DEATH OF OWNER OR ANNUITANT Sample Clauses

DEATH OF OWNER OR ANNUITANT. Upon the death of the Owner or the Annuitant, one of the following three provisions will apply, depending upon which Option is elected under the Death of Owner or the Death of Annuitant provisions of the Contract:
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DEATH OF OWNER OR ANNUITANT. 17 BEFORE THE ANNUITY INCOME DATE ......................... 17 AFTER THE ANNUITY INCOME DATE .......................... 17
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DEATH OF OWNER OR ANNUITANT. A benefit may be paid to the owner determined immediately after the death if, prior to the Payout Start Date: - any owner dies; or - the annuitant dies and the owner is not a natural person. If the owner eligible to receive the death benefit is not a natural person, the owner may elect to receive the benefit in one or more distributions. Otherwise, if the owner is a natural person, the owner may elect to receive a benefit either in one or more distributions or by periodic payments through an Income Plan. A Death Benefit will be paid: 1) if the owner elects to receive the Death Benefit distributed in a single payment within 180 days of the date of death, and 2) if the Death Benefit is paid as of the day the value of the Death Benefit is determined. Otherwise, the Settlement Value will be paid. In any event, the entire value of the Contract must be distributed within five (5) years after the date of death unless an Income Plan is elected or a surviving spouse continues the Contract in accordance with the following provisions. Payments from the Income Plan must begin within one year of the date of death and must be payable throughout: - the life of the owner; or
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DEATH OF OWNER OR ANNUITANT. We will pay the death benefit when we receive due proof of death while this contract is in force and before the annuity date, if -- any owner dies; or -- the annuitant dies and the owner is not a natural person. If the owner eligible to receive a benefit is not a natural person, the owner may elect to receive the benefit in one or more distributions. Otherwise, if the owner is a living individual, the owner may elect to receive a benefit either in one or more distributions or by annuity payments through an annuity option. A death benefit will be paid if: - the owner elects to receive the death benefit within 180 days of the date of death, and - payment is made as of the date we determine the value of the death benefit, as defined at the end of the death benefit provision. Otherwise, the settlement value will be paid. In any event, the entire value of the contract must be distributed within five (5) years after the date of death unless an annuity option is elected or a surviving spouse continues the contract in accordance with the following provisions. We reserve the right to extend the 180 day period when we will pay the death benefit. If an annuity option is elected, payments from the annuity option must begin within one year of the date of death and must be payable throughout: - the life of the owner; or
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DEATH OF OWNER OR ANNUITANT. If this contract is jointly owned, the following provisions apply upon the death of the first owner. If the owner is not a natural person, the annuitant is deemed to be the owner for purposes of these provisions and the following provisions would apply upon the death of the first annuitant. DEATH OF OWNER BEFORE THE MATURITY DATE If an owner dies before the maturity date, we will pay the death benefit, as described below, to the surviving joint owner. In such a case, the surviving joint owner will be deemed the beneficiary for purposes of the death benefit provisions of this contract. If there is no surviving joint owner, we will pay the death benefit to the beneficiary. If we are notified of your death before any requested transaction is completed, we will cancel the request. DEATH OF OWNER ON OR AFTER THE MATURITY DATE If an owner dies on or after the maturity date, but before we have paid all guaranteed annuity payments, we will pay the remaining guaranteed annuity payments to the surviving joint owner as payee. If there is no surviving joint owner, we will make those payments to the beneficiary as payee. After an owner’s death, all annuity payment remaining will be distributed at least as rapidly as under the method of distribution being used as of the date of the owner’s death. DEATH OF ANNUITANT BEFORE THE MATURITY DATE If the annuitant is an owner, the annuitant’s death will be treated like the death of an owner. If there is more than one annuitant, this provision applies at the death of the last surviving annuitant, provided however, if the owner is not a natural person, this provision applies at the death of the first annuitant. If the sole annuitant is not an owner and dies before the maturity date, you will become the annuitant. If there is more than one owner, the youngest owner will become the annuitant. Provided, however, if the owner is not a natural person, the annuitant’s death will be treated as the death of an owner. DEATH OF ANNUITANT ON OR AFTER THE MATURITY DATE If the annuitant dies on or after the maturity date, we will pay the payee any remaining guaranteed annuity payments based on the settlement option in place at the time of the annuitant’s death.
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DEATH OF OWNER OR ANNUITANT. A death benefit may be paid to the owner determined immediately after the death if, prior to the Payout Start Date: / / any owner dies; or / / the annuitant dies and the owner is not a natural person. If the owner eligible to receive the death benefit is not a natural person, then the owner must receive the death benefit in a lump sum within five years of the date of death. Otherwise, within 60 days of the date when the death benefit is calculated, the owner may elect to receive the death benefit under an Income Plan or in a lump sum. Payments from the Income Plan must begin within one year of the date of death and must be payable throughout: / / the life of the owner; or / / a period not to exceed the life expectancy of the owner; or / / the life of the owner with payments guaranteed for a period not to exceed the life expectancy of the owner. Any death benefit payable in a lump sum must be paid within five years of the date of death. If no election is made, funds will be distributed at the end of the five year period. If the surviving spouse of the deceased owner is the new owner, then the spouse may elect one of the options listed above or may continue the Contract in the Accumulation Phase as if the death had not occurred. If the Contract is continued in the Accumulation Phase, the surviving spouse may make a single withdrawal of any amount within one year of the date of death without incurring a Withdrawal Charge. However, any applicable Market Value Adjustment, determined as of the date of the withdrawal, will apply. DEATH BENEFIT. Prior to the Payout Start Date, the death benefit is equal to the greatest of: / / Contract Value on the date we determine the death benefit; or / / the amount that would have been payable in the event of a full withdrawal of the Contract Value on the date we determine the death benefit; or / / the Contract Value on the Death Benefit Anniversary immediately preceding the date we determine the death benefit adjusted by any purchase payments , withdrawals and charges made between such Death Benefit Anniversary and the date we determine the death benefit. The first Death Benefit Anniversary is the issue date. Subsequent Death Benefit Anniversaries are those contract anniversaries that are multiples of 7 Contract Years, beginning with the 7th contract anniversary. For example, the issue date, 7th, and 14th contract anniversaries are the first three Death Benefit Anniversaries. We will determine the value of the death benefit a...
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DEATH OF OWNER OR ANNUITANT. Upon the death of the first owner prior to the payout start date, the new owner will be the surviving joint owner(s). If there is (are) no surviving joint owner(s), the new owner will be the beneficiary(ies). The new owner will have the options described in the Options of New Owner sub-section below. For the purposes of distribution required by the Internal Revenue Code Section 72(s), the new Owner is con- sidered the designated beneficiary. If the new owner is a corporation, trust, or other nonnatural person, the Contract will terminate, the death benefit as described below will be paid to the new owner, and the new owner will not have the options described below. If the annuitant, not also an owner, dies prior to payout start date, we will pay you the death benefit described below, the Contract will terminate, and you will not have the options described below.
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DEATH OF OWNER OR ANNUITANT. BEFORE THE ANNUITY INCOME DATE Death Benefit If an Owner or an Annuitant dies, we will pay a Death Benefit equal to the Contract Value. The Contract Value will be determined as of the Effective Valuation Date. The Death Benefit will be paid to the Owner of the contract. If there is no Owner or Joint Owner, we will pay the Death Benefit to the Beneficiary. Payment of the Death Unless You have specified otherwise, the Death Benefit will be paid within 7 days of the Effective Valuation Date. Alternatively, the person entitled to the Death Benefit may, by Request, elect to receive an annuity over his or her life expectancy (or over a period not extending beyond such life expectancy), with distributions beginning within one year from the date of death. If the sole Beneficiary is the deceased Owner's spouse, the Beneficiary may elect to continue the contract as the Owner and Annuitant. As of the date of such election, annuity payments will be adjusted to reflect any change of Annuitant and Annuity Income Date. The new Annuity Income Date must be within twelve months of the Issue Date (see the Specifications Page). Any subsequent spouse of the new Owner, if named as the Beneficiary, may not continue this contract.
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DEATH OF OWNER OR ANNUITANT. If the Owner or Annuitant dies before the Rider Maturity Date, then one of the following provisions will apply depending on which Option is selected under the Death of Owner or Death of Annuitant provisions of the Contract:
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Related to DEATH OF OWNER OR ANNUITANT

