Common use of ELECTION OF AN OPTION Clause in Contracts

ELECTION OF AN OPTION. You may elect an option by Written Notice during the Insured's lifetime. The option must be elected before proceeds become payable. Assignees and third-party owners may elect an option only with our consent. Each payee under Options 4 and 5 must be a natural person. If Death Proceeds are payable, the beneficiary may elect a settlement option provided that:

ELECTION OF AN OPTION. You may elect an option by Written Notice during the Insured's lifetime. The option must be elected before proceeds become payable. Assignees and third-party owners may elect an option only with our consent. Each Election of Option 4 may be made only if the payee under Options 4 and 5 must be is a natural personperson who is the Insured or a beneficiary. If Death Proceeds are payable, the beneficiary may elect a settlement option within one year from the date of death provided that:

ELECTION OF AN OPTION. You may elect an option by Written Notice during the Insuredan Annuitant's lifetime. The option must be elected before proceeds become payable. Assignees and third-party owners may elect an option only with our consent. Each payee under Options 4 4, 4V, 5 and 5 5V must be a natural personperson who is an Annuitant or a beneficiary. If Death Proceeds are payable, the beneficiary may elect a settlement option provided that:

ELECTION OF AN OPTION. You may elect an option by Written Notice during the Insured's lifetime. The option must be elected before proceeds become payable. Assignees and third-party owners may elect an option only with our consent. Each Election of Option 4 may be made only if the payee under Options 4 and 5 must be is a natural personperson who is the Insured or a beneficiary. * If Death Proceeds are payable, the beneficiary may elect a * settlement option provided that: