Common use of Owner Death Clause in Contracts

Owner Death. At the death of any owner, all current surrender charges will be waived; however, any premium received after the deceased owner’s death will be subject to any applicable surrender charges. If the deceased owner is also the annuitant, Subsection C.I. “Annuitant Death” above applies. If an owner or joint owner who is not an annuitant dies prior to the annuity commencement date and before the entire interest in the policy is distributed, the successor owner as defined below will become the new owner, and no death proceeds are payable. The person or entity first listed below who is alive or in existence on the date of that death will become the successor owner:

Owner Death. At the death of any owner, all current surrender charges will be waived; , however, any premium received after the deceased owner’s death will be subject to any applicable surrender charges. If the deceased owner is also the sole annuitant, . Subsection C.I. “Annuitant Death” above applies. If an owner or joint owner who is not an the sole annuitant dies prior to the annuity commencement date and before the entire interest in the policy is distributed, the successor owner as defined below will become the new owner, and no death proceeds are payable. The person or entity first listed below who is alive or in existence on the date of that death will become the successor owner:

Owner Death. At the death of any owner, all current surrender charges will be waived; however, any premium received after the deceased owner’s death will be subject to any applicable surrender charges. If the deceased owner is also the annuitant, Subsection C.I. “Annuitant Death” above applies. If an owner or joint owner who is not an annuitant dies prior to the annuity commencement date and before the entire interest in the policy is distributed, the successor owner as defined below will become the new owner, and no death proceeds are payable. The person or entity first listed below who is alive or in existence on the date of that death will become the successor owner:.