EFFECT OF DEATH PRIOR TO THE ANNUITY COMMENCEMENT DATE Sample Clauses

EFFECT OF DEATH PRIOR TO THE ANNUITY COMMENCEMENT DATE. Death of the Annuitant or surviving Measuring Life will result in the death benefit paid to the Annuitant’s beneficiary upon request by the Contract Owner and approval by the Company, and after We receive: (a) satisfactory proof of death of the Measuring Life, as set forth in Section 3.07; (b) written authorization for payment; and (c) all required claims forms, fully completed. Payment of a death benefit will terminate any GWB payable and all other benefits under this Contract. All death benefit payments will be subject to the laws and regulations governing death benefits. Notwithstanding any provision of this Contract to the contrary, no payment of a death benefit will be allowed that does not satisfy the requirements of Section 401(a)(9) of the Code. All such requirements are herein incorporated by reference. AN-701 12 The death benefit payable on the death of the Annuitant will be distributed to the designated beneficiary(s) as follows: (a) the death benefit must be completely distributed within [5] years of the Annuitant’s date of death; or (b) an election may be made within [12 month] period after the Annuitant’s date of death for the designated beneficiary, to receive the death benefit in substantially equal installments over the life of such designated beneficiary or over a period not extending beyond the life expectancy of such designated beneficiary; provided that such distributions begin not later than [1] year after the Annuitant’s date of death. If the designated beneficiary is the surviving spouse of the Annuitant, the spouse may elect to continue to participate in this contract, rather than receive a death benefit. If a lump sum settlement is elected, the proceeds will be mailed within the time period required by the Securities and Exchange Commission following approval by Us of the claim. This payment may be postponed as permitted by the Investment Company Act of 1940, as amended.
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Related to EFFECT OF DEATH PRIOR TO THE ANNUITY COMMENCEMENT DATE

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