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CHANGE OF OWNER definition

CHANGE OF OWNER. BENEFICIARY OR ANNUITANT - During your lifetime and while this Contract is in force you can transfer ownership of this Contract or change the Beneficiary, or change the Annuitant. (However, the Annuitant cannot be changed after the Income Date.) To make any of these changes, you must send us Satisfactory Notice. If accepted, any change in Owner, Beneficiary or Annuitant will take effect on the date you signed the notice. Any of these changes will not affect any payment made or action taken by us before our acceptance. A CHANGE OF OWNER MAY BE A TAXABLE EVENT and may also affect the amount of death benefit payable under this Contract. DEATH BENEFITS -------------------------------------------------------------------------------- DEATH BENEFIT BEFORE THE INCOME DATE - If any Owner dies before the Income Date, we will pay the Beneficiary the greatest of the following:
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CHANGE OF OWNER. Subject to the rights of an irrevocable ANNUITANT, BENEFICIARY Beneficiary, you may change the Owner, Annuitant, or Beneficiary by written request in a form acceptable to us and which is received at our Annuity Service Office. The Annuitant may not be changed after the Maturity Date. You need not send us the Contract unless we request it. Any change must be approved by us. If approved, any change of Owner, Annuitant, or Beneficiary will take effect on the date the request is signed. We will not be liable for any payments or actions we take before the change is approved. The substitution or addition of any Owner may result in the resetting of the Death Benefit to an amount equal to the Contract Value as of the date of such change. For purposes of subsequent calculations of the Death Benefit, described in Part 4, Benefits, Death Benefit Before Maturity Date, the Contract Value on the date of the change will be treated as a Payment made on that date. In addition, all anniversary values, all Payments made and all amounts deducted in connection with partial withdrawals prior to the date of the change of Owner will not be considered in the determination of the Death Benefit. This paragraph will not apply if (a) the individual whose death will cause the Death Benefit to be paid is the same after the change of Owner, or (b) if Ownership is transferred to the Owner's spouse. If any Annuitant is changed and any Owner is not an individual, the entire interest in the Contract must be distributed to the Owner within five years of the change.
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CHANGE OF OWNER. Beneficiary or Annuitant - During your lifetime and while this Contract is in force you can transfer ownership of this Contract or change the Beneficiary, or change the Annuitant. (However, the Annuitant cannot be changed (a) if there is no Owner who is a natural person, or (b) after the Income Date.) To make any of these changes, you must send us Satisfactory Notice. If accepted, any change in Owner, Beneficiary or Annuitant will take effect on the date you signed the notice. Any of these changes will not affect any payment made or action taken by us before our acceptance. A change of Owner may be a taxable event and may also affect the amount of death benefit payable under this Contract. DEATH BENEFITS -------------------------------------------------------------------------------- Death Benefit Before the Income Date - If any Owner dies before the Income Date, we will pay the Beneficiary the death benefit shown in the Schedule. In addition, we will pay the Beneficiary any rider benefits that become due upon the death of the Owner. For the purposes of the provisions entitled "Required Distributions of Proceeds on the Death of the Owner" and "Proof of Death," any rider benefits payable will be considered part of the "Death Benefit." Multiple Owners - If there are multiple Owners, the age of the oldest Owner will be used to determine the death benefit. Death Benefit When No Natural Owners - If there is no Owner who is a natural person, we will treat the Annuitant as Owner for the purpose of paying the death benefit and any rider benefits, and the Annuitant's age will determine the death benefit payable to the Beneficiary. Required Distribution of Proceeds on the Death of the Owner - The three sub-sections that follow are required to qualify this Contract as an annuity contract under Section 72(s) of the Internal Revenue Code of 1986, as amended. Where the terms of these three sub-sections are in conflict with any other sections or sub-sections of this Contract, these three sub-sections will control. We reserve the right to amend or administer this Contract as necessary to comply with the applicable tax requirements. These three sub-sections and this Contract should be construed so that they comply with the applicable tax requirements.
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Examples of CHANGE OF OWNER in a sentence

  • CHANGE OF OWNER OR BENEFICIARY During your lifetime and while this Contract is in effect you can transfer ownership of this Contract or change the Beneficiary.

  • SELECTION THE CONTRACT FREQUENCY SELECTION THE OWNER THE INCOME PLAN THE ANNUITANT THE ANNUITY OPTIONS THE BENEFICIARY PAYMENT WHEN NAMED PERSON DIES CHANGE OF OWNER OR BENEFICIARY OTHER IMPORTANT INFORMATION.......

  • SELECTION THE CONTRACT FREQUENCY SELECTION THE OWNER THE INCOME PLAN THE ANNUITANT THE ANNUITY OPTIONS THE BENEFICIARY PAYMENT WHEN NAMED PERSON DIES CHANGE OF OWNER OR BENEFICIARY OTHER IMPORTANT INFORMATION......

  • CHANGE OF OWNER, ANNUITANT, BENEFICIARY Subject to the rights of an irrevocable Beneficiary, you may request to change the Owner, Annuitant, or Beneficiary by sending us notice in writing.

