Death of Annuitant. If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.
Death of Annuitant. If the Annuitant dies before the Owner and before the Annuity Date, the death benefit proceeds will be equal to the Death Benefit Amount as of the Notice Date. Unless there is a surviving Joint Annuitant or Contingent Annuitant, we will pay the death benefit proceeds to the first among the following who is (1) living; or (2) an entity entitled to receive the death benefit proceeds; following the death of the sole surviving Annuitant:
Death of Annuitant. Upon the death of the Annuitant, who is not a Contract Owner, during the Accumulation Period, the Contract Owner may designate a new Annuitant, subject to the Company’s underwriting rules then in effect. If no designation is made within 30 days of the death of the Annuitant, the Contract Owner will become the Annuitant. If the Contract Owner is a non-natural person, the death of the Annuitant will be treated as the death of the Contract Owner and a new Annuitant may not be designated. Upon the death of the Annuitant on or after the Annuity Date, the death benefit, if any, will be as specified in the Annuity Option elected. Death benefits will be paid at least as rapidly as under the method of distribution in effect at the Annuitant’s death.
Death of Annuitant. Following the death of the Annuitant, the property of the Plan will be paid to the surviving Spouse of the Annuitant unless the surviving Spouse is not entitled to survivor benefits under Pension Legislation. The surviving Spouse may instruct the Trustee to transfer the property of the Plan to a LIRA, LIF, or life annuity as permitted by Pension Legislation and paragraph 60(l) of the Income Tax Act. If there is no surviving Spouse or where the surviving Spouse waives the spousal entitlement in the form and manner required by Pension Legislation, the property of the Plan will be paid to the person designated as beneficiary of the Plan, or if no such person has been designated, to the legal representative of the deceased Annuitant’s estate.
Death of Annuitant. No payment pursuant to Part 3 of the LIRA Addendum attached shall be made unless and until the Trustee receives releases and other documents as it may reasonably require.
Death of Annuitant. Upon the death of an Xxxxxxxxx, who is not the Owner, during the Accumulation Period, the Owner automatically becomes the Annuitant. The Owner may designate a new Annuitant, subject to the Company's underwriting rules then in effect. If the Owner is a non-natural person, the death of an Annuitant will be treated as the death of the Owner and a new Annuitant may not be designated. Upon the death of an Annuitant during the Annuity Period, the death benefit, if any, will be as specified in the Annuity Option elected. Death benefits will be paid at least as rapidly as under the method of distribution in effect at the Annuitant's death.
Death of Annuitant. On the death of an Annuitant who is not an Owner while guaranteed amounts remain unpaid under options 1, 2, 4, 5 or 7, the Owner may choose either:
Death of Annuitant. (a) Certificate Holder is Annuitant: When Beneficiary: the Certificate Holder is the Annuitant and the Annuitant dies under option 1 or 2, or both the Annuitant and the second Annuitant die under option 3(d), the present value of any remaining guaranteed payments will be paid in one sum to the Beneficiary, or upon election by the Beneficiary, any remaining payments will continue to the Beneficiary. If option 3 has been elected and the Certificate Holder dies, the remaining payments will continue to the successor payee. If no successor payee has been designated, the Beneficiary will be treated as the successor payee. If the Account has joint Certificate Holder's, the surviving joint Certificate Holder will be deemed the successor payee.
Death of Annuitant. If the Annuitant dies after Annuity Beneficiary: payments have begun, the death benefit, if any, will be payable to the Beneficiary as specified in the Annuity option elected. Death benefits will be paid at least as rapidly as under the method of distribution in effect at the or Annuitant's death. If the Contract Holder who is not the Annuitant dies after Annuity payments have begun, any remaining payments under the Annuity option elected will be made to the Beneficiary at least as rapidly as under the method of distribution in effect at the Contract Holder's death. If the Contract is held by joint Contract Holders, the survivor will be deemed the designated Beneficiary and any other Beneficiary on record will be treated as the contingent Beneficiary. Aetna will require proof of death.
Death of Annuitant. On Your death, CIBC will pay the Fund Proceeds or continue the Payments to the Successor Annuitant, as applicable (the “After Death Payment”) in accordance with the latest dated Instrument it has notice of in its records, upon receiving satisfactory evidence of Your death and any other documents CIBC may require. CIBC may delay payments for any period it may determine in its absolute discretion if it believes that a delay is required or advisable to determine the proper recipient and distribution of the After Death Payments or under any applicable law. CIBC will not be liable for any loss caused by that delay. If CIBC receives more than one Instrument or evidence of it, satisfactory to CIBC in its sole discretion, CIBC will pay in accordance with the Instrument with the most recent execution date. A Successor Annuitant or Beneficiary who disclaims or at law is treated as having disclaimed or is not entitled to the interest in the Fund arising on Your death will be deemed to have predeceased You. Subject to the terms of an Instrument, if more than one beneficiary was designated, the Fund Proceeds will be divided among those of the designated Beneficiaries who survive You, in the percentage share specified by You (if no percentage was specified, the Fund Proceeds will be divided equally); should any Beneficiary predecease You, the percentage share of the predeceased Beneficiary will be divided equally among Beneficiaries who survive You; if only one of the Beneficiaries survives You, that Beneficiary will receive the entire Fund Proceeds. If no Successor Annuitant or Beneficiary is designated, or if the Successor Annuitant or all Beneficiaries die before You the After Death Payment will be paid to the Your Estate Representative. Upon notice of Your death, CIBC will continue to hold the Fund in the Fund Options until it receives an instruction from the person or, if there is more than one entitled person, instructions from all persons, entitled to the Fund Proceeds, to dispose of the Fund Options; if there is more than one entitled person and all such persons cannot agree, within a reasonable time period as CIBC assesses, in its sole discretion as to whether Fund Options should be disposed of and how the Fund Proceeds will be distributed among such persons, CIBC will be entitled to exercise its discretion to dispose of the Fund Options and divide the resultant cash among the entitled persons as it sees fit (provided that the value of the share which is distri...
