Primary Annuitant definition

Primary Annuitant. The individual that is named in the Contract, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. Purchase Payment — An amount paid to us, by or on behalf of an Owner, as consideration for the benefits provided under this Contract.

Primary Annuitant means the first individual, which may be either the institutionalized individual or his or her spouse, to receive payment from an annuity.

Primary Annuitant. The natural person on whose life the amount and timing of Income Payments is based.

Examples of Primary Annuitant in a sentence

• After the death of the Primary Annuitant, periodic payments are based on the life of the secondary Annuitant named in the election if and so long as such secondary Annuitant lives.

• Payments made based on the life of the secondary Annuitant may be in installments equal to 50%, 66-2/3% or 100% (as specified in the election) of the original payment amount payable during the lifetime of the Primary Annuitant.

• Periodic payments are made to the designated payee during the lifetime of the Primary Annuitant.

• If you elect a reduced payment based on the life of the secondary Annuitant, fixed annuity payments will be equal to 50% or 66-2/3% of the original fixed payment payable during the lifetime of the Primary Annuitant.

• The number of Annuity Units in each Subaccount will not change unless exchanges of Annuity Units are made (or if the Joint and Survivor Annuity Option is elected and the Primary Annuitant dies first), but the Annuity Unit Value of those Annuity Units will vary.

More Definitions of Primary Annuitant

Primary Annuitant means the primary life insured, in case of Joint Annuity option

Primary Annuitant. [Xxxx Xxx] [35 Male] :Age and Sex Contract Number: [13000000] [December 12, 1994] :Contract Date Initial Premium: [$10,000.00] [July 1, 2029] :Maturity Date Contingent Annuitant: [None] Owner: [Xxxx Xxx] Beneficiaries: [Xxxx Xxx]

Primary Annuitant means the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. This Contract incorporates all provisions of Code Section 72(s) and any successor provision, as deemed necessary by us to qualify this Contract as an annuity, including the requirement that if the owner dies before the Annuity Date, any death benefit proceeds under this Contract shall be distributed within five years of the owner's death (or such other period that we offer and that is permitted under the Code or such shorter period as we may require). These DEATH OF OWNER DISTRIBUTION RULES do not apply to Qualified Contracts issued under Qualified Plans as defined in Section 401, 403 or 408 of the Code or to an annuity that is a qualified funding asset as defined in Code Section 130(d) (but without regard to whether there is a qualified assignment).

Primary Annuitant means the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. The rules set forth in these DEATH OF OWNER DISTRIBUTION RULES are intended to satisfy the distributions-at-death timing requirements of Section 72(s) of the Code. This Contract is deemed to incorporate all provisions of Section 72(s) of the Code, or any successor provision, as interpreted by us and deemed necessary to qualify this Contract as an annuity. We reserve the right to amend this Contract and/or

Primary Annuitant means under the:

Primary Annuitant s Beneficiary - The person (or non-natural person) designated by the Owner to receive the Death Benefit upon the death of the Annuitant and Joint Annuitant, if applicable.

Primary Annuitant means the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the Contract. The rules set forth in these Distribution Rules are intended to satisfy the distributions-at-death timing requirements of Section 72(s) of the Code. This Contract is deemed to incorporate any provision of Section 72(s) of the Code, or any successor provision, as interpreted by us and deemed necessary to qualify this Contract as an annuity. We reserve the right to amend this Contract without a signed request and to provide a form of amendment (rider) to the Contract to satisfy any changes in these requirements. These Distribution Rules do not apply to Qualified Contracts issued under Qualified Plans as defined in Section 401 (a), 401 (k), 403(a) or 403(b) of the Code.