Death of an Owner Sample Clauses
Death of an Owner. If an Owner dies before the Annuity Date while this Contract is in force, we will pay the death benefit to the Beneficiary. If an Owner dies on or after the Annuity Date, the Beneficiary will become the new Owner and remaining payments must be distributed at least as rapidly as under the Annuity Option in effect at the time of the Owner’s death.
Death of an Owner. Upon the death of an Owner, his or her Personal Representative (see paragraph 4.a below) will immediately be deemed to have offered to sell to the other Owners all of the deceased Owner's Units (the "Offered Units") at the Purchase Price and on the Payment Terms described in Articles II and III below. Each such other Owner shall accept such offer and agree to buy such Offered Units in proportion to his or her respective ownership of all outstanding Units (excluding the Offered Units), or in such other proportion upon which the other Owners may agree. Notwithstanding the actual closing date specified in Section III(2), the transfer of the Units shall be deemed effective as of the close of business on the date of the deceased Owner's death. The other Owners and the Personal Representative shall promptly do all things necessary to cause such transfer in accordance with this Agreement.
Death of an Owner. If an owner and the annuitant are the same person, and such person dies before the Annuity Commencement Date, then the death benefit becomes payable to the beneficiary, as described in “Death of Annuitant Before Annuity Commencement Date When the Annuitant is Not an Owner” on page 7, except that the death benefit proceeds must be distributed in accordance with the “Special Rules” described below. If an owner and the annuitant are the same person and such person dies on or after the Annuity Commencement Date, then any remaining benefit under Options V-2 or V-4 of “Variable Annuity Payout Options” on page 15 or Option F-2 and F-4 of “Fixed Annuity Payout Options” on page 16, will be paid to the beneficiary. If an owner and the annuitant are not the same person and that owner dies, then the joint owner(s), if any, becomes the new owner(s). If no joint owner(s) is named, then the beneficiary becomes the new owner. If any owner dies before the Annuity Commencement Date, this contract’s entire interest must be distributed within five years of that owner’s date of death. If any owner dies on or after the Annuity Commencement Date but before the entire interest in this contract has been distributed, the remaining portion must be distributed at least as rapidly as under the method of distribution in effect as of the date of such owner’s death. The distribution requirements set forth above will be considered satisfied as to any portion of the deceased owner’s interest which: • is payable to or for the benefit of any new owner; and • will be distributed over the life of any such new owner, or over a period not extending beyond the life expectancy of any new owner; provided such distributions begin within one year of the deceased owner’s death. In addition, if any new owner is the surviving spouse of the deceased owner, these distribution rules will be applied by treating the spouse as the owner if the surviving spouse elects (or is deemed to have elected) to continue the contract and become the owner, as described in “Spousal Continuation” on page 7. If any owner is not an individual, the annuitant will be treated as owner for purposes of these distribution requirements and any change in or death of the annuitant will be treated as the death of an owner.
Death of an Owner. Upon the death of any Owner, ownership of this contract prior to the full distribution of the death benefit proceeds will pass as follows: • any surviving Owner; if none then • any Primary Beneficiary; if none then • any surviving Contingent Beneficiary; if none then • the estate of the last surviving Owner. Upon the death of the Annuitant if the Owner is a Non-Natural Owner, the Non-Natural Owner will retain ownership of this contract prior to the full distribution of the death benefit proceeds. Upon the death of a joint Owner, any surviving Owner will be treated as the sole Primary Beneficiary.
Death of an Owner. If any Owner dies before the Annuity Commencement Date and while this Contract is in force, we will pay the death benefit, less any applicable premium tax, to the Beneficiary. If any Owner dies on or after the Annuity Commencement Date, the Beneficiary will become the new Owner and remaining payments must be distributed at least as rapidly as under the Annuity Option in effect at the time of the Owner's death. DEATH OF THE ANNUITANT - If the Annuitant is not an Owner and dies prior to the Annuity Commencement Date, the Owner will become the new Annuitant unless the Owner designates otherwise. If any Owner is not an individual, the death of the Annuitant will be treated as the death of an Owner.
Death of an Owner. If any Owner dies before the Maturity Date, the Contract Account Value (or if the deceased Owner is the Annuitant, the proceeds payable on the Annuitant's death) must be distributed to the Beneficiary within five years after the date of such death. If any Owner dies on or after the Maturity Date, any remaining payments must be distributed at least as rapidly as under the Payment Option in effect on the date of such death. These distribution requirements will be considered satisfied as to any portion of the proceeds:
1. payable to or for the benefit of a designated beneficiary; and
2. which is distributed over the life (or period not exceeding the life expectancy) of that Beneficiary, provided that such distributions begin within one year of the Owner's death. The designated beneficiary is the person designated by the Owner as Beneficiary and to whom the ownership of the Contract passes by reason of an Owner's death and must be a natural person. However, if the Owner's spouse is the designated beneficiary, the Contract may be continued with the surviving spouse as the new Owner. If the Contract has Joint Owners, the surviving Joint Owner will be the designated beneficiary. If you are not an individual, the Annuitant as determined in accordance with section 72(s) of the Internal Revenue Code (i.e. the individual the events in the life of whom are of primary importance in effecting the timing or amount of the payout under the Contract) will be treated as Owner for purposes of these distribution requirements, and any change in the Annuitant will be treated as the death of the Owner.
Death of an Owner. Upon the death of any Owner, ownership of this contract prior to the full distribution of the death benefit proceeds will pass as follows: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary; if none then • your estate. Upon the death of the Annuitant if the Owner is a Non-Natural Owner, the Non-Natural Owner will retain ownership of this contract prior to the full distribution of the death benefit proceeds.
Death of an Owner. Distribution to be made in a manner consistent with the Required Distribution Provisions a this Certificate Agreement.
Death of an Owner. If there are multiple Owners named, the age of the oldest Owner will be used to determine the applicable death benefit. If a sole Owner dies prior to the Annuity Date, We will pay the Beneficiary the death benefit then due. If the sole Owner is not an individual, We will treat the Annuitant as Owner for the purpose of determining when the Owner dies and the Annuitant's age will determine the applicable death benefit payable to the Beneficiary. The sole Owner's estate will be the Beneficiary if no Beneficiary designation is in effect, or if the designated Beneficiary has predeceased the Owner. In the case of a joint Owner dying prior to the Annuity Date, the surviving Owner will be deemed as the Beneficiary. A death benefit is determined as of the date on which Notice and Due Proof of Death and all required claim or other forms are received at the Service Center. The following options are available to the Beneficiary:
Death of an Owner. 6 Deferment....................................................................17