Common use of Death of Owner Clause in Contracts

Death of Owner. If you are not the Annuitant and you die before the Annuitant and before the Annuity Date, the death benefit proceeds will be equal to the Contract Value as of the Notice Date. If there is a Joint Owner, the death benefit proceeds will be payable upon the death of the first Owner, unless the Joint Owner is a surviving spouse and such spouse is also the sole surviving Beneficiary. If you die while the Annuitant is living and prior to the Annuity Date, we will pay the death benefit proceeds to the first among the following who is: (1) living; or (2) an entity or corporation entitled to receive the death benefit proceeds:

Death of Owner. If you are not the Annuitant and you die before the Annuitant and before the Annuity Date, the death benefit proceeds will be equal to the Contract Value as of the Notice Date. If there is a Joint Owner, the death benefit proceeds will be payable upon the death of the first Owner, unless the Joint Owner is a surviving spouse and such spouse is also the sole surviving Beneficiary. If you die while the Annuitant is living and prior to the Annuity Date, we will pay the death benefit proceeds to the first person among the following who is: is (1) living; or (2) an entity or corporation entitled to receive the death benefit proceeds: