OWNER AND BENEFICIARY. Owner – The Owner of this Policy is as shown in the Policy Specifications or as later changed by Written Request. If you change the Owner, the change is effective on the date the Written Request is signed, unless otherwise specified by the Owner, subject to our receipt of it and subject to any action taken or payment made by us prior to its receipt. If there are two or more Owners, they will own this contract as joint tenants with right of survivorship, unless otherwise provided by Written Request. We recommend you consult a qualified tax advisor before requesting a change of Owner.
OWNER AND BENEFICIARY. Owner The Owner of the Policy is named in the Application (see copy attached); but the Owner can be changed. The new Owner will succeed to all rights of the Owner, including the right to make a further change of Owner. At the death of the Owner, his or her estate will be the Owner, unless a successor Owner has been named. In this Policy "
OWNER AND BENEFICIARY. 6 PREMIUMS................................................................. 6
OWNER AND BENEFICIARY. The Trustee shall apply for and be the owner of each life insurance contract held under this Plan and also shall be named as the beneficiary of each such life insurance contract. In the event of the Participant's death prior to the date as of which the Participant's Account becomes payable under the Plan, the Trustee, as beneficiary, shall pay the entire proceeds of such life insurance contracts to the Participant's Account which shall then be distributed to the surviving Spouse or, if applicable, to the Participant's Beneficiary in accordance with section 10. Under no circumstances shall the Fund retain any part of the proceeds of any life insurance contracts. In the event of a conflict between the terms of the Plan and the terms of any life insurance contracts held under this Plan, the Plan provisions shall control.
OWNER AND BENEFICIARY. 3.1 WHAT ARE YOUR RIGHTS The owner has all rights, title and interest in AS OWNER OF THIS this contract during the accumulation period CONTRACT? while the annuitant is living. You may exercise all rights and options stated in this contract, subject to the rights of any irrevocable beneficiary. Assignment of your contract as collateral security will not be allowed.
OWNER AND BENEFICIARY. Owner The Owner is the person to whom this contract is issued, or named as an Owner in any later change shown in our records. The Owner alone has the right to receive all benefits and exercise all rights this contract grants or we allow. If this contract is issued as a Qualified Contract, the Annuitant must be the person for whose benefit the contract is purchased and the Owner will be either the qualified plan or the person for whose benefit the contract is purchased, whichever is required by the applicable section of the Internal Revenue Code. Joint Owners If this contract is issued to more than one person or more than one person is named as Owner in any later change, as shown in our records, we consider them to be joint Owners. Each joint Owner will possess an undivided interest in the contract. Each joint Owner named in our records must sign any written request for a contract transaction. All references to “Owner”, “you” or “your”, are deemed to include all joint Owners, unless otherwise specified. Non-transferability of Ownership Notwithstanding any other provision of this contract, if this contract is considered a Qualified Contract unless we determine that the transaction conforms with the requirements of the applicable section of the Internal Revenue Code, the Owner may not: • change the ownership; • change the Annuitant; • sell or assign this contract; • pledge this contract as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person other than GIAC, unless the Owner is: • the trustee of any employee trust qualified under the Internal Revenue Code; • the custodian of a custodial account treated as such; or • the employer under a qualified non-trusteed pension plan.
OWNER AND BENEFICIARY. Section 3
OWNER AND BENEFICIARY. 21 DEATH PROCEEDS............................................................. 21
OWNER AND BENEFICIARY. 7 PAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 VALUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 TRANSFERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
OWNER AND BENEFICIARY. OWNER During the lifetime of the Annuitant and before the Annuity Date, the Owner will be as shown on the Specifications page unless changed in accordance with the terms of this contract. On and after the Annuity Date, the Annuitant will be the Owner unless the Owner immediately prior to the Annuity Date is not a person. In that case, ownership will remain the same on and after the Annuity Date. The Owner may exercise all rights and options granted in this contract or by the Company, subject to the consent of any irrevocable Beneficiary. Where the contract is owned jointly, the consent of both is required in order to exercise any ownership rights. ASSIGNMENT The Owner may be changed at any time prior to the Annuity Date and while the Annuitant is alive. Only the Owner may assign this contract. An absolute assignment will transfer ownership to the assignee. This contract may also be collaterally assigned as security. The limitations on ownership rights while the collateral assignment is in effect are stated in the assignment. Additional limitations may exist for contracts issued under provisions of the Internal Revenue Code. An assignment will take place only when the Company has received Written Notice and recorded the change at the Principal Office. The Company will not be deemed to know of the assignment until it has received Written Notice. When recorded, the assignment will take effect as of the date it was signed. The assignment will be subject to payments made or actions taken by the Company before the change was recorded. The Company will not be responsible for the validity of any assignment nor the extent of any assignee's interest. The interests of the Annuitant and the Beneficiary will be subject to any assignment.
