Examples of Joint Life Contract in a sentence
Effect of Divorce on Required Payments at Death: If the Contract is issued as a Joint Life Contract, you and your spouse named as Successor Owner subsequently divorce, and the Contract is not split, then the following applies on your death before a supplementary contract has been issued.
If the Contract is issued as a Joint Life Contract, the surviving Successor Owner will be deemed the Beneficiary, superseding any other inconsistent Beneficiary designation(s).
Under a Joint Life Contract, the surviving Successor Owner is subject to the Segment Participation Requirements, described in Section 4.01A of the Contract.
For a Joint Life Contract where the Owner and Successor Owner, or Annuitant and Joint Annuitant, whichever is applicable, are no longer married at the time of the first death, the Payment Upon Death Rules and Rules Applicable upon Divorce described in the applicable Endorsement apply.
If the Contract is issued as a Joint Life Contract with joint ownership rights in the Successor Owner, the Owner and Successor Owner subsequently divorce, and the Contract is not split, then the following applies on the death of the first to die of the Owner or the Successor Owner before a supplementary contract has been issued.
If the sole Designated Beneficiary is your surviving spouse, and the Spousal Continuation option described in the Section, “Payment Upon Death” is in effect, or if the Contract is issued as a Joint Life Contract, and the Successor Owner named in the Contract is also your spouse at your death, distribution of your interest in this Contract need not be made until after your surviving spouse’s death.
If the Owner or Successor Owner (Annuitant or Joint Annuitant in the event of a Non-Natural Owner) is changed, this Rider will terminate, except in the following circumstances: i) The Successor Owner (Joint Annuitant in the event of a Non-Natural Owner) is removed from a Joint Life Contract.
For a Joint Life Contract, you divorce, and in accordance with your divorce decree, your former spouse is awarded 100% of the AAV under your Contract.
Under a Joint Life Contract, the surviving Owner or Joint Annuitant, as applicable, is subject to the Segment Participation Requirements, described in Section [4.01A] of the Contract.
For a Joint Life Contract, the “Income Measuring Life” is the youngest person designated as Contract Owner or Successor Owner (Annuitant or Joint Annuitant in the event of a Non-Natural Owner) as shown in the Data Pages.