Joint Annuitant. The Owner may elect to add a Joint Annuitant prior to the first Eligible Withdrawal, or the election of an Optional Income Plan, whichever occurs first. If a Joint Annuitant has been elected, then we will pay the Benefit Payments or income plan payments, as applicable, for the lifetime of the Annuitant or Joint Annuitant, whoever lives longer. The Joint Annuitant cannot be changed or removed once the first Eligible Withdrawal has been taken or the Payout Phase has begun, whichever occurs first. The Certificate cannot have more than one Joint Annuitant. If there is only one Owner, and Joint Annuitant is selected, then the Joint Annuitant must be the Owner’s Spouse who must also be the sole Primary Beneficiary of the Certificate. If there are joint Owners, and a Joint Annuitant is selected, then the Joint Annuitant must be the other Owner. If the Owner is a non-living person, other than the custodian or trustee of an IRA, a Joint Annuitant is not allowed. If the Owner is the custodian or trustee of an IRA, and a Joint Annuitant is selected, then the Joint Annuitant must be the Spouse of the Annuitant and the sole beneficiary of the IRA. The Owner assumes responsibility for ensuring that the Joint Annuitant satisfies these conditions at the time of issue and until the Certificate terminates. We may require proof of age, sex and marriage when the Joint Annuitant is added to the Certificate. Beneficiary For purposes of the Payout Phase section, and Certificate continuation under the Death of Owner provision, there are two classes of Beneficiaries, Primary Beneficiary(ies) and Contingent Beneficiary(ies). Primary Beneficiaries and Contingent Beneficiaries are individually and collectively referred to herein as “Beneficiaries.” The Primary Beneficiary is the person(s) named on the Certificate Data Page unless later changed by the Owner. The Primary Beneficiary is the Beneficiary(ies) who is first entitled to receive benefits under the Certificate upon the death of the sole surviving Owner. The Contingent Beneficiary is the person(s) named on the Certificate Data Page unless later changed by the Owner. The Contingent Beneficiary is entitled to receive benefits under the Certificate upon the death of the sole surviving Owner, when all Primary Beneficiaries predecease the sole surviving Owner. Unless the Owner has designated an irrevocable Beneficiary, the Owner may change or add Beneficiaries at any time, subject to the Joint Annuitant provision, by written request...
Joint Annuitant. The person named as Joint Annuitant upon whose life, together with the Annuitant, Annuity Payments may be determined. If Joint Annuitants are named, all references to Annuitant shall mean the Joint Annuitants. JOINT OWNER If more than one Owner has been designated, each Owner shall be a Joint Owner of the contract. Joint Owners have equal ownership rights and must both authorize any exercising of those ownership rights unless otherwise permitted by us. MARKET VALUE ADJUSTMENT ("MVA") The adjustment made to any amount you withdraw, surrender, apply to provide Annuity Payments, or transfer from the Guaranteed Term Account prior to the Renewal Date. This adjustment may be positive or negative and reflects the impact of changes in applicable interest rates between the time the Purchase Payment, transfer, or renewal is allocated to the Guaranteed Term Account and the time of the withdrawal, surrender, Annuity Payment election or transfer. MATURITY DATE The date this contract matures. The Maturity Date will be the first of the month following the later of: (a) the Annuitant's 85th birthday; or (b) ten years after the Contract Date. OWNER The person(s) who has (have) all rights under this contract. If your contract names Joint Owners, Owner means both Joint Owners. Any named Owner must be under the age of 91 as of your Contract Date. If your contract allows you to change Owners after the contract is issued, any new Owners must be under the age of 91 at the time of change or addition. PURCHASE PAYMENTS Amounts paid to us as consideration for the benefits provided by this contract. RENEWAL DATE The first day following the last day of any Guarantee Period in the Guaranteed Term Account. If this date is not a Valuation Date, the renewal will process on the next available Valuation Date. SUB-ACCOUNT The subdivisions of the Variable Account to which you may allocate your Purchase Payments or transfers. The assets of the Sub-Accounts are invested in the corresponding Funds. SURRENDER VALUE The amount payable to you on surrender of this contract. The Surrender Value is equal to the Contract Value less the annual maintenance fee, if any, and adjusted for any applicable MVA and deferred sales charge. SWAP RATE The weekly average of the 'Interest Rate Swap' rates as reported in Federal Reserve Bulletin Release H.15. VALUATION DATE Any date on which a Fund is valued. VALUATION PERIOD The period between successive Valuation Dates. VARIABLE ACCOUNT The separate investment acco...
