Common use of Death of an Owner Clause in Contracts

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. 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: