Common use of Election and Effective Date of Election Clause in Contracts

Election and Effective Date of Election. During the lifetime of the Participant and prior to the Annuity Commencement Date, the Participant may elect to have the adjusted value of the Participant's Account applied on the Annuity Commencement Date under one or more of the Annuity Options provided in the Contract. If more than one person is named as Annuitant, due to the designation of a Co-Annuitant, the Participant may elect to name one of such persons to be the sole Annuitant as of the Annuity Commencement Date. The Participant may also change any election but any election or change of election must be effective at least 30 days prior to the Annuity Commencement Date. This election or change of election may be made by filing with the Company at its Annuity Service Mailing Address, a written election or change of election in such form as the Company may require. Any such election or change of election will become effective on the date it is received by the Company. If no such election is in effect on the 30th day prior to the Annuity Commencement Date, the adjusted value of the Participant's Account will be applied under Annuity Option B, for a life annuity with 120 monthly payments certain. - Any such election may specify the proportion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity. In the event the election does not so specify, then the portion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity will be determined on a pro rata basis from the composition of the Participant's Account on the Annuity Commencement Date. The Annuity Options in the Contract may also be elected as provided in the "Death Benefit" section of the Contract.

Appears in 1 contract

Samples: Combination Variable and Fixed Group Annuity Contract (Sun Life of Canada U S Variable Account F)

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Election and Effective Date of Election. During the lifetime of the Participant and prior to the Annuity Commencement Date, the Participant may elect to have the adjusted value of the Participant's Account applied on the Annuity Commencement Date under one or more of the Annuity Options provided in the Contract. If more than one person is named as Annuitant, due to the designation of a Co-Annuitant, the Participant may elect to name one of such persons to be the sole Annuitant as of the Annuity Commencement Date. The Participant may also change any election but any election or change of election must be effective at least 30 days prior to the Annuity Commencement Date. This election or change of election may be made by filing with the Company at its Annuity Service Mailing Address, a written election or change of election in such form as the Company may require. Any such election or change of election will become effective on the date it is received by the Company. If no such election is in effect on the 30th day prior to the Annuity Commencement Date, the adjusted value of the Participant's Account will be applied under Annuity Option B, for a life annuity with 120 monthly payments certain. - Any such election may specify the proportion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity. In the event the election does not so specify, then the portion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity will be determined on a pro rata basis from the composition of the Participant's Account on the Annuity Commencement Date. The Annuity Options in the Contract may also be elected as provided in the "Death Benefit" section of the Contract.

Appears in 1 contract

Samples: Combination Variable and Fixed Group Annuity Contract (Sun Life of Canada U S Variable Account F)

Election and Effective Date of Election. During the lifetime of the Participant and prior to the Annuity Commencement Date, the Participant may elect to have the adjusted value of the Participant's Account applied on the Annuity Commencement Date under one or more of the Annuity Options provided in the Contract. If more than one person is named as Annuitant, due to the designation of a Co-Annuitant, the Participant may elect to name one of such persons to be the sole Annuitant as of the Annuity Commencement Date. The Participant may also change any election but any election or change of election must be effective at least 30 days prior to the Annuity Commencement Date. This The Participant may make this election or change of election may be made by filing with the Company at its Annuity Service Mailing Address, a written election or change of election in such form as the Company may require. Any such election or change of election will become effective on the date it is received by that the CompanyCompany receives it. If no such election is in effect on the 30th day prior to the Annuity Commencement Date, the adjusted value of the Participant's Account will be applied under Annuity Option B, for a life annuity with 120 monthly payments certain. - Any such election may specify the proportion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity. In the event the election does not so specify, then the portion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity will be determined on a pro rata basis from the composition of the Participant's Account on the Annuity Commencement Date. The Annuity Options in the Contract may also be elected as provided in the "Death Benefit" section of the Contract.

Appears in 1 contract

Samples: Combination Variable and Fixed Group Annuity Contract (Sun Life of Canada U S Variable Account F)

Election and Effective Date of Election. During the lifetime of the Participant and prior to the Annuity Commencement Date, the Participant may elect to have the adjusted value of the Participant's Account applied on the Annuity Commencement Date under one or more of the Annuity Options provided in the Contract. If more than one person is named as Annuitant, due to the designation of a Co-Annuitant, the Participant may elect to name one of such persons to be the sole Annuitant as of the Annuity Commencement Date. The Participant may also change any election but any election or change of election must be effective at least 30 days prior to the Annuity Commencement Date. This The Participant may make this election or change of election may be made by filing with the Company Company, at its Annuity Service Mailing Address, a written election or change of election in such form as the Company may require. Any such election or change of election will become effective on the date it is received by on which the CompanyCompany receives it. If no such election is in effect on the 30th day prior to the Annuity Commencement Date, the adjusted value of the Participant's Account will be applied under Annuity Option B, for a life annuity with 120 monthly payments certain. - Any such election may specify the proportion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity. In the event the election does not so specify, then the portion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity will be determined on a pro rata basis from the composition of the Participant's Account on the Annuity Commencement Date. The Annuity Options in the Contract may also be elected as provided in the "Death Benefit" section of the Contract.

Appears in 1 contract

Samples: Combination Variable and Fixed Group Annuity Contract (Sun Life of Canada U S Variable Account F)

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Election and Effective Date of Election. During the lifetime of the Participant and prior to the Annuity Commencement Date, the Participant may elect to have the adjusted value of the Participant's Account applied on the Annuity Commencement Date under one or more of the Annuity Options provided in the Contract. If more than one person is named as Annuitant, due to the designation of a Co-Annuitant, the Participant may elect to name one of such persons to be the sole Annuitant as of the Annuity Commencement Date. The Participant may also change any election but any election or change of election must be effective at least 30 days prior to the Annuity Commencement Date. This The Participant may make this election or change of election may be made by filing with the Company at its Annuity Service Mailing Address, a written election or change of election in such form as the Company may require. Any such election or change of election will become effective on the date it is received by that the CompanyCompany receives it. If no such election is in effect on the 30th day prior to the Annuity Commencement Date, the adjusted value of the Participant's Account will be applied under Annuity Option B, for a life annuity with 120 monthly payments certain. - Any such election may specify the proportion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity. In the event the election does not so specify, then the portion of the adjusted value of the Participant's Account to be applied to provide a Fixed Annuity and/or a Variable Annuity will be determined on a pro rata basis from the composition of the Participant's Account on the Annuity Commencement Date. The Annuity Options in the Contract may also be elected as provided in the "Death Benefit" section of the Contract.

Appears in 1 contract

Samples: Combination Variable and Fixed Group Annuity Contract (Sun Life of Canada U S Variable Account F)

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