DEATH OF OWNER definition

DEATH OF OWNER. We will pay the Death Benefit to the Beneficiary if any Owner dies prior to the Maturity Date. The Death Benefit may be taken in one sum immediately, in which case the Contract will terminate. If the Death Benefit is not taken in one sum immediately, the Contract will continue subject to the following provisions:
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DEATH OF OWNER. BEFORE THE ANNUITY DATE We will pay a death benefit to the Beneficiary upon Our receiving all required documentation including: (a) due proof that any Owner died before the Annuity Date; and (b) an election form selecting the payment option from the options listed below. If no election is received within 60 days of our receipt of due proof of death, the death benefit will be paid in accordance with option 1 below. The Beneficiary must select one of the following options:
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DEATH OF OWNER. BEFORE THE ANNUITY DATE We will pay a death benefit to the Beneficiary upon Our receiving all Required Documentation. Unless You have previously designated a payment option on behalf of the Beneficiary, the Beneficiary must select one of the following options:
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Examples of DEATH OF OWNER in a sentence

  • If the Owner is also the Annuitant and there are no surviving Beneficiaries, upon Our receipt of all Required Documentation, We will pay the Death Benefit to the estate of the Owner in accordance with option 1, under DEATH OF OWNER BEFORE THE ANNUITY DATE.

  • If two or more persons are named as Beneficiaries under the Contract, those surviving the Owner will share equally unless otherwise specified by the Owner and each must elect to receive their respective portions of the death benefit according to the options listed under DEATH OF OWNER BEFORE THE ANNUITY DATE.

  • If the Owner is also the Annuitant and there are no surviving Beneficiaries at the death of the Owner, the death benefit will be paid to the estate of the Owner in accordance with option 1, under DEATH OF OWNER BEFORE THE ANNUITY DATE.

  • If two or more persons are named, (a) those surviving the Owner will share equally unless otherwise stated; and (b) the Beneficiaries must elect to receive their respective portions of the death benefit according to the options listed under DEATH OF OWNER BEFORE THE ANNUITY DATE.

  • If two or more persons are named as Beneficiaries under the Contract, those surviving the Owner will share equally unless otherwise stated; and each must elect to receive their respective portions of the death benefit according to the options listed under DEATH OF OWNER BEFORE THE ANNUITY DATE.

  • INALIENABLE BY DEATH OF OWNER: When- ever an interment of a member of the family of the record owner, or of a relative of a member of said family, or of the remains of the record owner, is made in a burial plot and said owner dies without making disposition of such burial plot in his will by a specific devise thereof, or by a written declaration filed and recorded in the of- fice of the cemetery, such burial plot becomes inalien- able and shall be held as the family burial plot of the owner.

  • DEATH OF OWNER: We will pay the Death Benefit to the Beneficiary if any Owner dies prior to the Maturity Date.

  • If two or more persons are named as Beneficiaries under the Contract those surviving the Owner will share equally unless otherwise stated; and each must elect to receive their respective portions of the death benefit according to the options listed under DEATH OF OWNER BEFORE THE ANNUITY DATE.

  • If the Owner is also the Annuitant and dies before the Annuity Date, with no surviving Beneficiaries, upon Our receipt of all Required Documentation we will calculate the death benefit, and we will pay the death benefit to the estate of the Owner in accordance with option 1, under DEATH OF OWNER BEFORE THE ANNUITY DATE.

  • DEATH OF OWNER -------------- At the death of any Owner while this Rider is in Guaranteed Withdrawal Status, this Rider terminates and no further Rider benefits are provided.


More Definitions of DEATH OF OWNER

DEATH OF OWNER. Upon the death of the Owner, if the surviving spouse continues the Contract under section 1(c) of the Death of Owner provision in your Contract, this rider will also continue unless the oldest new Owner is over age 80 on the date the Contract is continued. If this rider is terminated under the condition described above, the charge for this rider will cease as of the date the Contract is continued. If this rider is continued, the following conditions apply: o The Contract Value on the date the Contract is continued is equal to the Death Benefit amount; o Enhanced Death Benefit A will continue to be recalculated for purchase payments, withdrawals, and on Contract anniversaries after the date the Contract is continued until the earlier of:
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DEATH OF OWNER. Upon the death of any Owner, if the surviving spouse continues the Contract under section 1(c) of the Death of Owner provision of your Contract, this rider will also continue unless the oldest new Owner is over age 75 on the date the Contract is continued, or the new Owner elects to terminate this rider. If the rider is terminated under the conditions described above, the charge for this rider will cease as of the date the Contract was continued. If this rider is continued, the following conditions apply: o The Rider Date is reset to the date the Contract is continued; o The new Rider Date is used to calculate the In-Force Premium; o The age of the oldest new Owner as of the new Rider Date will be used to determine the Enhanced Earnings Death Benefit after the new Rider Date; o The Mortality and Expense Risk Charge used to determine the rider fee will change to reflect the age of the oldest new Owner as of the new Rider Date; and o The Enhanced Earnings Death Benefit is added to the Death Benefit amount for purposes of determining the new Contract Value on the date the Contract is continued.
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DEATH OF OWNER. The Contract provides for a Death Benefit to be paid to the Beneficiary upon the death of an Owner prior to the Annuity Date. The Death Benefit is: - the Basic Death Benefit; or - if greater and if no withdrawals of Contract Value have been taken during the Owner's lifetime, the Bonus Death Benefit; or - if greater, the Enhanced Death Benefit. Upon the death of an Owner on or after the Annuity Date, any remaining payments under the Contract will be distributed at least as rapidly as under the method of distribution being used as of the date of the Owner's death.
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Related to DEATH OF OWNER

