OWNERSHIP OF CONTRACT. Unless another Owner is named by the purchaser, the purchaser is the Owner. Upon notice to us you may assign the Contract to a new Owner. The assignment terminates all prior beneficiary designations. When the Contract is issued or the Owner is changed, the age of the Owner (or older co-owner or Annuitant, if applicable) must be less than the Maximum Owner Age shown in the Contract Schedule. Only spouses may be co-owners. The beneficiary of the co-owner spouses must be the surviving spouse. Ownership rights must be exercised by the co-owners jointly. Co-owners are deemed to be joint tenants with right of survivorship unless they indicate otherwise.
Appears in 3 contracts
Samples: Merrill Lynch Life Variable Annuity Separate Account C, Merrill Lynch Life Variable Annuity Separate Account D, Merrill Lynch Life Variable Annuity Separate Account A
OWNERSHIP OF CONTRACT. Unless another Owner is named by the purchaser, the purchaser is the Owner. Upon notice to us you may assign the Contract to a new Owner. The assignment terminates all prior beneficiary designations. When the Contract is issued or the Owner is changed, the age of the Owner (or older co-owner or Annuitant, if applicable) must be less than the Maximum Owner Age shown in the Contract Schedule. Only spouses may be co-owners. The beneficiary of the co-owner spouses must be the surviving spouse. Ownership rights must be exercised by the co-owners jointly. Co-owners are deemed to be joint tenants with right of survivorship unless they indicate otherwise.
Appears in 2 contracts
Samples: Ml of New York Variable Annuity Separate Account C, Ml of New York Variable Annuity Separate Account A
OWNERSHIP OF CONTRACT. Unless another Owner is named by the purchaser, the purchaser is the Owner. Upon notice to us you may assign the Contract to a new Owner. The assignment terminates all prior beneficiary designations. When the Contract is issued or the Owner is changed, the maximum age of the Owner (or older co-owner or Annuitantowner, if applicable) must be less than the Maximum Owner Age shown in the Contract Schedule. Only spouses may be co-owners. The beneficiary of the co-owner spouses must be the surviving spouse. Ownership rights must be exercised by the co-owners jointly. Co-owners are deemed to be joint tenants with right of survivorship unless they indicate otherwise.
Appears in 1 contract
Samples: Merrill Lynch Life Variable Annuity Separate Account A
