Common use of Death of an Owner Clause in Contracts

Death of an Owner. If any Owner dies before the Annuity Commencement Date and while this Contract is in force, we will pay the death benefit, less any applicable premium tax, to the Beneficiary. If any Owner dies on or after the Annuity Commencement Date, the Beneficiary will become the new Owner and remaining payments must be distributed at least as rapidly as under the Annuity Option in effect at the time of the Owner's death. DEATH OF THE ANNUITANT - If the Annuitant is not an Owner and dies prior to the Annuity Commencement Date, the Owner will become the new Annuitant unless the Owner designates otherwise. If any Owner is not an individual, the death of the Annuitant will be treated as the death of an Owner.

Death of an Owner. If any Owner dies before the Annuity Commencement Date and while this Contract is in force, we will pay the death benefit, less any applicable premium tax, to the Beneficiary. If any Owner dies on or after the Annuity Commencement Date, the Beneficiary will become the new Owner and remaining payments must be distributed at least as rapidly as under the Annuity Option in effect at the time of the Owner's death. DEATH OF THE ANNUITANT Death of the Annuitant - If the Annuitant is not an Owner and dies prior to the Annuity Commencement Date, the Owner will become the new Annuitant unless the Owner designates otherwise. If any Owner is not an individual, the death of the Annuitant will be treated as the death of an Owner.