  • CHANGE OF OWNER A change of Owner will result in recalculation of the Death Benefit and the Guaranteed Death Benefit.


More Definitions of CHANGE OF OWNER

CHANGE OF OWNER or Beneficiary - During your lifetime and while this Contract is in force you can transfer ownership of this Contract or change the Beneficiary. To make any of these changes, you must send us Satisfactory Notice. If accepted, any change in Owner or Beneficiary will take effect on the date you signed the notice. Any of these changes will not affect any payment made or action taken by us before our acceptance. A change of Owner may be a taxable event. DEATH PROCEEDS -------------------------------------------------------------------------------- Death Benefit - If the Insured dies while this Contract is in force, the death benefit will be the greater of (a) or (b), where:
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CHANGE OF OWNER. The Owner may be changed by Written Notice provided (1) any new Owner's 85th birthday is after the Effective Date, and (2) any new Owner's 90th birthday is on or after the Annuity Commencement Date. For a period of one year after any change of ownership involving a natural person, the death benefit will equal the Contract Value.
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CHANGE OF OWNER. Beneficiary or Annuitant - During your lifetime and while this Contract is in force you can transfer ownership of this Contract or change the Beneficiary, or change the Annuitant. (However, the Annuitant cannot be changed (a) if there is no Owner who is a natural person, or (b) after the Income Date.) To make any of these changes, you must send us Satisfactory Notice. If accepted, any change in Owner, Beneficiary or Annuitant will take effect on the date you signed the notice. Any of these changes will not affect any payment made or action taken by us before our acceptance. A change of Owner may be a taxable event and may also affect the amount of death benefit payable under this Contract. DEATH BENEFITS -------------------------------------------------------------------------------- Death Benefit Before the Income Date - If any Owner dies before the Income Date, we will pay the Beneficiary the death benefit shown in the Schedule. In addition, we will pay the Beneficiary any rider benefits that become due upon the death of the Owner. For the purposes of the provisions entitled "Required Distributions of Proceeds on the Death of the Owner" and "Proof of Death," any rider benefits payable will be considered part of the "Death Benefit." Multiple Owners - If there are multiple Owners, the age of the oldest Owner will be used to determine the death benefit.
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CHANGE OF OWNER. The Owner may be changed by Written Notice. A change of Owner will automatically revoke any prior designation of Owner. The change will become effective as of the date the authorization request is signed. The Company will not be liable for any payment made or action taken before it records the change.
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CHANGE OF OWNER or Beneficiary Annuity Benefits PREMIUM PAYMENTS AND ALLOCATION Annuity Commencement Date CHANGES..6
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CHANGE OF OWNER. A change of Owner will result in recalculation of the Death Benefit and the Guaranteed Death Benefit. If the new Owner's Attained Age at the time of the change is less than 86, the Guaranteed Death Benefit in effect prior to the change will remain in effect and the Death Benefit provision shall apply. If the new Owner's Attained Age is 86 or greater at the time of the change, the Guaranteed Death Benefit will be zero, and the Death Benefit will then be the Cash Surrender Value.
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CHANGE OF OWNER or Beneficiary While the annuitant is alive, you can change the owner or beneficiary by written request. . The change will take effect on the date you sign the request. The annuitant does not have to be living when we receive the request at our Annuity Service Center for the change to be effective. The change will be subject to any payment made or actions taken by us before receiving the request. PURCHASE PAYMENT This contract is made in consideration of the application and the payment of the single purchase payment. . The single purchase payment is due on the date of issue of this contract. DIVIDENDS While this contract is in force, we will credit it with dividends. Dividends are based on such shares of the divisible surplus (if any) as we may apportion at the end of each contract year. . We expect that any contribution to divisible surplus by this contract (thus making it eligible for dividend credit) will arise in later contract years. . Any dividends will be of modest amount. . We will pay dividends in cash to you. ANNUITY UNITS AND VALUATION PROVISIONS Net Purchase Payment The net purchase payment will equal a percentage of the balance of the single purchase payment after deducting a $70 policy fee and any applicable premium taxes. Balance of Single Purchase of Payment Percentage First $10,000 97% Next $90,000 98% Excess over $100,000 99% Application of the Net Purchase Payment . We will apply each net purchase payment received at our Annuity Service Center to provide annuity units in one or more sub-accounts. This will be done in accordance with a written request from you. Annuity Units and Payments The dollar amount of annuity payments and the number of annuity units are determined as follows: . A purchase rate is used based on the Progressive Annuity Table and an interest rate of 3 1/2% per year. . Calculate the number of annuity units in each sub-account. Do this by dividing the product of the net purchase payment applied to a sub-account and the purchase rate by the value of one annuity unit in that sub-account on the issue date. This number of annuity units remains fixed for the life of the contract. . The amount of each annuity payment equals the product of the appropriate number of annuity units and the annuity unit values on the payment date. The amount of each payment may vary. The purchase rates are calculated assuming births in the year 1900. The annuitants age is adjusted depending on his/her year of birth, as shown in the following chart...
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