Common use of elected by Owner Clause in Contracts

elected by Owner. The Owner may elect an income plan for each Beneficiary’s share of the Life Insurance Benefit while the Insured is living. When electing the income plan, the Owner may name the beneficiaries of that income plan, if applicable. The Beneficiary may name and change beneficiaries of the income plan only if: • the Beneficiary was the Owner of this Policy; or • the Owner does not name any beneficiaries for the income plan or those named are not alive.

elected by Owner. The Owner may elect an income plan for each Beneficiary’s share of the Life Insurance Benefit while the Insured is living. When electing the income plan, the Owner may name the beneficiaries of that income plan, if applicable. The Beneficiary may name and change beneficiaries of the income plan only if: • · the Beneficiary was the Owner of this Policy; or • · the Owner does not name any beneficiaries for the income plan or those named are not alive.