Payment Upon Death definition

Payment Upon Death. Section of this Contract is payable to the Beneficiary. This Item 7 applies to a non-individual Beneficiary only if it is a "see-through trust". A see-through trust is an irrevocable trust, valid under state law, the only beneficiaries of which are individuals, and which trust has met applicable documentation requirements under applicable Regulations as we may determine. If such a "see-through trust" 2008ROTH-GWB 7 described in Treasury Regulation Section, 1.401(a)(9)-4 Q&A A-5, or any successor Regulation, is the Beneficiary named in the "Beneficiary" Section of the Contract the individual used as the measuring life for calculating payments is the oldest beneficiary of such trust. If this Item 7 applies and there is more than one Beneficiary, the Annuity Account Value (or if greater, the Guaranteed Minimum Death Benefit on the date we receive all Beneficiary Requirements) will be apportioned among your Beneficiaries as you designate pursuant to the "Beneficiary" Section of this Contract.
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Payment Upon Death is payable to the Beneficiary. This Section applies to a non-individual Beneficiary only if it is a "see-through trust". A see-through trust is an irrevocable trust, valid under state law, the only beneficiaries of which are individuals, and which trust has met applicable documentation requirements under applicable Regulations as we may determine.
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Examples of Payment Upon Death in a sentence

  • Upon your surviving spouse's election to continue the Contract, the Annuity Account Value of the Contract will be reset, as of the date we receive the Beneficiary Requirements described in the Section "Payment Upon Death", to equal the greater of (i) the Annuity Account Value or (ii) the Guaranteed Minimum Death Benefit.

  • Upon your surviving spouse's election to continue the Contract, the Annuity Account Value of the Contract will be reset, as of the date we receive the Beneficiary Requirements described in the Section, "Payment Upon Death", to equal the greater of (i) the Annuity Account Value or (ii) the Guaranteed Minimum Death Benefit.

  • Following a Participant’s Separation from Service, the Participant’s Plan accounts will be distributed to the Participant at the time and in the manner provided in Sections 6.3 (Form of Distribution) and 6.5 (Timing of Distribution), or Section 6.6 (Payment Upon Death), as applicable.

  • Upon your surviving spouse's election to continue the Contract, the Annuity Account Value of the Contract will be reset as of the date we receive the Beneficiary Requirements described in the, "Payment Upon Death" Section of this Contract to equal the greater of (i) the Annuity Account Value or (ii) the Guaranteed Minimum Death Benefit.

  • With the exception of the following paragraph, this Item 7 does not apply to any Beneficiary which is not an individual, and that non-individual Beneficiary's portion of the Death Benefit, described in the "Payment Upon Death" Section of this Contract, is payable to the Beneficiary.