Death of Certificate Owner or Covered Person and Spousal Continuation Sample Clauses

Death of Certificate Owner or Covered Person and Spousal Continuation. (a) If there is only one Certificate Owner and one Covered Person, and the Certificate Owner dies before the Lock-In Date, the Certificate will terminate as of the date of death and no payments will be made under the Certificate unless the following conditions are met: — The Certificate is in force; — The Lock-In Date has not been established; — The deceased Certificate Owner’s Spouse on the date of death is the sole beneficiary of the Account; — The Spouse becomes the sole owner of the Account; — The Account is not owned by a non-individual other than an XXX trust or a trust that is a grantor trust for Federal income tax purposes; and — The Spouse meets the eligibility requirements for issuing a Certificate. If all of the above conditions are met, then the surviving Spouse may elect to continue the Certificate. In that event, the surviving Spouse will become the Certificate Owner and the Covered Person. (b) In the case of a joint life Certificate, whether owned by a single owner or jointly owned, if a Certificate Owner dies before the date on which the Insured Event occurs, the Certificate will terminate as of the date of death and no payments will be made under the Certificate unless: