Automatic Bank Draft Plan Sample Clauses

Automatic Bank Draft Plan. If made available by the Company, a feature that allows the Owner to make automatic periodic Contributions. Contributions will be withdrawn from an account the Owner specifies and automatically credited to the Annuity Account. Beneficiary - The person(s) designated by the Owner to receive death proceeds which may become payable upon the death of an Owner. If the surviving Spouse of an Owner is the surviving joint Owner, the surviving Spouse will be deemed to be the Beneficiary upon such Owner’s death and may take the death benefit or elect to continue this Contract in force. The Beneficiary is shown on the Contract Data Page unless later changed by the Owner (see Change of Beneficiary provision). Business Day - Any day, and during the hours, on which the New York Stock Exchange is open for trading. If that date falls on a non-Business Day, the following Business Day will be used, except as otherwise provided. Code - The Internal Revenue Code of 1986, as amended, and all related laws and regulations which are in effect during the term of this Contract.