Common use of ANNUITY COMMENCEMENT DATE Clause in Contracts

ANNUITY COMMENCEMENT DATE. The Valuation Date on which the Contract Value is withdrawn for payment of annuity benefits under the Annuity Payment Option selected. ANNUITY PAYMENT DATE -- The date on which the Owner is entitled to the first Annuity Payment. Subsequent Annuity Payments will be due on the same day of the month as the first Annuity Payment, at the applicable frequency. ANNUITY PAYMENTS -- Periodic payments made to the Owner or the Owner’s designee by Us on or after the Annuity Commencement Date which We guarantee as to the dollar amount. BENEFICIARY -- The Natural Person or Natural Persons or an entity designated by the Owner to receive the Death Benefit, if any. CODE -- The Internal Revenue Code of 1986, as amended. COMPANY, OUR, US, WE -- The Lincoln National Life Insurance Company. CONTINGENT ANNUITANT -- Prior to the Annuity Commencement Date, the individual who will become the Annuitant upon the death of the Annuitant.