Common use of Ownership and Beneficiary Clause in Contracts

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 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 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 ownership requestsrights under the contract. Your entire interest is nonforfeitable. Joint owners must designate one address to which ownership is not permitted. If you are a tax-qualified trust or tax-qualified custodial account (including an IRA custodial account), your trustees or custodian properly named by your trust or custodial agreement may exercise 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 rights and privileges provided in writing signed this contract or allowed by both joint spousal ownersus. Change of Ownership You 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. However, if this contract is owned by a trustee of a tax-qualified trust or the custodian of a tax-qualified custodial account (including an IRA custodial account), such trustee or custodian may transfer ownership of the contract to the annuitant or to a qualified successor trustee or custodian. 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. We will pay the benefits equally to all primary beneficiaries living when the benefit becomes payable due to death, in accordance with your last beneficiary designation on file. If none survive, we will pay the benefits equally to all contingent beneficiaries then living. 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.