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: Ira Annuity Contract (Merrill Lynch Life Variable Annuity Separate Account D), Annuity Contract (Merrill Lynch Life Variable Annuity Separate Account A), Annuity Contract (Merrill Lynch Life Variable Annuity Separate Account C)
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: Annuity Contract (Ml of New York Variable Annuity Separate Account C), Annuity Contract (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: Annuity Contract (Merrill Lynch Life Variable Annuity Separate Account A)
