Death of a Joint Owner. You also agree that in the event of the death of any Joint Owner, the survivor or survivors will notify us immediately in writing that the Joint Owner has died. We may, before or after receiving this notice, take any actions, require any documents and inheritance or estate tax waivers, retain a portion of and/or restrict transactions in the Account if we deem these actions advisable in order to protect ourselves against any tax liability, penalty or loss under any present or future laws or otherwise. The estate of the deceased Joint Owner and the surviving Joint Owners will continue to be jointly and severally liable to us for any net debit balance or loss in the Account resulting from the completion of transactions initiated prior to our receipt of the written notice of death of the deceased Joint Owner or incurred in the liquidation or the adjustment of the Joint Owners and/or any third-party interests. In the event of the death of any party to a Joint Account held by spouses as tenants by the entirety or as a Joint Account with right of survivorship, you agree that the death of either of the Joint Owners shall vest the interest of the deceased tenant with the surviving tenant, who may continue to exercise full authority over the Account, subject to our set-off against the Account for any amounts owned by the decedent or any surviving Joint Owner. In the event of the death of any party to a Joint Account held as tenants in common, you agree that in the percentage of ownership of the Account held by each of the Joint Owners as of the close of business on the date of the death of the deceased Joint Owner (or on the next following business day if the date of death is not a business day) will be equal unless a different tenancy percentage is specified by the Joint Owners in the New Account Application. You also agree that any taxes, costs, expenses, or other charges which become a lien against or become payable out of the Account as a result of the death of the deceased Joint Owner or through the exercise by his or her estate or representatives of any rights in the Account will, insofar as possible, be deducted from the interest in the estate of such Joint Owner. If you designate your Account as a community property account, you agree that we will treat all property placed in the Account and any proceeds generated by the property in the Account as community property. You understand that this designation is intended only for the convenience of the parties and...
Death of a Joint Owner. If any joint owner dies prior to the annuity date, the contract must be distributed. Joint ownership should be limited to spousal joint ownership. In order for the contract to continue under the spousal Beneficiary exception, the contract owner's beneficiary designation must read "surviving spouse". If the surviving spouse is not the contract owner's Beneficiary, the contract will be distributed. If any joint owner dies on or after the annuity date, the contract must continue to be distributed at least as rapidly as the method of distributions prior to the joint owner's death. If the deceased joint owner was also the annuitant, no death benefit will be payable under the contract except as may be provided under the annuity option elected.
