Ownership and Beneficiary. Owner Rights As long as the annuitant is living and unless otherwise provided in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. If this is an IRA contract, you shall be the annuitant, and during your life you will have the sole and absolute power to receive and enjoy all rights under the contract. Your entire interest is nonforfeitable. Joint ownership is not permitted. Change of Ownership If this is an IRA contract, your right to change the ownership is restricted. This contract may not be sold, assigned, transferred, discounted or pledged as collateral for a loan or as security for the performance of an obligation or for any other purpose to any person other than as may be required or permitted under Section 408 of the Code, or under any other applicable section of the Code. Your interest in this contract may be transferred to your former spouse, if any, under a divorce decree or a written instrument incidental to such divorce. If this is a nonqualified contract, you may change the ownership. Any change of ownership as provided above must be made by written request on a form approved by us. The change must be made while the annuitant is living. Once the change is recorded by us, it will take effect as of the date of your request, subject to any action taken or payment made by us before the recording. Beneficiary Beneficiaries are those you have named in the application or later changed as provided below, to receive benefits of this contract if you or the annuitant die while this contract is in force. Only those beneficiaries who are living when death benefits become payable may share in the benefits, if any. If no beneficiary is then living, we will pay the benefits to you, if living, otherwise to your estate.
Ownership and Beneficiary. Owner Rights As long as the annuitant is living and unless otherwise provided in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. Change of Ownership You may change the ownership. Any change of ownership must be made by written request on a form approved by us. The change must be made while the annuitant is living. Once the change is recorded by us, it will take effect as of the date of your request, subject to any action taken or payment made by us before the recording.
Ownership and Beneficiary. Owner Rights As long as the annuitant is living and unless otherwise provided in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. Joint Owners All joint owners must sign all ownership requests. Joint owners must designate one address to which all communications are to be sent. The death benefit described on Page 5 will be paid to the beneficiary at the death of the first joint owner to die. For joint spousal ownerships, the surviving spouse is deemed the sole beneficiary superseding any other beneficiary designation. This permits the surviving spouse the use of the spousal continuation at death described on Page 5. The deemed surviving spouse sole beneficiary may be overridden if specifically requested in writing signed by both joint spousal owners. Change of Ownership You may change the ownership. Any change of ownership must be made by written request on a form approved by us. The change must be made while the annuitant is living. Once the change is recorded by us, it will take effect as of the date of your request, subject to any action taken or payment made by us before the recording. Beneficiary Beneficiaries are those you have named in the application or later changed as provided below, to receive benefits of this contract if you or the annuitant die while this contract is in force. Only those beneficiaries who are living when death benefits become payable may share in the benefits, if any. If no beneficiary is then living, we will pay the benefits to you, if living, otherwise to your estate. For joint spousal ownerships, the surviving spouse is deemed the sole beneficiary superseding any other beneficiary designation. This permits the surviving spouse the use of the spousal continuation at death described on Page 5. The deemed surviving spouse sole beneficiary may be overridden if specifically requested in writing signed by both joint spousal owners.
Ownership and Beneficiary. Owner's Rights As long as you are living and unless otherwise provided in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. Your entire interest is non-forfeitable and non-transferable. Trust or Custodial Ownership If you are a tax qualified trust or tax qualified custodial account, then your trustees or custodian (or other successors) properly named by your trust or custodial agreement may exercise all rights and privileges provided in this contract or allowed by us. Change of Ownership (Restricted) Your right to change the ownership of this contract is restricted. This contract may not be sold, assigned, transferred, forfeited, discounted or pledged as collateral for a loan or as security for performance of an obligation or for any other purpose to any other person other than as may be required or permitted under Section 408 of the Code. Your interest in this contract may be transferred to your former spouse, if any, under a divorce decree or a written instrument incident to such divorce. However, if this contract is owned by a trustee of a tax-qualified trust or the custodian of a tax-qualified custodial account, such trustee or custodian may transfer ownership of this contract to the annuitant or to a qualified successor trustee or custodian. Such transfer shall be effective only if received by us at our home office. When so received, such transfer shall take effect as of the date of instrument, subject to any payment made or other action taken by us before such receipt.
