CONTRACT CONTINUATION OPTION. If the surviving spouse of the deceased Owner is the beneficiary, such spouse may choose to continue this Contract in force on the same terms as before such Owner's death, and the spouse shall thereafter become the "new" Owner and the beneficiary until a new beneficiary is named.
Appears in 2 contracts
Sources: Annuity Contract (Ml of New York Variable Annuity Separate Account A), Annuity Contract (Merrill Lynch Life Variable Annuity Separate Account A)
CONTRACT CONTINUATION OPTION. If the surviving spouse of the deceased Owner is the beneficiaryOwner's Beneficiary and is also the Contingent Owner, such spouse may choose to continue this Contract contract in force on the same terms as before such Owner's death, and the spouse shall thereafter become be the "new" Owner Annuitant. This option is also available if the surviving spouse and the beneficiary until a new beneficiary is nameddeceased spouse were Co-Annuitants.
Appears in 1 contract
Sources: Annuity Contract (Merrill Lynch Life Variable Annunity Separate Account)
CONTRACT CONTINUATION OPTION. If the surviving spouse of the deceased Owner is the beneficiaryBeneficiary, such spouse may choose to continue this Contract in force on the same terms as before such Owner's death, and the spouse shall thereafter become the "new" Owner and the beneficiary Beneficiary until a new beneficiary Beneficiary is named.
Appears in 1 contract
Sources: Single Premium Modified Guaranteed Annuity Contract (Merrill Lynch Life Insurance Company)