Common use of CONTRACT CONTINUATION OPTION Clause in Contracts

CONTRACT CONTINUATION OPTION. If the surviving spouse of the deceased Owner is the beneficiary, such spouse may choose to continue this Contract. The spouse shall become the "new" owner and the beneficiary until a new beneficiary is named. If the death benefit which would have been paid to the surviving spouse is greater than the Contract Value as of the date we determine the death benefit, we will increase the Contract Value of the continued Contract to equal the death benefit we would have paid to the surviving spouse. Your interest in each subaccount will be increased by the ratio of your Contract Value in each subaccount to your Contract Value.

CONTRACT CONTINUATION OPTION. If the surviving spouse of the deceased Owner is the beneficiaryBeneficiary, such spouse may choose to continue this Contract. The spouse shall become the "new" owner Owner and the beneficiary Beneficiary until a new beneficiary is named. If the death benefit which would have been paid to the surviving spouse is greater than the Contract Value as of the date we determine the death benefit, we will increase the Contract Value of the continued Contract to equal the death benefit we would have paid to the surviving spouse. Your The amount of the increase will be allocated to each subaccount based upon the ratio of your interest in each subaccount will be increased by to the ratio of your Contract Value in each subaccount immediately prior to your Contract Valuethe increase.