Common use of Owner Death Clause in Contracts

Owner Death. At death of any owner, all current surrender charges will be waived, however, any premium received after the deceased owner’s death will be subject to any applicable surrender charges. If the deceased owner is also the sole annuitant. Subsection C.I. “Annuitant Death” above applies. If an owner or joint owner who is not the sole annuitant dies prior to the annuity commencement date and before the entire interest in the policy is distributed, the successor owner as defined below will become the new owner, and no death proceeds are payable. The person or entity first listed below who is alive or in existence on the date of that death will become the successor owner: a) surviving owner; b) primary beneficiary; c) contingent beneficiary; or d) deceased owner’s estate. The successor owner will need to take distributions according to a), b), or c) below: a) If the sole successor owner is the deceased owner’s spouse, we will continue this policy with the successor owner as the new owner, unless the deceased owner’s spouse elects to take distribution as described in b)(1) or b)(2) below. b) If the successor owner is an individual who is not the deceased owner’s spouse, the adjusted policy value or the minimum required cash value, if greater, must be distributed: (1) by the end of 5 years after the date of the deceased owner’s death; or (2) payments (either as annuity payments or partial withdrawals) must begin no later than one year after the deceased owner’s death and must be made for a period certain or for the successor owner’s lifetime, so long as any period certain does not exceed the successor owner’s life expectancy (as defined by the Internal Revenue Code and regulations adopted under that Code). Election of this option must be made at least 60 days prior to the one year anniversary of the deceased owner’s death. c) If the successor owner is not a natural person, the adjusted policy value or the minimum required cash value, if greater, must be distributed within 5 years after the owner’s death.

Owner Death. At death of any owner, all current surrender charges will be waived, however, any premium received after the deceased owner’s death will be subject to any applicable surrender charges. If the deceased owner is also the sole annuitant. , Subsection C.I. “Annuitant Death” above applies. If an owner or joint owner who is not the sole an annuitant dies prior to the annuity commencement date and before the entire interest in the policy is distributed, the successor owner as defined below will become the new owner, and no death proceeds are payable. The person or entity first listed below who is alive or in existence on the date of that death will become the successor owner: a) surviving owner; b) primary beneficiary; c) contingent beneficiary; or d) deceased owner’s estate. The successor owner will need to take distributions according to a), b), or c) below: a) If the sole successor owner is the deceased owner’s spouse, we will continue this policy with the successor owner as the new owner, unless the deceased owner’s spouse elects to take distribution as described in b)(1) or b)(2) below. b) If the successor owner is an individual who is not the deceased owner’s spouse, the adjusted policy value or the minimum required cash value, if greater, must be distributed: (1) by the end of 5 years after the date of the deceased owner’s death; or (2) payments (either as annuity payments or partial withdrawals) must begin no later than one year after the deceased owner’s death and must be made for a period certain or for the successor owner’s lifetime, so long as any period certain does not exceed the successor owner’s life expectancy (as defined by the Internal Revenue Code and regulations adopted under that Code). Election of this option must be made at least 60 days prior to the one year anniversary of the deceased owner’s death. c) If the successor owner is not a natural person, the adjusted policy value or the minimum required cash value, if greater, must be distributed within 5 years after the owner’s death.

Owner Death. At death of any owner, all current surrender charges will be waived, however, any premium received after the deceased owner’s death will be subject to any applicable surrender charges. If the deceased owner is also the sole annuitant. Annuitant, Subsection C.I. “"Annuitant Death” " above applies. If an owner or joint owner who is not the sole annuitant an Annuitant dies prior to the annuity commencement date Annuity Commencement Date and before the entire interest in the policy is distributed, the successor owner as defined below will become the new owner, and no death proceeds are payable. The person or entity first listed below who is alive or in existence on the date of that death will become the successor owner: a) surviving owner; ; b) primary beneficiary; ; c) contingent beneficiary; or or d) deceased owner’s 's estate. The successor owner will need to take distributions according to a), b), or c) below: a) If the sole successor owner is the deceased owner’s 's spouse, we . We will continue this policy with the successor owner as the new owner, unless the deceased owner’s spouse elects to take distribution as described in b)(1) or b)(2) below. b) If the successor owner is an individual who is not the deceased owner’s 's spouse, the adjusted policy value or the minimum required cash value, if greater, Policy Value must be distributed: (1) by the end of 5 years after the date of the deceased owner’s 's death; , or (2) payments (either as annuity payments or partial withdrawals) must begin no later than one year after the deceased owner’s 's death and must be made for a period certain or for the successor owner’s 's lifetime, so long as any period certain does not exceed the successor owner’s 's life expectancy (as defined by the Internal Revenue Code and regulations adopted under that Code)expectancy. Election of this option must be made at least 60 days prior to the one year anniversary of the deceased owner’s 's death. c) If the successor owner is not a natural person, the adjusted policy value or the minimum required cash value, if greater, Policy Value must be distributed within 5 years after the owner’s 's death.

Owner Death. At the death of any owner, all current surrender charges will be waived, ; however, any premium received after the deceased owner’s death will be subject to any applicable surrender charges. If the deceased owner is also the sole annuitant. , Subsection C.I. “Annuitant Death” above applies. If an owner or joint owner who is not the sole an annuitant dies prior to the annuity commencement date and before the entire interest in the policy is distributed, the successor owner as defined below will become the new owner, and no death proceeds are payable. The person or entity first listed below who is alive or in existence on the date of that death will become the successor owner: a) surviving owner; b) primary beneficiary; c) contingent beneficiary; or d) deceased owner’s estate. The successor owner will need to take distributions according to a), b), or c) below: a) If the sole successor owner is the deceased owner’s spouse, we We will continue this policy with the successor owner as the new owner, unless the deceased owner’s spouse elects to take distribution as described in b)(1) or b)(2) below. b) If the successor owner is an individual who is not the deceased owner’s spouse, the adjusted policy value or the minimum required cash value, if greater, must be distributed: (1) by the end of 5 years after the date of the deceased owner’s death; , or (2) payments (either as annuity payments or partial withdrawals) must begin no later than one year after the deceased owner’s death and must be made for a period certain or for the successor owner’s lifetime, so long as any period certain does not exceed the successor owner’s life expectancy (as defined by the Internal Revenue Code and regulations adopted under that Codecode). Election of this option must be made at least 60 days prior to the one year anniversary of the deceased owner’s death. c) If the successor owner is not a natural person, the adjusted policy value or the minimum required cash value, if greater, must be distributed within 5 years after the owner’s death.