THE ANNUITY CONTRACT Sample Clauses

THE ANNUITY CONTRACT. ABOUT THE CONTRACT This Contract is an agreement between Safeco Life and you, the Owner, where we promise to pay an income in the form of annuity payments, beginning on the date you select, or a death benefit. When you are investing money, your Contract is in the Accumulation Phase. Once you begin receiving annuity payments, your Contract is in the Income Phase. You purchased this Contract with the initial Purchase Payment you paid, and the Contract became effective on the contract date, shown on your contract data page. The Contract is called a variable annuity because you can allocate money among variable investment Portfolios available within the Separate Account. The investment performance of the Portfolio(s) you select may be positive or negative and affects the value of your Contract and the amount of any variable annuity payments. You may also allocate money to the Fixed Account which credits guaranteed interest rates. OWNER The Owner is shown on the contract application and cannot be changed. On the contract date, the Owner must not have been older than the maximum issue age shown on the contract data page. The Owner may exercise all ownership rights under this Contract. If this Contract is owned by joint Owners, they must jointly exercise their ownership rights, unless we are directed otherwise by both joint Owners in writing. On the contract date, each joint Owner must not have been older than the maximum issue age shown on the contract data page. The joint Owner cannot be changed. An Owner who is a non-natural person (for example, a corporation or a trust) may not name a joint Owner. ANNUITANT The Annuitant is/are the person(s) on whose life/lives annuity payments are based. You are the Annuitant unless you designate someone else before the Annuity Date. If you designate someone else as Annuitant, that person must not be older than the maximum issue age on the contract date and the maximum annuitization age when annuity payments begin. The maximum issue age and the maximum annuitization age are shown on the contract data page. An Owner who is a non-natural person may not change the Annuitant. BENEFICIARY The Beneficiary receives any death benefit payable in accordance with the provisions of this Contract. You initially name your Beneficiaries on the contract application. CHANGE OF BENEFICIARY You may change your Beneficiary designation at any time by sending us a signed and dated request. However, if a Beneficiary designation is irrevocable, tha...
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THE ANNUITY CONTRACT. What is the entire contract? The entire contract consists of this Group Contract, the application of the Group Contractholder, which is attached to the Group Contract, and the enrollment applications. No one except one of our corporate officers (President, Vice President, Secretary, or Assistant Secretary) can change or waive any of our rights or requirements under the contract. That person must do so in writing. None of our agents or other persons has the authority to change or waive any of our rights or requirements under the contract. In issuing the certificates, we have relied upon the applications. The statements contained in the applications are, in the absence of fraud, considered representations and not warranties. No statements made in connection with the applications will be used by us to void the contract or to deny a claim unless that statement is part of the applications. Can this contract be modified? This contract may be modified at any time by written agreement between the contractholder and us. The modification must be signed by one of our corporate officers (President, Vice President, Secretary or Assistant Secretary). No modification will affect the amount or term of any certificates issued before the effective date of the modification unless it is required to conform the contract to, or give the contractholder the benefit of, any Federal or State statutes. We reserve the right to modify this contract to the extent necessary to qualify a certificate issued under this contract, if purchased as part of a qualified plan under Section 401 or 403 of the Code, or purchased as part of a deferred compensation plan under Section 457 of the Code, as part of such a plan as described in Sections 401, 403 or 457 of the Code or under any other applicable section of the Code. When will the certificate become incontestable? After the certificate has been in force during the annuitant's lifetime for two years from the date of issue, we cannot contest the certificate. What if the annuitant's birthdate has been misstated? If the annuitant's birthdate has been misstated, payments under the certificate will be based on what would have been provided at the correct birthdate. Any underpayments made by us will be made up immediately. Any overpayments made by us will be subtracted from the future payments. 30369C What laws govern the contract? The contract is governed by the law of the state in which it is delivered. The values and benefits of the certificates a...
THE ANNUITY CONTRACT. ABOUT THE CONTRACT The Contract is an agreement between Symetra Life and you, the Owner, where we promise to pay the Payee (you or someone you choose) an income in the form of Annuity Payments, beginning on the date you select, or a Death Benefit.
THE ANNUITY CONTRACT. ABOUT THE CONTRACT This Contract is an agreement between Symetra and the Owner, where we promise to pay the Annuitant an income in the form of annuity payments, beginning on the date the Owner on behalf of the Annuitant selects, or a death benefit to the Annuitant’s Beneficiary(ies). When money is being invested, the Contract is in the Accumulation Phase. Once annuity payments begin, the Contract is in the Income Phase. The Owner purchased this Contract for the exclusive benefit of the Annuitant and the Annuitant’s Beneficiary(ies) with the initial Purchase Payment. The Contract became effective on the contract date, shown on the contract data page. The Contract is called a variable annuity because the Annuitant can allocate money among Sub-accounts available within the Separate Account. The investment performance of the Sub-account(s) selected may be positive or negative and affects the value of the Contract and the amount of any variable annuity payments. OWNER The Owner is the employer or trust named on the application who may exercise all ownership rights under this Contract on behalf of the Annuitant. ANNUITANT The Annuitant is a participant in the Plan whose rights are subject to the Plan and upon whose life annuity payments are payable under this Contract. The Annuitant must not be older than the maximum issue age shown on the contract data page at issue, and must be less than the maximum annuitization age when annuity payments begin. The maximum issue age and the maximum annuitization age are shown on the contract data page. BENEFICIARY The Annuitant’s Beneficiary receives any death benefit payable in accordance with the provisions of this Contract and subject to the provisions of the Plan. The Annuitant initially names the Beneficiary (ies) on the contract application.

Related to THE ANNUITY CONTRACT

  • 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.

  • Sick Leave Annual Cash Out ‌ Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if:

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

  • 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.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply.

  • Length of Contract As a part of your community’s program, your service from DESE will commence with your next available meter reading after processing of enrollment by your electric utility, and will continue for the term as specified in the opt-out notification, ending on your meter read for the last month of service.

  • Payment of Annual Leave (a) If an employee takes annual leave during a period, the annual leave shall be paid at the employee’s ordinary pay immediately before the period begins.

  • Base Annual Salary “Base Annual Salary” means the greater of (1) the highest annual rate of base salary in effect for the Executive during the 12 month period immediately prior to a Change in Control or, (2) the annual rate of base salary in effect at the time Notice of Termination is given (or on the date employment is terminated if no Notice of Termination is required).

  • OPTIONAL TWELVE-MONTH PAY PLAN 1. Where the Previous Collective Agreement does not contain a provision that allows an employee the option of receiving partial payment of annual salary in July and August, the following shall become and remain part of the Collective Agreement.

  • FIXED ACCOUNT 8 TRANSFERS AMONG ACCOUNTS...................................................10 SURRENDERING, OR WITHDRAWING PART OF THE ACCOUNT VALUE.....................10 CHARGES...................................................................10

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