DEATH OF ANNUITANT AND/OR OWNER Sample Clauses

DEATH OF ANNUITANT AND/OR OWNER. 10.1 WHAT HAPPENS IF THE If the sole annuitant dies during the SOLE ANNUITANT DIES accumulation period, we will pay the death DURING THE ACCUMULATION benefit proceeds to the beneficiary. The PERIOD? beneficiary may elect one of the following options within 60 days of the date we receive due proof of death: a.) receive the death benefit in a single sum within five (5) years of the deceased annuitant's death; b.) apply the death benefit proceeds under one of the income payout options as payee, provided: 1.) payments under the income payout option begin within one (1) year of the deceased annuitant's death; and 2.) payments are made over the life of the beneficiary, or over a period not greater than the beneficiary's life expectancy. c.) continue the contract, if the beneficiary is the deceased annuitant's spouse. If the beneficiary is not the deceased annuitant's spouse, this option is not available.
Sample 1Sample 2
AutoNDA by SimpleDocs
DEATH OF ANNUITANT AND/OR OWNER. 11.1 WHAT IF THE ANNUITANT If the annuitant dies during the accumulation DIES DURING THE period, and a co-annuitant survives, no death ACCUMULATION PERIOD? benefit will be paid. If the sole annuitant dies during the accumulation period and the annuitant is not an owner, we will pay the death benefit to the beneficiary. The beneficiary may elect (within 60 days of the date we receive due proof of death) to apply this sum under one of the income payout options as payee. If the deceased annuitant is also an owner, see Section 11.2. 11.2 WHAT IF ANY OWNER If any owner dies prior to the payout date and DIES DURING THE the deceased owner is the sole annuitant, we ACCUMULATION PERIOD? will pay the death benefit to the beneficiary. The death benefit must be distributed within 5 years of the deceased owner's death. The beneficiary may elect (within 60 days of the date we receive due proof of death) to apply this sum under one of the annuity payout options as payee, provided: a.) payments under the income payout option begin not later than one (1) year after the owner's death; and b.) payments will be payable for the life of the beneficiary, or over a period not greater than the beneficiary's life expectancy. If any owner dies and the deceased owner is not the annuitant, the new owner will be the surviving owner, if any. If there are no surviving owners, the new owner will be the annuitant (unless otherwise provided). If the sole new owner is the deceased owner's spouse, the contract may be continued. If the new owner is someone other than the deceased owner's spouse, the surrender value of the contract must be distributed within 5 years of the deceased owner's death.
Sample 1

Related to DEATH OF ANNUITANT AND/OR OWNER

  • 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 Participant Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

  • Death of the Participant The Advisory Committee will direct the Trustee, in accordance with this Section 6.01(C), to distribute to the Participant's Beneficiary the Participant's Nonforfeitable Accrued Benefit remaining in the Trust at the time of the Participant's death. Subject to the requirements of Section 6.04, the Advisory Committee will determine the death benefit by reducing the Participant's Nonforfeitable Accrued Benefit by any security interest the Plan has against that Nonforfeitable Accrued Benefit by reason of an outstanding Participant loan. (1) DECEASED PARTICIPANT'S NONFORFEITABLE ACCRUED BENEFIT DOES NOT EXCEED $3,500. The Advisory Committee, subject to the requirements of Section 6.04, must direct the Trustee to distribute the deceased Participant's Nonforfeitable Accrued Benefit in a single sum, as soon as administratively practicable following the Participant's death or, if later, the date on which the Advisory Committee receives notification of or otherwise confirms the Participant's death. (2) DECEASED PARTICIPANT'S NONFORFEITABLE ACCRUED BENEFIT EXCEEDS $3,500. The Advisory Committee will direct the Trustee to distribute the deceased Participant's Nonforfeitable Accrued Benefit at the time and in the form elected by the Participant or, if applicable by the Beneficiary, as permitted under this Article VI. In the absence of an election, subject to the requirements of Section 6.04, the Advisory Committee will direct the Trustee to distribute the Participant's undistributed Nonforfeitable Accrued Benefit in a lump sum on the first distribution date following the close of the Plan Year in which the Participant's death occurs or, if later, the first distribution date following the date the Advisory Committee receives notification of or otherwise confirms the Participant's death. If the death benefit is payable in full to the Participant's surviving spouse, the surviving spouse, in addition to the distribution options provided in this Section 6.01(C), may elect distribution at any time or in any form (other than a joint and survivor annuity) this Article VI would permit for a Participant.

  • Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.

  • Death of an Employee All rights to accident pay will cease on the death of an Employee.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • ANNUITANT The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated by you subject to our underwriting rules then in effect. The Annuitant may not be changed in a Contract which is owned by a non-individual.

  • Death of Member Upon the death of the Member, the Company shall be dissolved. By separate written documentation, the Member shall designate and appoint the individual who will wind down the Company’s business and transfer or distribute the Member's Interests and Capital Account as designated by the Member or as may otherwise be required by law.

  • Death of Optionee If the Optionee shall die while in the employ of the Company, Optionee's personal representative or the person entitled to Optionee's rights hereunder may at any time within six (6) months after the date of Optionee's death, or during the remaining term of this Option, whichever is the lesser, exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of the date of Optionee's death; provided, in any case, that this Option may be so exercised only to the extent that this Option has not previously been exercised by Optionee.

  • Death of Grantee If the Grantee shall die during the term of this Option, the Grantee's legal representative or representatives, or the person or persons entitled to do so under the Grantee's last will and testament or under applicable intestate laws, shall have the right to exercise this Option, but only for the number of shares as to which the Grantee was entitled to exercise this Option in accordance with Section 2 hereof on the date of his death, and such right shall expire and this Option shall terminate one (1) year after the date of the Grantee's death or on the expiration date of this Option, whichever date is sooner. In all other respects, this Option shall terminate upon such death.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!