Common use of OWNERSHIP AND BENEFICIARY CHANGES Clause in Contracts

OWNERSHIP AND BENEFICIARY CHANGES. Subject to the terms of any existing Assignment, you may name a new Owner, a new Primary Beneficiary or a new Contingent Beneficiary; provided that you may not change or remove an irrevocable Beneficiary without obtaining his or her written consent in a form acceptable to us. Any new choice of Owner, Primary Beneficiary or Contingent Beneficiary will revoke any prior choice. Any change must be made in writing and recorded at the Home Office. The change will become effective as of the date the written request is signed, whether or not the Owner is living at the time the change is recorded. A new choice of Primary Beneficiary or Contingent Beneficiary will not apply to any payment made or action taken by FSBL prior to the time it was received. FSBL may require the Contract be returned so these changes may be made. -------------------------------------------------------------------------------- PURCHASE PAYMENT PROVISIONS -------------------------------------------------------------------------------- FLEXIBLE PURCHASE PAYMENTS This Contract will not be in force until we receive at our Home Office the initial Purchase Payment. You may make additional Purchase Payments at any time before the Annuity Start Date, while the Owner is living, and this Contract is in force. Purchase Payments are payable in U.S. dollars and checks should be made payable to FSBL.