  • Contract Right means any right, power or remedy of any nature under any Contract including rights to receive property or services or otherwise derive benefits from the payment, satisfaction or performance of another party’s Obligations, rights to demand that another party accept property or services or take any other actions, and rights to pursue or exercise remedies or options.

  • Contract Owner means the holder of interests in a variable annuity or variable life insurance contract issued by the Company.

  • Damage to Property means physical injury to or destruction of tangible property, including the loss of its use. Tangible property includes the cost of recreating or replacing stocks, bonds, deeds, mortgages, bank deposits and similar instruments, but does not include the value represented by such instruments.

  • JOINT OWNER A Contract may be owned by Joint Owners. If Joint Owners are named, any Joint Owner must be the spouse of the other Contract Owner. Upon the death of either Contract Owner, the surviving spouse will be the primary Beneficiary. Any other Beneficiary designation will be treated as a contingent Beneficiary unless otherwise indicated in an Authorized Request.

  • Owner means the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for that purpose.

  • The Owner means the NATIONAL FERTILIZERS LTD., incorporated in India, having its registered office at SCOPE COMPLEX, Core No-III, 7, Institutional Area, Lodhi Road, New Delhi-110003.

  • Personal representative means the person or persons who, upon the disability or incompetence of a Participant, shall have acquired on behalf of the Participant, by legal proceeding or otherwise, the power to exercise the rights or receive benefits under this Plan and who shall have become the legal representative of the Participant.

  • Prospective state contractor means a person, business entity or nonprofit organization that (i) submits a response to a state contract solicitation by the state, a state agency or a quasi-public agency, or a proposal in response to a request for proposals by the state, a state agency or a quasi-public agency, until the contract has been entered into, or (ii) holds a valid prequalification certificate issued by the Commissioner of Administrative Services under section 4a-100. "Prospective state contractor" does not include a municipality or any other political subdivision of the state, including any entities or associations duly created by the municipality or political subdivision exclusively amongst themselves to further any purpose authorized by statute or charter, or an employee in the executive or legislative branch of state government or a quasi-public agency, whether in the classified or unclassified service and full or part-time, and only in such person's capacity as a state or quasi-public agency employee.

  • Mortgagor The obligor on a Mortgage Note.

  • Debtors in Possession means the Debtors in their capacity as debtors in possession in the Chapter 11 Cases pursuant to sections 1101, 1107(a), and 1108 of the Bankruptcy Code.

  • Mortgagee The mortgagee or beneficiary named in the Mortgage and the successors and assigns of such mortgagee or beneficiary.

  • Cardmember means a person to whom a card is issued and includes the supplementary cardmember where the context requires;

  • Trustor means a borrower under a deed of trust, who deeds property to a trustee as security for the payment of a debt.

  • Contract Holder means the person to whom the Benefit Plan is issued. Any other person approved for coverage with the Contract Holder under this plan is a dependent. Under Group coverage, the Contract Holder is the Member who is eligible for coverage because of his or her affiliation with a Group.

  • Lot Owner means a declarant or other person who owns a lot, or a lessee of a lot in a leasehold planned community whose lease expires simultaneously with any lease the expiration or termination of which will remove the lot from the planned community, but does not include a person having an interest in a lot solely as security for an obligation.

  • State contractor means a person, business entity or nonprofit organization that enters into a state contract. Such person, business entity or nonprofit organization shall be deemed to be a state contractor until December thirty-first of the year in which such contract terminates. "State contractor" does not include a municipality or any other political subdivision of the state, including any entities or associations duly created by the municipality or political subdivision exclusively amongst themselves to further any purpose authorized by statute or charter, or an employee in the executive or legislative branch of state government or a quasi-public agency, whether in the classified or unclassified service and full or part-time, and only in such person's capacity as a state or quasi-public agency employee.

  • Loss or Damage means any loss or damage to the Vehicle, including that caused by theft of the Vehicle or by adverse weather events, that requires repair or replacement including the loss of use of the Vehicle (demurrage), legal expenses, assessment fees, towing and recovery costs, storage, service charges and any appraisal fees of the Vehicle;

  • Master Tenant means any entity approved by HUD now or hereafter leasing the Healthcare Facility pursuant to a Master Lease.