Common use of DEATH BENEFIT IF ANNUITANT IS AN OWNER Clause in Contracts

DEATH BENEFIT IF ANNUITANT IS AN OWNER. If the Annuitant is an Owner, the beneficiary becomes entitled to the Death Benefit upon receipt at the Home Office of satisfactory proof of the death of the Annuitant before the Maturity Date. The Death Benefit will be the Accumulation Value of the contract determined on the effective date. The effective date is the date on which proof of death is received at the Home Office. However, the effective date will be the next following Valuation Date if the proof of death is received at the Home Office either: on a Valuation Date after the close of trading on the New York Stock Exchange; or