Spousal Continuation definition

Spousal Continuation. We allow the Spouse to continue the Annuity subsequent to a decedent's death, subject to our rules and subject to our receipt of Due Proof of Death. The situations where the Annuity may continue subsequent to a death will be determined by us. For example, these situations may include when on the date we receive Due Proof of Death of the decedent:
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Spousal Continuation. There are two situations where the Annuity may continue subsequent to a death during the Accumulation Period such that we may increase your Account Value. These situations are:
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Spousal Continuation means the Owner’s spouse may choose to continue the Certificate in lieu of selecting payment of the Death Benefit in the event of the Owner’s death. To accomplish Spousal Continuation as defined in the Contract, the Certificate must be structured as follows: (1) Owner and Annuitant must be the same person; (2) the spouse must be named as the sole Owner’s and Xxxxxxxxx’s Beneficiary; (3) no Contingent Annuitant is named; and (4) in the case of Joint Owners, the surviving spouse must be named as the Owner’s Beneficiary. If the Owner’s Beneficiary is a Spousal Beneficiary and the Certificate is structured as described above, the Spousal Beneficiary may choose Spousal Continuation. The Certificate continues in the name of the Spousal Beneficiary as both Owner and Annuitant. The Spousal Beneficiary may exercise all rights and privileges allowed by this Certificate, including the right to name a new Owner or Owner’s Beneficiary, and Xxxxxxxxx’s Beneficiary who will receive the Death Benefit upon the continuing Spouse’s death. Once Spousal Continuation is in effect, if the original Spousal Beneficiary remarries and designates the new spouse as the new Owner’s Beneficiary, the new spouse will be considered a Nonspousal Beneficiary for distribution purposes. Spousal Continuation is processed when the required election form is received from the Spousal Beneficiary in accordance with our administrative rules then in effect.
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Examples of Spousal Continuation in a sentence

  • For purposes of the Spousal Continuation Option, the "continuation date" is the date on which the Company receives the spouse's written request to elect the Spousal Continuation Option and Due Proof of the relevant death in Good Order at the Company's Service Center.

  • If the Contract Value is reduced to zero, all other rights under the Contract cease, no subsequent Premium payments will be accepted, all other endorsements are terminated without value, and Spousal Continuation is not available upon the death of the Owner or the death of any Joint Owner.

  • Upon the death of the first of the Joint Owners who are spouses, the following Death Benefit and Spousal Continuation terms apply.

  • If this rider is revoked under the Spousal Continuation provision, the Rider Charge will not be assessed on the date the rider is revoked.

  • The Spousal Continuation Option is void in the event the original Contract Owner is no longer the Contract Owner or in the event the Contract has been assigned.

  • The surviving spouse becomes the new Owner on the effective Valuation Day of the Spousal Continuation.

  • Upon the death of the Owner or the death of any Joint Owner or the depletion of the GWB, all payments will cease and Spousal Continuation is not available.

  • Any benefit available under this Special Spousal Continuation Option will end upon the change of ownership or assignment of the Contract.

  • If you were also the Annuitant or Joint Annuitant, if applicable, named under the Contract, under Spousal Continuation, your surviving spouse becomes the Owner and single Annuitant.

  • The Continuation Adjustment will be allocated among the Contract Options in accordance with the current instructions for the Contract, subject to any minimum allocation restrictions unless the Company receives other allocation instructions with the Special Spousal Continuation Option election.


More Definitions of Spousal Continuation

Spousal Continuation means the Owner’s spouse may choose to continue the Contract in lieu of selecting payment of the Death Benefit in the event of the Owner’s death. To accomplish Spousal Continuation, the Contract must be structured as follows:
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Spousal Continuation. When the primary beneficiary is the spouse of the annuitant and is a joint annuitant, upon the first annuitant's death, the spouse will be deemed to have elected to continue the contract in his or her own name. If the contract is a tax qualified contract and the surviving annuitant is age 95 or older on the day we receive due proof death, the contract may not be continued. In this case, the surviving annuitant may elect a death benefit as set forth above.
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Related to Spousal Continuation

  • Notice of Continuation means a notice substantially in the form of Exhibit D (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.8. evidencing the Borrower’s request for the Continuation of a LIBOR Loan.

  • Conversion/Continuation Date means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation Notice.

  • Conversion/Continuation Notice is defined in Section 2.9.

  • Notice of Continuation/Conversion has the meaning specified in Section 2.2(b).

  • Notice of Conversion/Continuation shall have the meaning provided in Section 2.06.

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • Continuation Notice as defined in Section 2.17(a).

  • Continuation Date means any date on which Borrower continues a LIBOR Advance into another Interest Period.

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • Spousal Consent has the meaning set forth in Section 7.19.

  • Continuation Coverage means the temporary continuation of PEBB benefits available to enrollees under the Consolidated Omnibus Budget Reconciliation Act (COBRA), 42 U.S.C. Secs. 300bb-1 through 300bb-8, the Uniformed Services Employment and Reemployment Rights Act (USERRA), 38 U.S.C. Secs. 4301 through 4335, or the public employees benefits board's policies.

  • Spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.

  • Notice of Continuation or Conversion has the meaning provided in Section 2.10(b).

  • Continuation/Conversion Notice means a notice of continuation or conversion and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit C hereto.

  • Continuation/Conversion Date means the date on which a Loan is converted into or continued as a LIBOR Rate Loan.

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • COBRA continuation provision means any of the following:

  • Notice of Conversion or Continuation shall have the meaning provided in Section 2.6(a).

  • Continuation and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.9.

  • Continuation statement means an amendment of a financing statement which:

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Release Request has the meaning set forth in Section 2.1.

  • Basic hospital cover means a hospital policy that includes the clinical categories that must be covered by a basic hospital product.

  • COBRA Continuation Coverage means the health care benefit continuation coverage mandated by the Consolidated Omnibus Budget Reconciliation Act and similar provisions of state law.

  • COBRA Continuation Period means the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.