Primary Annuitant Clause Samples
The 'Primary Annuitant' clause defines the individual whose life expectancy is used to determine the payment schedule and duration of an annuity contract. In practice, this means that the annuity payments are calculated based on the age and life of the primary annuitant, and benefits typically cease upon their death unless otherwise specified. This clause is essential for clarifying whose life events trigger payment obligations, thereby ensuring accurate benefit calculations and reducing ambiguity for both the insurer and the policyholder.
Primary Annuitant. The individual that is named in the Contract, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. Purchase Payment – An amount paid to us, by or on behalf of an Owner, as consideration for the benefits provided under this Contract.
Primary Annuitant. The person upon whose life this contract is initially issued.
Primary Annuitant. The person upon whose life this Contract is initially issued. PURCHASE PAYMENT. A payment made by or on behalf of the Owner with respect to this Contract. SALES LOAD. A deduction made from Purchase Payments received.