Joint Annuitant. A person You designate to receive lifetime annuity income after your death. All annuity income during your life must be received only by you. Either You or the Joint Annuitant generally must be no older than age 85 on the Contract Date. The Joint Annuitant may not be an Owner.
Joint Annuitant. Upon annuitization, a person other than the Annuitant on whose life, Annuity payments may be made. The Contract will have a Joint Annuitant only if the Annuity Option selected provides for a survivor.
Joint Annuitant. A person who will receive annuity income jointly with the Annuitant in accordance with the terms of the Contract. If the Joint Annuitant survives the Annuitant, he or she will have the right to: (a) Exchange from one Investment Option to another; (b) change any Beneficiary (except that an irrevocable Beneficiary may not be changed without that Beneficiary's consent); (c) cancel the Contract during the free look period; and (d) instruct us how to vote shares of the Fund in which the Investment Option invests. Either the Annuitant or the Joint Annuitant generally must be no older than age 85 on the Contract Date. The Joint Annuitant may also be an Owner.
Joint Annuitant. Upon annuitization, a person other than the Annuitant on whose continuation of life Annuity payments may be made. The contract will have a Joint Annuitant only if the Annuity settlement option selected provides for a survivor. The Joint Annuitant may not be changed. Maximum Anniversary Value - The highest attained Anniversary Value prior to the earlier of the date of death or the decedent’s 81st birthday. Net Asset Value Per Share - The value per share of any Fund on any Valuation Day. This amount will never be less than that required by the Securities and Exchange Commission. Payee - The person, designated by You, to whom Annuity payments will be made. Premium Tax - The amount of tax, if any, charged by a federal, state, or other governmental entity on premium payments or Contract Values. On any contract subject to a Premium Tax, We may deduct the tax at the time We pay the tax to the applicable taxing authorities, at the time the contract is surrendered or on the Annuity Commencement Date. If We deduct the tax after Your premium payments have been applied to the Accounts, the tax will be deducted from the Accounts on a pro-rata basis.
Joint Annuitant. A person You designate to receive lifetime annuity income after your death. If the Joint Annuitant survives you, he or she will have the right to: (a) Exchange from one Investment Option to another; (b) change any Beneficiary (except that an irrevocable Beneficiary may not be changed without that Beneficiary's consent); (c) cancel the Contract during the free look period; (d) instruct us how to vote shares of the Fund in which your Investment Option invests; and (e) to withdraw from the Contract during the Withdrawal Period, if there is one. Beneficiary or Beneficiaries The person or persons You designate to receive any payments under this Contract when there is no longer a living Annuitant or Joint Annuitant. A Beneficiary who makes a timely election may choose to receive a lump sum instead of any remaining periodic annuity income. Surviving Beneficiaries will receive equal shares unless You specify otherwise. If (1) no Beneficiary survives You and the Joint Annuitant (if any), and (2) the Withdrawal Period or Guarantee Period (if any) has not ended, we will provide a lump sum to the estate of the last to die of You and the Joint Annuitant. Each Beneficiary receiving annuity income will have the right to instruct us how to vote Fund shares attributable to that income. A Beneficiary may be revocable or irrevocable. You may not change an irrevocable Beneficiary without that Beneficiary's consent. A Beneficiary may be a "Primary Beneficiary" or a "Contingent Beneficiary." No Contingent Beneficiary has the right to proceeds unless all of the Primary Beneficiaries die before proceeds are determined.
Joint Annuitant. The person named as Joint Annuitant upon whose life, together with the Annuitant, Annuity Payments may be determined. If Joint Annuitants are named, all references to Annuitant shall mean the Joint Annuitants.
Joint Annuitant. The person named as Joint Annuitant upon whose life, together with the Annuitant, Annuity Payments may be determined. If Joint Annuitants are named, all references to Annuitant shall mean the Joint Annuitants. JOINT OWNER If more than one Owner has been designated, each Owner shall be a Joint Owner of the contract. Joint Owners have equal ownership rights and must both authorize any exercising of those ownership rights unless otherwise permitted by us. When two people are named as Joint Owners, the term "Owner" means the Joint Owner or the survivor. Joint Owners are not permitted if the Owner is not a natural person. MATURITY DATE The date this contract matures. The Maturity Date will be the first of the month on or following the oldest Annuitant's 95th birthday. MINNESOTA LIFE ("WE", "OUR", "US") Minnesota Life Insurance Company.
Joint Annuitant. The person named on the Contract Data Pages whose Age and, if applicable, gender are used in combination with the Annuitant's Age and gender in determining the amount of the Income Payments. The Joint Annuitant cannot be changed.
