Common use of Spousal Continuances Clause in Contracts

Spousal Continuances. A Spousal Continuance occurs if the deceased owner's spouse is the beneficiary. The surviving spouse continues the contract, including any optional benefits such as GRIP II, as the new owner. In such a case, the GRIP II Income Benefit Base continues the same as it would for a change of annuitant, except the requirement that the annuitant be younger is waived for the spouse. Providing that the CEDING COMPANY can individually identify Spousal Continuances, as shown in Schedule C, the REINSURER will cover Spousal Continuances under this Agreement and will treat them as new issues to the extent that, at the time of continuance, this Agreement is open for new business as defined in Article XX, Paragraph A.

Spousal Continuances. A Spousal Continuance occurs if the deceased owner's spouse is the beneficiary. The surviving spouse continues the contract, including any optional benefits such as GRIP IIGRIP, as the new owner. In such a case, the GRIP II Income Benefit Base continues the same as it would for a change of annuitant, except the requirement that the annuitant be younger is waived for the spouse. Providing that the CEDING COMPANY can individually identify Spousal Continuances, as shown in Schedule C, the REINSURER will cover Spousal Continuances under this Agreement and will treat them as new issues to the extent that, at the time of continuance, this Agreement is open for new business as defined in Article XX, Paragraph A.