PAYMENT OF PRESENT VALUE. Following the death of the Payee and any joint Payee under a Fixed Annuity Payout, we may offer the Beneficiary payment of the present value of the unpaid remaining payments if he/she chooses not to continue annuity payouts. If the present value is payable, we calculate it this way: 1. We determine the number of unpaid remaining payments when we receive proof of death. 2. We discount the remaining payments at the rate specified in the Annuity Payout.
Appears in 2 contracts
Samples: Flexible Premium Individual Deferred Retirement Annuity Contract (Separate Account One of Northern Life Insurance Co), Annuity Contract (Separate Account One of Northern Life Insurance Co)
PAYMENT OF PRESENT VALUE. Following the death of the Payee and any joint Payee under a Fixed Annuity Payout, we may offer the Beneficiary payment of the present value of the unpaid remaining payments if he/she chooses not to continue annuity payouts. If the present value is payable, we calculate it this way:
1. We determine the number of unpaid remaining payments when we receive proof of death.; and
2. We discount the remaining payments at the rate specified in the terms of the Fixed Annuity PayoutPayout supplemental contract.
Appears in 1 contract
Samples: Flexible Premium Individual Deferred Annuity Contract (Separate Account N of Reliastar Life)
PAYMENT OF PRESENT VALUE. Following the death of the Payee Annuitant and any joint Payee Annuitant under a Fixed Annuity Payout, we may offer the Beneficiary payment of the present value of the unpaid remaining payments if he/she chooses not to continue annuity payouts. If the present value is payable, we calculate it this way:
1. We determine the number of unpaid remaining payments when we receive proof of death.; and
2. We discount the remaining payments at the rate specified in the terms of the Fixed Annuity Payout.Payout supplemental contract. 13077(LA)-15 14
Appears in 1 contract
Samples: Flexible Premium Individual Deferred Annuity Contract (Separate Account N of Reliastar Life)
PAYMENT OF PRESENT VALUE. Following the death of the Payee and any joint Payee under a Fixed Annuity Payout, we may offer the Beneficiary payment of the present value of the unpaid remaining payments if he/she chooses not to continue annuity payouts. If the present value is payable, we calculate it this way:
1. We determine the number of unpaid remaining payments when we receive proof of death.
2. We discount the remaining payments at the rate specified in the terms of the fixed Annuity Payout.
Appears in 1 contract
Samples: Right to Examine and Cancel Contract (Separate Account One of Northern Life Insurance Co)
