The Beneficiary. The Beneficiary is an individual or entity designated by you to receive the Death Benefit. A Beneficiary’s status may be changed at any time prior to the Annuity Commencement Date unless you designate such Beneficiary as an Irrevocable Beneficiary. An Irrevocable Beneficiary cannot be changed without the consent of the Irrevocable Beneficiary. You may designate one or more (i) primary Beneficiaries and (ii) contingent Beneficiaries. These classes set the order under which the Death Benefit is paid. If all the primary Beneficiaries die before any Owner (or, if the Owner is not a natural person, any Annuitant), the contingent Beneficiary shall take the place of, and be deemed to be, the primary Beneficiary, and the Death Benefit will be paid to the contingent Beneficiary. If there are multiple Beneficiaries, the Death Benefit shall be paid in equal shares to all Beneficiaries in the same class (primary or contingent, as applicable) unless you provide Notice to Us directing otherwise. If there are Joint Owners, at the death of the first Owner, any surviving Owner shall take the place of, and be deemed to be, the primary Beneficiary. This will override any other Beneficiary designation. IU-IA-3096 7 If there is a single natural Owner and all Beneficiaries die before the Owner, or if no Beneficiary has been designated at the time of the Owner’s death, the Owner’s estate will be deemed to be the primary Beneficiary. If the Owner is not a natural person and all Beneficiaries die before any Annuitant, or if no Beneficiary has been designated at the time of any Annuitant’s death, the Owner will be deemed to be the primary Beneficiary. We will deem any Beneficiary to have predeceased the Owner if:
(1) such Beneficiary died at the same time as the Owner;
(2) such Beneficiary died within twenty-four hours after the Owner’s death; or
(3) there is not sufficient evidence to determine that the Beneficiary and Owner died other than at the same time. To make a Beneficiary change, you must provide Notice to Us. Unless you specify otherwise, such change cancels any existing Beneficiary designations in the same class (primary or contingent) and will take effect as of the date Notice to Us is received. The rights of any Beneficiary (if a natural person), including an Irrevocable Beneficiary, will end if he or she dies prior to the Owner and will pass to any other Beneficiary (which, if a natural person, must be then living) as described in this Section 3.4 unless you provide N...
The Beneficiary. The Beneficiary may succeed to ownership in accordance with the Rights of Succession section (Article 6, section 6.01)
The Beneficiary. The beneficiary is/are the person(s) nominated by the Contract Owner and entitled to cash the benefits of this Contract in case of death of the Life Assured.
The Beneficiary. A Beneficiary’s status may be changed at any time prior to the Annuity Commencement Date unless you designate such Beneficiary as an Irrevocable Beneficiary. An Irrevocable Beneficiary cannot be changed without the consent of the Irrevocable Beneficiary. You may designate one or more classes of Beneficiaries: (i) primary Beneficiaries and (ii) contingent Beneficiaries. The Death Benefit will be paid to the primary Beneficiary. If all the primary Beneficiaries die before the Annuitant, the contingent Beneficiary shall take the place of, and be deemed to be, the primary Beneficiary. If there are multiple Beneficiaries, the Death Benefit shall be paid in equal shares to all primary Beneficiaries unless you provide Notice to Us directing otherwise. In the case of a single life MGWB, if the Annuitant is the Owner and no Beneficiaries are alive or have been designated at the time of the Annuitant’s death, the Annuitant’s estate will be deemed to be the primary Beneficiary. In the case of a Joint and Survivor MGWB, the Annuitant’s spouse will be deemed to be the sole primary Beneficiary notwithstanding any other Beneficiary designation made. In the case of a Joint and Survivor MGWB, if the Annuitant’s spouse is the Owner and no Beneficiaries are alive or have been designated at the time of the Annuitant’s spouse’s death, then the estate of the Annuitant’s spouse will be deemed to be the primary Beneficiary. If the Owner is not a natural person and all Beneficiaries die before the Annuitant (or the Annuitant’s spouse, if applicable), or if no Beneficiary has been designated at the time of the Annuitant’s death (or the Annuitant’s spouse’s death, if applicable), the Owner will be deemed to be the primary Beneficiary. We will deem any Beneficiary to have predeceased the Annuitant, if: (1) Such Beneficiary died at the same time as the Annuitant; (2) Such Beneficiary died within twenty-four hours after the Annuitant’s death; or (3) There is not sufficient evidence to determine that the Beneficiary and Xxxxxxxxx died other than at the same time. To make a Beneficiary change, you must provide Notice to Us. Unless you specify otherwise, such change cancels any existing Beneficiary designations in the same class (primary or contingent) and will take effect as of the date Notice to Us is signed by the Owner, subject to any payments we make or actions we take prior to receipt of such Notice to Us. The rights of any Beneficiary (if a natural person), including an Irrevocable...
The Beneficiary. The Beneficiary is the person to whom we pay the Death Benefit if any Owner dies prior to the Annuity Commencement Date. See "Proceeds Payable to the Beneficiary" for more information. We pay Death Benefits to the primary Beneficiary (unless there are Joint Owners in which case the Death Benefit is payable to the surviving Owner). If the primary Beneficiary dies before the Owner, the Death Benefit is paid to the Contingent Beneficiary, if any. If there is no surviving Beneficiary, we pay the Death Benefit to the Owner's estate.
