Common use of the Contract Value Clause in Contracts

the Contract Value. The Death Benefit will be determined and paid as of the Valuation Period next following the date of receipt by the Company of both due proof of death and an election for a single sum payment or election under an Annuity Option. If a single sum payment is requested, the proceeds will be paid within seven (7) days of receipt of proof of death and the election. Payment under an Annuity Option may only be elected during the sixty-day period beginning with the date of receipt of proof of death or a single sum payment will be made to the Beneficiary at the end of the sixty-day period. The entire Death Benefit must be paid within five (5) years of the date of death unless: 1) the Beneficiary is the spouse of the Owner, in which event the Beneficiary will become the Owner and may elect that this Contract remain in effect; or 2) the Beneficiary is not the spouse of the Owner, in which event the Beneficiary may elect to have the Death Benefit payable under an Annuity Option over the lifetime of the Beneficiary beginning within 1 year of the date of death. PAYMENT OF DEATH BENEFIT -- The Company will require due proof of death before any Death Benefit is paid. Due proof of death will be: 1) a certified death certificate; 2) a certified decree of a court of competent jurisdiction as to the finding of death; 3) a written statement by a medical doctor who attended the deceased; or

the Contract Value. The Death Benefit will be determined and paid as of the Valuation Period next following the date of receipt by the Company of both due proof of death and an election for a single sum payment or election under an Annuity Option. If a single sum payment is requested, the proceeds will be paid within seven (7) days of receipt of proof of death and the election. Payment under an Annuity Option may only be elected during the sixty-day period beginning with the date of receipt of proof of death or a single sum payment will be made to the Beneficiary at the end of the sixty-day period. The entire Death Benefit must be paid within five (5) years of the date of death unless: 1) the Beneficiary is the spouse of the Owner, in which event the Beneficiary will become the Owner and may elect that this Contract remain in effect; or 2) the Beneficiary is not the spouse of the Owner, in which event the Beneficiary may elect to have the Death Benefit payable under an Annuity Option over the lifetime of the Beneficiary beginning within 1 year of the date of death. PAYMENT OF DEATH BENEFIT -- - The Company will require due proof of death before any Death Benefit is paid. Due proof of death will be: 1) a certified death certificate; 2) a certified decree of a court of competent jurisdiction as to the finding of death; 3) a written statement by a medical doctor who attended the deceased; or