Common use of MISSTATEMENT OF AGE AND/OR SEX Clause in Contracts

MISSTATEMENT OF AGE AND/OR SEX. If the age and/or sex of the Annuitant has been misstated, the amount payable under this Contract will be adjusted to be the amount of income which the actual Purchase Payments paid would have purchased for the correct age and/or sex on the Contract Date. Proof of age may be required at any time, in a form satisfactory to Us. If We made any overpayments because of misstatement, the dollar amount of any overpayment will be deducted from the current or succeeding annuity payments due under this Contract. The dollar amount of any underpayment made by Us because of misstatement, will be paid in full with the next payment due under this Contract. Any adjustment for overpayment or underpayment will include interest charged or credited, as applicable, at a rate of 1% per annum.

Appears in 2 contracts

Samples: Lincoln Life Variable Annuity Account N, Lincoln Life Variable Annuity Account N

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MISSTATEMENT OF AGE AND/OR SEX. If the age and/or sex of the Annuitant has been misstated, the amount payable under this Contract will be adjusted to be the amount of income which the actual Purchase Payments paid would have purchased for the correct age and/or sex on the Contract Date. Proof of age may be required at any time, in a form satisfactory to Us. If We made any overpayments because of misstatement, the dollar amount of any overpayment will be deducted from the current or succeeding annuity payments Annuity Payments due under this Contract. The dollar amount of any underpayment made by Us because of misstatement, will be paid in full with the next payment due under this Contract. Any adjustment for overpayment or underpayment will include interest charged or credited, as applicable, at a rate of 1% per annum., compounded annually. GENERAL PROVISIONS (continued)

Appears in 2 contracts

Samples: Lincoln Life Variable Annuity Account N, Lincoln Life Variable Annuity Account N

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MISSTATEMENT OF AGE AND/OR SEX. If the age and/or sex of the Annuitant has been misstated, the amount payable under this Contract will be adjusted to be the amount of income which the actual Purchase Payments paid would have purchased for the correct age and/or sex on the Contract Date. Proof of age may be required at any time, in a form satisfactory to Us. If We made any overpayments because of misstatement, the dollar amount of any overpayment will be deducted from the current or succeeding annuity payments Annuity Payments due under this Contract. The dollar amount of any underpayment made by Us because of misstatement, will be paid in full with the next payment due under this Contract. Any adjustment for overpayment or underpayment will include interest charged or credited, as applicable, at a rate of 1% per annum, compounded annually.

Appears in 1 contract

Samples: Lincoln Life Variable Annuity Account N

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