  • 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 Owner If the Owner dies before the sole surviving Annuitant and before the Annuity Date, the death benefit proceeds will be equal to the Death Benefit Amount as of the Notice Date. If the Owner dies before the sole surviving Annuitant and before the Annuity Date, 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:

  • 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 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.

  • CONTINGENT ANNUITANT The person designated by the Owner who, upon the Annuitant's death prior to the Annuity Commencement Date, becomes the Annuitant.

  • Liability of Owner or Beneficial Owner for Taxes If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to any Receipt or any Deposited Securities represented by any Receipt, such tax or other governmental charge shall be payable by the Owner or Beneficial Owner of such Receipt to the Depositary. The Depositary may refuse to effect any transfer of such Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner or Beneficial Owner thereof any part or all of the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner or Beneficial Owner of such Receipt shall remain liable for any deficiency.

  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.

  • Liability of Owners The Owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of the State of Delaware.

  • 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.

  • JOINT AND SURVIVOR ANNUITY The Advisory Committee must direct the Trustee to distribute a married or unmarried Participant's Nonforfeitable Accrued Benefit in the form of a qualified joint and survivor annuity, unless the Participant makes a valid waiver election (described in Section 6.05) within the 90 day period ending on the annuity starting date. If, as of the annuity starting date, the Participant is married, a qualified joint and survivor annuity is an immediate annuity which is purchasable with the Participant's Nonforfeitable Accrued Benefit and which provides a life annuity for the Participant and a survivor annuity payable for the remaining life of the Participant's surviving spouse equal to 50% of the amount of the annuity payable during the life of the Participant. If, as of the annuity starting date, the Participant is not married, a qualified joint and survivor annuity is an immediate life annuity for the Participant which is purchasable with the Participant's Nonforfeitable Accrued Benefit. On or before the annuity starting date, the Advisory Committee, without Participant or spousal consent, must direct the Trustee to pay the Participant's Nonforfeitable Accrued Benefit in a lump sum, in lieu of a qualified joint and survivor annuity, in accordance with Section 6.01, if the Participant's Nonforfeitable Accrued Benefit is not greater than $3,500. This Section 6.04(A) applies only to a Participant who has completed at least one Hour of Service with the Employer after August 22, 1984.

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