Ownership and Beneficiary. OWNER As owner, you may exercise all rights under your policy while the insured is alive. You have the right to designate another entity to exercise your rights with our consent. You may name a contingent owner who would become the owner if you should die before the insured. CHANGE OF OWNERSHIP You may name a new owner at any time. If a new owner is named, any earlier choice of a contingent owner, beneficiary, contingent beneficiary or optional payment plan will be canceled, unless you specify otherwise. BENEFICIARY The beneficiary is the entity or entities and/or person or persons designated by the policy owner to receive insurance proceeds upon the death of the insured. You may name a contingent beneficiary to become the beneficiary if all the beneficiaries cease to exist while the insured is alive. If no beneficiary or contingent beneficiary exists when the insured dies, the owner (or the owner's estate, if applicable) will be the beneficiary. While the insured is alive, the owner may change any beneficiary or contingent beneficiary. If more than one beneficiary exists when the insured dies, we will pay them in equal shares, unless you have chosen otherwise. HOW TO CHANGE THE OWNER OR THE BENEFICIARY You may change the owner, contingent owner, beneficiary or contingent beneficiary of this policy by written notice or assignment of the policy. No change is binding on us until it is recorded at our Designated Office. Once recorded, the change binds us as of the date you signed it. The change will not apply to any payment made by us before we recorded your request. We may require that you send us this policy to make the change. COLLATERAL ASSIGNMENT Your policy may be assigned as collateral. All rights under the policy will be transferred to the extent of the assignee's interest. We are not bound by any assignment or release thereof unless and until it is in writing and is recorded at our Designated Office. We are not responsible for the validity of any assignment. SUICIDE The insurance proceeds will not be paid if the insured commits suicide, while sane or insane, within 2 years from the Date of Policy. Instead, we will pay the beneficiary an amount equal to all premiums paid, without interest, less any policy loan and loan interest and less any partial cash withdrawals. If the insured commits suicide, while sane or insane, more than 2 years after the Date of Policy but within 2 years from the effective date of any increase in the death benefit, our liabil...
Ownership and Beneficiary. OWNER RIGHTS As long as the annuitant is living and unless otherwise provided in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. CHANGE OF OWNERSHIP You may change the ownership. Any change of ownership must be made by written request on a form approved by us. The change must be made while the annuitant is living. Once the change is recorded by us, it will take effect as of the date of your request, subject to any action taken or payment made by us before the recording. BENEFICIARY Beneficiaries are those you have named in the application or later changed as provided below, to receive benefits of this contract if you or the annuitant die while this contract is in force. Only those beneficiaries who are living when death benefits become payable may share in the benefits, if any. If no beneficiary is then living, we will pay the benefits to you, if living, otherwise to your estate.
Ownership and Beneficiary. Owner's Rights As long as the annuitant is living and unless otherwise provided in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. Change of Ownership You may change the ownership. Any change of ownership must be made by written request on a form approved by us. The change must be made while the annuitant is living. Once the change is received by us, it will take effect as of the date of your request, subject to any action taken or payment made by us before the receipt. Beneficiary Beneficiaries are those you have named in the application or later changed as provided below, to receive benefits of this contract if you or the annuitant die while this contract is in force. Only those beneficiaries who are living when death benefits become payable may share in the benefits, if any. Benefits will be paid to all primary beneficiaries surviving you or the annuitant, in accordance with your last beneficiary designation on file. If none survive, proceeds will be paid to all surviving contingent beneficiaries. If no beneficiary survives you or the annuitant, we will pay the benefits to you, if living, otherwise to your estate.
Ownership and Beneficiary. Owner Rights As long as the annuitant is living and unless otherwise provided in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. If this is an XXX contract, during the life of the annuitant you will have the sole and absolute power to receive and enjoy all rights under the contract. Your entire interest is non- forfeitable.
Ownership and Beneficiary. Owner rights; Change of ownership; Beneficiary; Change of Beneficiary; Assignment .....
Ownership and Beneficiary. Owner Rights As long as the annuitant is living and unless otherwise provided in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. Change of Ownership You may change the ownership. Any change of ownership must be made by written request on a form approved by us. The change must be made while the annuitant is living. Once the change is recorded by us, it will take effect as of the date of your request, subject to any action taken or payment made by us before the recording. Beneficiary Beneficiaries are those you have named in the application or later changed as provided below, to receive benefits of this contract if you or the annuitant die while this contract is in force. Only those beneficiaries who are living when death benefits become payable may share in the benefits, if any. If no beneficiary is then living, we will pay the benefits to you, if living, otherwise to your estate.
