Death of Owner. If at the Owner's death, the surviving spouse of the deceased Owner is the beneficiary and such surviving spouse elects to continue the contract as their own pursuant to Internal Revenue Code Section 72(s) or the equivalent provisions of U.S. Treasury Department rules for qualified plans, the following will apply: ( a) If the greater of: A) the lesser of 1) the Guaranteed Death Benefit and 2) the Maximum Guaranteed Death Benefit, or B) the Alternate Death Benefit as of the date we receive due proof of death of the Owner, minus the Accumulation Value, also as of that date, is greater than zero we will add such difference to the Accumulation Value. Such addition will be allocated to the divisions of the Separate Account in proportion to the Accumulation Value in the Separate Account. If there is no Accumulation Value in the Separate Account, the addition will be allocated to the Liquid Assets division, or its successor.
Appears in 7 contracts
Samples: Deferred Variable Annuity Contract (Golden American Life Insurance Co /Ny/), Guaranteed Death Benefit Endorsement (Separate Account B of Golden American Life Insurance Co), Guaranteed Death Benefit Endorsement (Golden American Life Insurance Co /Ny/)