The Beneficiary. The Beneficiary may succeed to ownership in accordance with the Rights of Succession section of the Contract. Ownership succession may occur upon the death of both the Owner and Annuitant. The Owner may name one or more Beneficiaries. If more than one Beneficiary succeeds to ownership of the Contract, each will share ownership equally unless otherwise specified.
The Beneficiary a) Upon establishment of the Plan the Subscriber shall designate in the space provided on the application a Beneficiary in respect of the Plan.
b) Before an individual may be designated a Beneficiary, the individual’s Social Insurance Number must be provided to the Promoter and either
(i) the individual must be a resident in Canada when the designation is made, or
(ii) the designation is made in conjunction with a transfer of property into the Plan from another Registered Education Savings Plan under which the individual was a beneficiary immediately before the transfer.
c) Notwithstanding (b) above, a Social Insurance Number need not be provided in respect of a designation of a non-resident individual as a Beneficiary under the Plan, if the individual was not assigned a Social Insurance Number before the designation is made, and the designation is being made in conjunction with a transfer of property into the Plan from another Registered Education Savings Plan entered into before 1999 under which the individual was a beneficiary immediately before the transfer.
d) The Subscriber may at any time and from time to time thereafter revoke the designation of any Beneficiary and designate another beneficiary (a "Replacement Beneficiary") in respect of the Plan.
e) The Subscriber may also specify, by advising the Promoter in writing, a Designated Educational Institution that will receive any remaining amount held by the Trustee under the Plan on the Termination Date referred to in Section 15. The Subscriber may at any time thereafter change or revoke the Designated Educational Institution as specified.
f) Any change made by the Subscriber as provided in (d) or (e) above shall be made by written instrument in form and substance satisfactory to the Promoter which adequately identifies the Plan and the Subscriber's instructions, is dated and executed by the Subscriber and is delivered to the Promoter. If more than one such instrument is delivered to the Promoter, the one bearing the latest execution date shall govern.
g) The Subscriber shall, on designating a Beneficiary or a Replacement Beneficiary, advise the Promoter in writing of the age and residential address of the Beneficiary or Replacement Beneficiary, as the case may be, and, if the Beneficiary or Replacement Beneficiary is under 19 years of age at the time, whether the Beneficiary or Replacement Beneficiary ordinarily resides with a parent, as defined in the Tax Act and if so, the name and residential add...
The Beneficiary. What Are the Rights of the Beneficiary.................16
The Beneficiary. This is the person or entity that will receive the income or principal from the trust. This can be the settlor (and the settlor’s spouse) during his or her lifetime and the settlor’s children (or anyone else or a charity the settlor chooses to name) after the settlor’s death.
The Beneficiary. The Beneficiary is the person to whom we pay the Death Benefit if any Owner dies prior to the Annuity Commencement Date. See "Proceeds Payable to the Beneficiary" for more information. We pay Death Benefits to the primary Beneficiary (unless there are Joint Owners in which case the Death Benefit is payable to the surviving Owner). If the primary Beneficiary dies before the Owner, the Death Benefit is paid to the Contingent Beneficiary, if any. If there is no surviving Beneficiary, we pay the Death Benefit to the Owner's estate. INTRODUCTION TO THIS CONTRACT (continued) -------------------------------------------------------------------------------- One or more persons may be named as primary Beneficiary or contingent Beneficiary. In the case of more than one Beneficiary, unless you specify otherwise, the Death Benefit will be paid in equal shares to the surviving Beneficiaries. Unless you designate an irrevocable Beneficiary, you have the right to change Beneficiaries. When an irrevocable Beneficiary has been designated, you and the irrevocable Beneficiary may have to act together to exercise the rights and options under this Contract. When naming or changing the Beneficiary(ies), you may specify the form of payments of the Death Benefit. We will honor the specified form of payment to the extent permitted under Section 72(s) of the Internal Revenue Code of 1986, as amended ("the Code"). If the form of payment is not specified, the Beneficiary(ies) may determine the manner of payment, to the extent allowed by the Code. CHANGE OF OWNER OR BENEFICIARY During your lifetime and while this Contract is in effect, you may transfer ownership of this Contract or change the Beneficiary. To make any of these changes, you must send us written notice of the change in a form satisfactory to us. If there are multiple (Joint) Owners, all must agree to the change. The change will take effect as of the day the notice is signed. The change will not affect any payment made or action taken by us before recording the change at our Customer Service Center. A Change of Owner may affect the Benefit payable under this Contract. See the "Death Benefit" provision. IU-IA-3020 10 PREMIUM PAYMENTS AND ALLOCATION CHANGES -------------------------------------------------------------------------------- INITIAL PREMIUM The payment of the Initial Premium is required to put this Contract into effect. The amount of the Initial Premium is shown in the Schedule. ADDITIONAL PREMIUM PAYMENTS You ma...
