DEATH BENEFIT PROVISIONS Sample Clauses
The Death Benefit Provisions clause outlines the terms under which a beneficiary receives a payment upon the death of the insured individual. It typically specifies who is eligible to receive the benefit, the amount payable, and any conditions or exclusions that may affect the payout, such as suicide clauses or contestability periods. This clause ensures that the process for distributing death benefits is clear and predictable, providing financial security to beneficiaries and reducing the potential for disputes.
DEATH BENEFIT PROVISIONS. 21 Income Provisions 25 Termination Provisions 28] If You have questions about this Contract or require information about coverage or complaint resolutions, You may contact the Company's Customer Care Center identified on the Contract's cover page.
DEATH BENEFIT PROVISIONS. Death Benefit — A death benefit will be payable only if the sole surviving Annuitant or any Owner dies before the Annuity Date and while this Contract is in force. The proceeds of any death benefit will be payable upon receipt of, in a form satisfactory to us, proof of death and instructions regarding payment of the death benefit proceeds (the “Notice Date”). Such proceeds will equal the Death Benefit Amount reduced by any: • Contract Debt; and • charges for premium taxes and/or other taxes, if proceeds are used to purchase an Annuity Option from us. These proceeds may be payable in a lump sum, as periodic payments under an Annuity Option available under this Contract, towards the purchase of any other Annuity Option we then offer, or in accordance with the Code (see Death of Owner Distribution Rules). If there are multiple Beneficiaries, the Death Benefit Amount will be calculated when we first receive proof of death and instructions, in proper form, from any Beneficiary. Any Death Benefit Amount still remaining to be paid to any other Beneficiary will fluctuate with the performance of the underlying Investment Options.
DEATH BENEFIT PROVISIONS. If the Insured dies while this Policy is in force, we will pay the Insurance Proceeds to the Beneficiary when we receive: (1) proof that the Insured died before the Final Policy Date; and (2) all other requirements deemed necessary to make payment.
DEATH BENEFIT PROVISIONS. 4 DEFINITIONS.............................................................. 5
DEATH BENEFIT PROVISIONS. Death Benefit - A death benefit will be payable if the sole surviving Annuitant or any Owner dies before the Annuity Date and while this Contract is in force. The proceeds of any death benefit will be payable upon receipt of, in a form satisfactory to us, proof of death and instructions regarding payment of the death benefit proceeds. Such proceeds will equal the Death Benefit Amount reduced by any: . Contract Debt; and . charges for premium taxes and/or other taxes. These proceeds will be payable in a lump sum, as an Annuity Option under this Contract or towards the purchase of any Annuity Option we then offer, or in accordance with the Code (see Death of Owner Distribution Rules).
DEATH BENEFIT PROVISIONS. 10 Section 7 SURRENDERS AND PARTIAL WITHDRAWALS ................................................... 11
DEATH BENEFIT PROVISIONS. DEATH OF ANNUITANT If the Annuitant is not an Owner and the Annuitant PRIOR TO THE ANNUITY DATE dies before the Annuity Date, you must designate a new Annuitant. If no designation is made within 30 days after we are notified of the Annuitant's death, you will become the Annuitant. If this Contract is owned by a non-natural person (for example, a corporation or trust), the death of the Annuitant will be treated as the death of the Owner. In this case, all references to "Owner" and "joint Owner" in these provisions are replaced by "Annuitant" and "joint Annuitant". DEATH OF OWNER If any Owner dies before the Annuity Date, we will PRIOR TO THE ANNUITY DATE pay a death benefit to the: - surviving Owner or joint Owner; or if there is no surviving Owner or joint Owner or if the Owner is a non-natural person, then - surviving primary Beneficiary(ies); or if none, then - surviving contingent Beneficiary(ies); or if none, then - the estate of the last Owner to die. If the death benefit is payable to the Owner's spouse, the spouse will have the option to continue the Contract and will then be the Owner of the Contract.
DEATH BENEFIT PROVISIONS. 19 Income Provisions 23
DEATH BENEFIT PROVISIONS. (CONT'D) Each Beneficiary entitled to the death benefit bears the investment risk associated with amounts allocated to any Index Account Option until the Company receives that Beneficiary's claim form in Good Order at the Company's Customer Care Center and calculates their share of the death benefit. If any death benefit is due to an Owner's estate, the Company will pay the benefit in a single lump-sum payment. Payment to a Beneficiary in a single lump-sum will be paid within seven calendar days of the date the Company receives request for payment in Good Order or the date a lump-sum payment is deemed to be elected by default, provided the Company has received Due Proof of death in Good Order at the Company's Customer Care Center. For amounts allocated to the Fixed Account, death benefit proceeds will include interest accrued at greater than or equal to the rate required by New York state law, from the date of Your death (or the death of any Joint Owner) until the death benefit proceeds are paid. For amounts allocated to Index Account Options, if the Company does not distribute the death benefit proceeds within seven calendar days, the death benefit proceeds will include interest accrued and payable from the eighth day following the date that request for payment, or the date a lump-sum payment is deemed to be elected by default, and Due Proof of death were both received in Good Order at the Company's Customer Care Center until the death benefit proceeds are paid. The rate of interest will equal the rate of interest applicable to death benefit proceeds left on deposit with the Company on the date of Your death.
DEATH BENEFIT PROVISIONS. If the Owner or joint Owner dies before the Annuity Date, we will pay the Death Benefit to the Beneficiary. If the Owner is a non-natural person, then the death of the Annuitant, rather than the Owner, will trigger payment of the Death Benefit.