Non-Spousal Beneficiary "Stretch. Settlements. The Reinsured Contracts include death benefit settlements pursuant to which a non-spousal beneficiary receives death benefit proceeds for a period not to exceed the lesser of the life or lifetime expectancy (pursuant to U.S. Treasury Regulations) of such beneficiary ("Stretch Settlement"). Any amounts distributed during an Accounting Period under a Stretch Settlement shall be reflected as a Death Benefit in that Accounting Period's Quarterly Accounting and Settlement in accordance with Section 5.11.
Appears in 6 contracts
Samples: Service Agreement (Hancock John Variable Annuity Account H), Service Agreement (Hancock John Variable Annuity Account U), Service Agreement (Hancock John Variable Annuity Account Jf)
