Death of Annuitant Before Annuity Commencement Date Sample Clauses

Death of Annuitant Before Annuity Commencement Date. If the Annuitant dies before the Annuity Commencement Date MetLife will have no further liability except as may be provided by the form of the Annuity purchased or as may be agreed by MetLife when the Annuity is purchased.
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Death of Annuitant Before Annuity Commencement Date. When the Annuitant is Not an Owner If the annuitant dies before the Annuity Commencement Date and the annuitant is not an owner, a death benefit becomes payable to the beneficiary, unless the owner has also named a contingent annuitant. In such case, the death benefit is payable prior to the Annuity Commencement Date upon the death of the later to survive of the annuitant and contingent annuitant. If the beneficiary predeceases the annuitant, then the death benefit will be paid to the contingent beneficiary, if any. If no contingent beneficiary(ies) is named, then the death benefit will be paid to the owner or, if the owner is no longer living, to the owner's estate. GIAC will make such payment upon receipt at its Customer Service Office of proof in Good Order that the death occurred before the Annuity Commencement Date. If the annuitant's death occurs prior to attainment of age 85, the death benefit payable will be the greatest of: o the Accumulation Value of the contract as of the end of the Valuation Period during which GIAC received proof of death in Good Order, less annuity taxes, if any; or o the total amount of premiums paid, less any partial withdrawals and any contingent deferred sales charges paid thereon, and annuity taxes, if any; or o the Accumulation Value of the contract as of the Reset Date immediately preceding the annuitant's date of death, plus any Net Premiums paid subsequent to such Reset Date, less the amount of all partial withdrawals subsequent to such Reset Date, any contingent deferred sales charges paid thereon, and annuity taxes, if any. If the annuitant is age 80 or older on the Issue Date, then the death benefit payable will be the Accumulation Value as of the end of the Valuation Period during which GIAC received proof of death in Good Order, less annuity taxes, if any. If the annuitant dies on or after attainment of age 85, the death benefit payable will be the Accumulation Value as of the end of the Valuation Period during which GIAC received proof of death in Good Order, less annuity taxes, if any. The death benefit will be paid in one sum unless: o the owner has elected an annuity payout option for the death benefit that is received at GIAC's Customer Service Office in Good Order at least three business days prior to the date the proceeds are paid; or o the owner has not otherwise elected an annuity payout option and the beneficiary has elected an annuity payout option for the death benefit that is: o received at GIAC's C...
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Death of Annuitant Before Annuity Commencement Date. If the annuitant dies before the Annuity Commencement Date, a death benefit becomes payable to the beneficiary, unless the owner has named a Contingent Annuitant. If a Contingent Annuitant is named, the death benefit is payable prior to the Annuity Commencement Date upon the death of the later to survive of the annuitant and Contingent Annuitant. If the beneficiary predeceases the annuitant, then the death benefit will be paid to the contingent beneficiary, if any. If no contingent beneficiary(ies) is named, then the death benefit will be paid to the owner or, if the owner is no longer living, to the owner's estate. GIAC will make such payment upon receipt at its Customer Service Office of proof that the death occurred before the Annuity Commencement Date and all required documents are received in Good Order. If the annuitant is age 79 or younger on the Issue Date, then the death benefit payable will be the greater of: o the Accumulation Value as of the end of the Valuation Period during which GIAC received proof of death and all required documents in Good Order, less annuity taxes, if any; or o the total amount of premiums paid, less an adjusted amount for each partial withdrawal. DEATH BENEFITS, cont'd The adjusted amount for each partial withdrawal is determined by:
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Death of Annuitant Before Annuity Commencement Date. ...7 Death of an Owner When the Owner is Not the Annuitant..........................8 Deferment.....................................................................24
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Related to Death of Annuitant Before Annuity Commencement Date

  • ANNUITY COMMENCEMENT DATE The Valuation Date on which the Contract Value is withdrawn for payment of annuity benefits under the Annuity Payment Option selected.

  • DEATH OF ANNUITANT If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

  • ANNUITANT The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated by you subject to our underwriting rules then in effect. The Annuitant may not be changed in a Contract which is owned by a non-individual.

  • ANNUITY Payment of an income:

  • Fixed Annuity Payments The minimum guaranteed income purchased per $1,000 of the net amount applied to a fixed annuity is based on an annual interest rate of 3% and the 1983a Mortality Table with the ages set back ten (10) years. Conversion to Current Rates – Annuity payments will be based on the greater of: • our current income factors in effect for this Contract on the Annuity Date; or • our guaranteed income factors. The dollar amount of any payments after the first annuity payment is specified during the annuity payment period according to the provisions of the elected Annuity Option.

  • Death Subsequent to Commencement of Benefit Payments In the event the Executive dies while receiving payments, but prior to receiving all payments due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid the Executive, had the Executive survived.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

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