not have applied the 5 Year Rule under Section 72(s)(1)(B) of the Code.
B. Conditions applicable to the exchange transaction
1) Your “Section 1035 exchange” Contribution is the direct payment from the insurance company which issued the Deceased Holder’s Source Contract of the value of the amounts held by such insurance company for your benefit by reason of the death of the Deceased Holder of the Source Contract.
2) You must direct the insurance company which issued the Deceased Holder’s Source Contract to exchange your interest as a beneficiary under the Source Contract for your interest under this Inherited NQ Contract. Since you hold your interest under both the Source Contract and under this Inherited NQ Contract in your capacity as an individual who is the beneficiary at the death of the Deceased Holder of the Source Contract, we consider you the “obligee” for purposes of Section 1035 of the Code. 2024INHNQ-IE
3) You must apply the entire value of your interest as a beneficiary under the Source Contract to this Inherited NQ Contract. We do not accept partial exchanges of your interest. See, “Annuity Benefit Under This Endorsement”, Part VII of this Endorsement below.
4) We must receive the Contribution and in...