the Contingent Beneficiary. If none are living (or if there is no entity or corporation entitled to assume the Owner’s rights granted by the Contract), all of the Owner’s rights granted by the Contract will be assumed by the Owner’s estate. In any event, the death benefit proceeds will be paid in accordance with Section 72(s) of the Code. These Death of Owner Distribution Rules do not apply to Qualified Contracts issued under Qualified Plans as defined in Section 401, 403, 408 or 408A of the Code or to an annuity that is a qualified funding asset as defined in Code Section 130(d) (but without regard to whether there is a qualified assignment).
the Contingent Beneficiary. If none are living (or if there is no entity entitled to receive the Death Benefit proceeds) on the date of the death, we will pay the proceeds to the Owner’s estate. If the Joint Owner is living at the time of the Owner’s death but dies prior to the claim being paid, the proceeds will be paid to the Beneficiary. If the Beneficiary and Contingent Beneficiary predecease the Owner, the proceeds will be paid to the Owner’s estate. If the Beneficiary or Contingent Beneficiary is living at the time of the Owner’s death but dies prior to the claim being paid, the proceeds will be paid to the Beneficiary or Contingent Beneficiary’s estate. If there are multiple Beneficiaries, the Death Benefit Amount will be calculated when we receive proof of death and Instructions, in a form satisfactory to us, from any Beneficiary. Any Death Benefit Amount remaining to be paid to any other Beneficiary will be invested in the Fixed Account Option and earn at least the Minimum Guaranteed Interest Rate for the Fixed Account Option.
