NAMING AND CHANGING OF BENEFICIARIES UNDER PAYMENT PLANS. For Payment Plans Elected By Owner. If the Owner of the contract elected a payment plan, a direct beneficiary may name and change the contingent beneficiaries and further payees of the direct beneficiary's share of the benefits only if: . the direct beneficiary was the Owner of the contract; or . no contingent beneficiary or further payee of that share is living.
Appears in 7 contracts
Samples: Flexible Payment Variable Annuity Contract (NML Variable Annuity Account A), Flexible Payment Variable Annuity Contract (NML Variable Annuity Account B), Flexible Payment Variable Annuity (NML Variable Annuity Acct C of Northwestern Mut Life Ins Co)
NAMING AND CHANGING OF BENEFICIARIES UNDER PAYMENT PLANS. For Payment Plans Elected By Owner. If the Owner of the contract Contract elected a payment plan, a direct beneficiary may name and change the contingent beneficiaries and further payees of the direct beneficiary's ’s share of the benefits only if: . • the direct beneficiary was the Owner of the contractContract; or . • no contingent beneficiary or further payee of that share is living.
Appears in 2 contracts
Samples: Flexible Payment Variable Annuity Contract (NML Variable Annuity Acct C of Northwestern Mut Life Ins Co), Flexible Payment Variable Annuity Contract (NML Variable Annuity Acct C of Northwestern Mut Life Ins Co)
NAMING AND CHANGING OF BENEFICIARIES UNDER PAYMENT PLANS. For Payment Plans Elected By OwnerFOR PAYMENT PLANS ELECTED BY OWNER. If the Owner of the contract elected a payment plan, a direct beneficiary may name and change the contingent beneficiaries and further payees of the direct beneficiary's share of the benefits only if: . - the direct beneficiary was the Owner of the contract; or . - no contingent beneficiary or further payee of that share is living.
Appears in 1 contract
Samples: Flexible Payment Variable Annuity Contract (NML Variable Annuity Account B)
