Non-Natural Owner definition
Non-Natural Owner means an Owner who is not an individual. Benefits thereunder, are determined by the age of the Annuitant. If there is an ownership change under a Contract owned by a Non-Natural Owner to an individual, the original Annuitant or Joint Annuitant, if applicable, continues to determine the benefits under the Contract.
Non-Natural Owner means an Owner who is not an individual.
Non-Natural Owner means an Owner who is not an individual. Benefits under a Certificate owned by a Non-Natural Owner are determined by the age of the Annuitant. If there is an ownership change under a Certificate owned by a Non-Natural Owner to an individual, the original Annuitant or Joint Annuitant, if applicable, continues to determine the benefits under the Certificate.
Examples of Non-Natural Owner in a sentence
If the Contract is owned by a Non-Natural Owner, any applicable Death Benefit will be based on the death of the Annuitant or Joint Annuitant, if applicable.
For purpose of this Section, “you” or “your” refer to the Annuitant when describing the Death Benefit under a Non-Natural Owner Contract.
More Definitions of Non-Natural Owner
Non-Natural Owner. An Owner that is a corporation, trust or other entity that is not a natural person as defined under the Internal Revenue Code.
Non-Natural Owner. An Owner that is a corporation, trust or other entity. Non-Qualified Contract: A contract other than a Qualified Contract. Owner (“Contract Owner,” “you,” “your,” “yours”): The person(s) designated as Owner on the Contract Data page or as subsequently designated as Owner in accordance with the provisions of this contract who has the privilege of ownership of this contract. The contract may be owned by natural persons, or by corporations, trusts, or custodial accounts that hold the contract as agent for and for the sole benefit of a natural person(s). When two people are named as joint Owners, the term “Owner” means the joint Owners or the survivor. Joint Owners are not permitted if there is a Non-Natural Owner.