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 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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Examples of Joint Life Contract in a sentence

  • 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).

  • 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.

  • 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, 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.

  • For a Joint Life Contract with a Non-natural Owner, the Applicable Percentage is based on the younger Annuitant's age.

  • For a Joint Life Contract, upon the death of the Owner, the Successor Owner becomes the sole Owner and the new Annuitant.

  • 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.

  • Your Death Benefit amount under this Rider is determined by comparing the Annuity Account Value on the Payment Transaction Date to the HAV BB on the date of death of the Owner for a Single Life Contract, or in the case of a Joint Life Contract on the date of death of the second to die of the Owner and Successor Owner .

  • For a Joint Life Contract, the Applicable Percentage is based on your age or Successor Owner's age, whoever is younger.

  • An Excess Withdrawal occurs when either: (i) in a Single Life Contract you make a withdrawal before reaching age [59 1/2] (or in a Joint Life Contract you make a withdrawal before the younger individual reaches age [59 1/2]), or (ii) you withdraw more than your Guaranteed Annual Payment amount in any Contract Year.


More Definitions of Joint Life Contract

Joint Life Contract means a contract that was issued with either (i) for a Contract where the Owner is an individual, a Successor Owner [NQ only: or Joint 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 Contract is individually owned with an Owner and either a Successor Owner or Joint Owner, as applicable, may be issued with a Joint Annuitant.]
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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.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

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

  • Storage Contract means the contract described in paragraph 8.3.3 of the Conditions of Business or paragraph

  • Project Contract means any contract between the District or the Corporation and any contractor or vendor regarding the construction, production or other acquisition or installation of any part of an Acquisition Project.

  • 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.

  • Privatization contract or “contract” means an agreement or

  • Multiyear contract means a contract that extends beyond a one-year period, including a contract that permits renewal of the contract, without competition, beyond the first year of the contract.

  • 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.

  • Service contract holder or "contract holder" means a person who is the purchaser or holder of a service contract.

  • CFD Contract or "CFD" shall mean a contract which is a contract for difference by reference to fluctuations in the price of the relevant security or index;

  • 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.

  • Key Sub-Contract means each Sub-Contract with a Key Sub-Contractor;

  • Non-Participating Durable Medical Equipment Provider means a Durable Medical Equipment Provider who does not have a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • 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.

  • Unallocated annuity contract means any annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate.

  • Connection Contract means a contract under which Distributed Generation is connected to the Network entered into by the Distributor and a Distributed Generator in accordance with Part 6 of the Code, and, for the purposes of this Agreement, the Distributor and a Distributed Generator are deemed to have entered into a Connection Contract if the regulated terms in Part 6 of the Code apply;

  • 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.