Common use of Optional Modes of Settlement Clause in Contracts

Optional Modes of Settlement. The Annuitant may elect that the whole or any part of any amount that would otherwise be payable to the Annuitant's designated beneficiary in a single sum be paid to such beneficiary under an optional mode of settlement, subject to the provisions of Section 4.05 and to AXA Equitable's rules in effect at the time of election. A beneficiary may make such an election after the Annuitant's death if no such election made by the Annuitant's is then in effect. Any payee under an optional mode of settlement elected pursuant to this Section may designate (with the right to revoke or to change such designation) a beneficiary to receive any amount that, in the absence of such designation, would be payable to such payee's executors or administrators. Any election of an optional mode of settlement may be revoked or changed by the Annuitant at any time before a payment is made thereunder. Any election, designation, revocation or change shall be effective as of the date written notice thereof is received by AXA Equitable at the office on the Data Pages, or any other address AXA Equitable designates in written notice to the Annuitant.

Optional Modes of Settlement. The Annuitant may elect that the whole or any part of any amount that would otherwise be payable to the Annuitant's designated beneficiary in a single sum be paid to such beneficiary under an optional mode of settlement, subject to the provisions of Section 4.05 and to AXA Equitable's rules in effect at the time of election. A beneficiary may make such an election after the Annuitant's death if no such election made by the Annuitant's is then in effect. Any payee under an optional mode of settlement elected pursuant to this Section may designate (with the right to revoke or to change such designation) a beneficiary to receive any amount that, in the absence of such designation, would be payable to such payee's executors or administrators. Any election of an optional mode of settlement may be revoked or changed by the Annuitant at any time before a payment is made thereunder. Any election, designation, revocation or change shall be effective as of the date written notice thereof is received by AXA Equitable at the office on the Data Pages, or any other address AXA Equitable designates in written notice to the Annuitant.