ANNUITANT AND BENEFICIARY Sample Clauses

ANNUITANT AND BENEFICIARY. OWNER RIGHTS Unless otherwise stated in this contract, You may exercise all rights and privileges provided in this contract or allowed by Us. If two Owners jointly own this contract, each Owner may independently exercise transfers among the various account options and designate purchase payment allocations. Unless agreed to by Us, all other terms, conditions, rights and requirements that apply to an Owner under this contract shall apply jointly to each joint Owner named.
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ANNUITANT AND BENEFICIARY. Owner The Owner is as shown on the Specifications Page. Upon the death of an Owner prior to the Annuity Income Date, a Death Benefit is paid. You may exercise all rights and options granted in this contract or by us, subject to the consent of any irrevocable Beneficiary (where applicable). Where there are joint Owners, the consent of both is required in order to exercise any ownership rights. Assignment You may not assign this contract. Annuitant The Annuitant is as shown on the Specifications Page. Upon the death of an Annuitant prior to the Annuity Income Date, a Death Benefit is paid. Beneficiary The Beneficiary is as shown on the Specifications Page unless subsequently changed. You may declare any Beneficiary to be revocable or irrevocable. A revocable Beneficiary may be changed at any time (a) before the Annuity Income Date and before the death of an Owner or an Annuitant; or (b) after the Annuity Income Date and before the death of the Annuitant. An irrevocable Beneficiary must consent in writing to any change of beneficiary. Unless otherwise indicated, the Beneficiary will be revocable. A Beneficiary change must be made by Request. When we receive the Request, the change will take place as of the date it was signed, even if an Owner or an Annuitant dies after the form is signed but prior to our receipt of the Request. Any rights created by the change will be subject to payments we made or actions taken before the change was recorded. All benefits payable to the Beneficiary under this contract will be divided equally among the surviving Beneficiaries of the same class (see your Specifications Page), unless you direct otherwise. If there is no surviving Beneficiary in a particular class, then the benefit is divided equally among the surviving Beneficiaries of the next class. If there is no surviving Beneficiary, the deceased Beneficiary's interest will pass to you or your estate. If your contract has Joint Owners, and one Owner dies, the surviving joint Owner is the primary Beneficiary. This is confirmed on the Specifications Page. Once entitled to benefits under this contract, the Beneficiary may transfer or commute the annuity payments or any values provided as long as he or she has been given that right by you. Protection of Proceeds To the extent allowed by law, this contract and any payments made under it will be exempt from the claims of creditors. ANNUITY BENEFIT OVERVIEW Single Purchase The Single Purchase Payment is shown on the Payment Speci...
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ANNUITANT AND BENEFICIARY. Owner's Rights Unless otherwise stated in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. Change of Ownership You can change the ownership of this contract by written request on a form approved by us. The change must be made while the annuitant is living. Once we receive the change, it will take effect as of the date of your request, subject to any action taken or payment made by us before receipt. Naming a Beneficiary Unless designated otherwise, beneficiaries are those you name, in a form satisfactory to us, to receive benefits of this contract if you die while this contract is in force. We must receive the form in our corporate office prior to the date of death. For joint spousal ownership with right of survivorship, the surviving spouse is deemed the sole beneficiary superseding any other beneficiary designation. This permits the surviving spouse to use the spousal continuation at death option described in the "Payments to Beneficiary" section of the contract. (The deemed surviving spouse sole beneficiary designation may only be overridden if specifically requested in writing and signed by both joint spousal owners.) If the annuity is jointly owned by non-spousal owners, then the annuity balance will be paid to the beneficiary at the death of the first joint owner. If the owner is other than a natural person (e.g., a trust or corporation), and the annuitant dies before settlement, death benefits are payable to the beneficiary. Only those beneficiaries who are living when death benefits become payable may share in the benefits, if any. Benefits will be paid to all primary beneficiaries surviving you, in accordance with your last beneficiary designation on file. If none survive, proceeds will be paid to all surviving contingent beneficiaries. If no beneficiary survives, we will pay the benefits as follows: - if the owner is other than a natural person, we will pay the owner, otherwise; - to your spouse, if living; - if no spouse is living, to your lawful children per stirpes; - if you have no spouse or direct descendents, to your parents equally or the survivor; if living, otherwise to your estate. The owner may change the beneficiary as provided below. Change of Beneficiary If the annuitant is still living, you may change the beneficiary anytime by satisfactory written request to us. Once we receive the change, it will take effect as of the date of your request, subject to any action taken or payment...
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ANNUITANT AND BENEFICIARY. Owner Rights Unless otherwise stated in this contract, You may exercise all rights and privileges provided in this contract or allowed by Us. If two Owners jointly own this contract, each Owner may independently exercise transfers among the various account options, subject to the limits in the Transfer of Contract Value provision. Unless agreed to by Us, all other terms, conditions, rights and requirements that apply to an Owner under this contract shall apply jointly to each Owner named.
Sample 1
ANNUITANT AND BENEFICIARY. OWNER'S RIGHTS Unless otherwise stated in this contract, you may exercise all rights and privileges provided in this contract or allowed by us. CHANGE OF OWNERSHIP You can change the ownership of this contract by written request. The change must be made while the annuitant is living. Once we receive the change, it will take effect as of the date of your request, subject to any action taken or payment made by us before receipt. NAMING A BENEFICIARY Except as otherwise provided in the contract, beneficiaries are those you designate to receive benefits of this contract if you die while this contract is in force. We will not be bound by any such designation unless made by written request and recorded by us. Any changes take effect as of the date such written request was signed. However, we are not liable for any payment made by us before we record such written request. For joint spousal ownership with right of survivorship, the surviving spouse is deemed the sole beneficiary superseding any other beneficiary designation. This permits the surviving spouse to use the spousal continuation at death option described in the "Payments to Beneficiary" section of the contract. (The deemed surviving spouse sole beneficiary designation may only be overridden if specifically requested in writing and signed by both joint spousal owners.)
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Related to ANNUITANT AND BENEFICIARY

  • ANNUITANT The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated by you subject to our underwriting rules then in effect. The Annuitant may not be changed in a Contract which is owned by a non-individual.

  • Designated Beneficiary Upon the death of the Owner or Joint Owner, the Designated Beneficiary will be the first person on the following list who is alive on the date of death:

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • DEATH OF ANNUITANT If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.

  • Pre-Retirement Death Benefits Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the Qualifying Date, the Bank will pay $671 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

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