LIBERTY LIFE ASSURANCE COMPANY OF BOSTON
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LAST SURVIVOR This is a Joint and Last Survivor Benefit Agreement which
DEATH BENEFIT modifies coverage under this Group Contract. If this Agreement is
AGREEMENT made part of the Group Contract, coverage is extended to two
Insureds under each Certificate. The Insured individuals are
those named in the application for each Certificate. The Death
Benefit under a Certificate covered by this Agreement is payable
if the surviving Insured dies before the Maturity Date and while
coverage is in force under the Group Contract to which this
Agreement is attached. The surviving Insured is the Insured who
is living upon the death of the other Insured. No Death Benefit
is payable upon the death of the first Insured to die.
This Agreement amends the following provisions of the Group
Contract:
DEFINITIONS
The Attained Age is an Insured's age on his or her last birthday.
THE BENEFIT
In determining the Death Benefit, the applicable percentage of
the Account Value is based upon the Attained Age of the younger
Insured.
MATURITY BENEFIT
The Maturity Date provision will be based upon the Attained Age
of the younger Insured.
REINSTATEMENT
The Owner may reinstate coverage under the Group Contract subject
to the Reinstatement provision provided that: both Insureds are
alive; or one Insured is alive and the termination of coverage
without value occurred after the death of the first Insured.
MISSTATEMENT OF AGE OR SEX, ASSIGNMENT
The Misstatement of Age or Sex and Assignment provisions apply to
either Insured.
OWNER
During the lifetime of both Insureds, the rights and privileges
stated in the Certificate may be exercised only by the Owner.
BENEFICIARY
The Beneficiary is as named in the application on the Certificate
Date, and may be changed from time to time. The interest of any
Beneficiary who dies before the surviving Insured will terminate
at the death of that Beneficiary.
If no Beneficiary designation is in effect at the surviving
Insured's death, or if there is no designated Beneficiary then
living, the Owner will be the Beneficiary. However, if the
surviving Insured was the Owner, the executors or administrators
of the Insured's estate will be the Beneficiary.
CHANGE OF OWNERSHIP OR BENEFICIARY
The Owner may change the Owner or any Beneficiary by Written
Request during the lifetime of either Insured. The change will
take effect as of the date the request is signed after We
acknowledge receipt in writing, whether or not the Owner or an
Insured are living at the time of acknowledgment. The change will
be subject to any assignment, and to any payment made or action
taken by Us before acknowledgment.
INCONTESTABILITY AFTER TWO YEARS
The Incontestability After Two Years provision of the Group
Contract applies to both Insureds.
Before the end of the second year from the Certificate Date, We
will send a notice to the Owner requesting notification of the
death of any Insured. Failure to notify Us of the death of either
Insured will not avoid a contest of the Group Contract.
SUICIDE WITHIN TWO YEARS
The Suicide Within Two Years provision of the Group Contract
applies to either Insured.
COST OF INSURANCE RATE
The Cost of Insurance Rate is based on the Attained Age, sex and
rating classification of both Insureds. Pages 19 and page 20 of
the Group Contract, which contain the Guaranteed Monthly Maximum
Cost of Insurance Rates, are hereby deleted and replaced with the
following:
The Guaranteed Monthly Maximum Cost of Insurance Rates are based
on the exact age and rating class of each Insured using the
Xxxxxxx Method and the 1980 Commissioners Standard Ordinary
Mortality Table, age last birthday, or a smoker/non-smoker basis.
Each Certificate will be issued with a page showing the
Guaranteed Monthly Maximum Cost of Insurance Rates for the
specific age combination of the Insureds.
ACCELERATED DEATH BENEFIT
After the death of the first Insured, the Death Benefit may be
accelerated, subject to the conditions of the Accelerated Death
Benefit provision.
PAYMENT OF PROCEEDS
The Proceeds of a Certificate issued under the Group Contract
will be subject first to the interest of an assignee, to whom
payment will be made in one sum. We will pay any remaining
Proceeds to the Owner before the surviving Insured's death, and
to the Beneficiary after the surviving Insured's death.
Payment to the Beneficiary will be made only if We receive proof,
satisfactory to Us, of the death of both Insureds. Unless
otherwise provided, payment will be made in equal shares to those
Beneficiaries entitled to receive the Proceeds.
TERMINATION OF AN INSURED'S COVERAGE
Coverage under this Agreement will terminate when one of the
following events occur:
o the surviving Insured dies;
o an Insured's coverage matures;
o the date an Insured's coverage ends without value;
o the date an Insured's coverage is surrendered for its
Surrender Value; or
o the date the Group Contract terminates or is discontinued,
except as provided in the Continuation of Insureds' Coverage
After Discontinuance provision.
THIS AGREEMENT AND THE CONTRACT
This Agreement is made a part of the Group Contract if We have
listed it on the Contract Information page.
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EFFECTIVE DATE OF COVERAGE
Coverage under this Agreement takes effect on the Certificate
Date shown on the Certificate Information page.
/s/ Xxxxxx X. Xxxxx
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PRESIDENT
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