Joint Life Contract definition

Joint Life Contract means a Contract that is issued with either (i) a Successor Owner for a Contract where the Owner is an individual, or (ii) a Joint Annuitant for a Contract where the Owner is a Non-Natural Owner.
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Joint Life Contract means a contract that was issued with a Successor Owner.
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Joint Life Contract means a contract that was issued with either (i) for a Contract where the Owner is an individual, a Successor Owner, or (ii) for a Contract where the Owner is a Non-Natural Owner, a Joint Annuitant. NQ only: [A Joint Life Contract where the Owner is an individual and named with a Successor Owner may be issued with a Joint Annuitant.]
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Examples of Joint Life Contract in a sentence

  • Effect of Divorce on Required Payments at Death: If the Contract is issued as a Joint Life Contract, you and your spouse named as Successor Owner subsequently divorce, and the Contract is not split, then the following applies on your death before a supplementary contract has been issued.

  • If the Contract is issued as a Joint Life Contract, the surviving Successor Owner will be deemed the Beneficiary, superseding any other inconsistent Beneficiary designation(s).

  • Under a Joint Life Contract, the surviving Successor Owner is subject to the Segment Participation Requirements, described in Section 4.01A of the Contract.

  • For a Joint Life Contract where the Owner and Successor Owner, or Annuitant and Joint Annuitant, whichever is applicable, are no longer married at the time of the first death, the Payment Upon Death Rules and Rules Applicable upon Divorce described in the applicable Endorsement apply.

  • If the Contract is issued as a Joint Life Contract with joint ownership rights in the Successor Owner, the Owner and Successor Owner subsequently divorce, and the Contract is not split, then the following applies on the death of the first to die of the Owner or the Successor Owner before a supplementary contract has been issued.

  • For a Joint Life Contract, the “Income Measuring Life” is the youngest person designated as Contract Owner or Successor Owner (Annuitant or Joint Annuitant in the event of a Non-Natural Owner) as shown in the Data Pages.

  • For a Joint Life Contract, you divorce, and in accordance with your divorce decree, your former spouse is awarded 100% of the AAV under your Contract.

  • IV.If the Contract is issued as a Joint Life Contract without joint ownership rights in the Successor Owner, the Owner and Successor Owner subsequently divorce, and the Contract is not split, then the following applies on the death of the Owner before a supplementary contract has been issued.

  • If the Contract is issued as a Joint Life Contract, you and your spouse named as Successor Owner subsequently divorce, and the Contract is not split, then the following applies on your death before a supplementary contract has been issued.

  • If the Owner or Successor Owner (Annuitant or Joint Annuitant in the event of a Non-Natural Owner) is changed, this Rider will terminate, except in the following circumstances: i) The Successor Owner (Joint Annuitant in the event of a Non-Natural Owner) is removed from a Joint Life Contract.


More Definitions of Joint Life Contract

Joint Life Contract means a contract under which GWBL withdrawals are calculated based on the lives of you and your spouse and under which GWBL withdrawals are guaranteed during the lives of you and your spouse. Payments made in accordance with Section II. I. under a supplementary contract will be made on a joint life basis only if you are still married as of the supplementary contract's Benefit Transaction Date. "Spouse" for purposes of this Rider means
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Related to Joint Life Contract

  • Annuity Contract means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years.

  • Group Annuity Contract means a master contract providing annuities to a group of persons under a single con- tract.

  • Group contract means a contract for health care services which by its terms limits eligibility to members of a specified group. The group contract may include coverage for dependents.

  • Provider contract means any contract between a provider and a carrier (or a carrier's network,

  • Project Contract means a Project Contract as such term is defined in the RfP; “Proposal” means a Proposal as such term is defined in the RfP;

  • sub-contract means the primary contractor’s assigning, leasing, making out work to, or employing, another person to support such primary contractor in the execution of part of a project in terms of the contract;

  • Prime Contract means the contract between LOCKHEED MARTIN and the U.S. Government or between LOCKHEED MARTIN and its higher-tier contractor who has a contract with the U.S. Government.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • EPC Contract means the Seller’s engineering, procurement and construction contract with the EPC Contractor.

  • Master Contract means the CATS Master Contract between the Maryland Department of Budget and Management andTO Contractor dated December 19, 2005.

  • Service Contract means, with respect to a Financed Vehicle, the agreement, if any, financed under the related Receivable that provides for the repair of such Financed Vehicle.

  • Open Contract means a Contract which has not been closed out and which has not yet matured;

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Qualified Contractor ’ means a residential energy ef-

  • Individual contract plan means a subcontracting plan that covers the entire contract period (including option periods), applies to a specific contract, and has goals that are based on the offeror’s planned subcontracting in support of the specific contract, except that indirect costs incurred for common or joint purposes may be allocated on a prorated basis to the contract.

  • Approved Contractor means an “Approved Contractor” specified in the Key Details.

  • Shipbuilding Contract means the shipbuilding contract dated 30 March 2011 and made between the Builder and the Borrower for the construction by the Builder of the Ship and its purchase by the Borrower as supplemented and amended from time to time;