CONTRACT-HOLDER AS PAYEE - PRUDENTIAL AS AGENT Sample Clauses

This clause establishes that the contract-holder is the designated recipient of payments, while Prudential acts solely as an agent in facilitating those payments. In practice, this means that any funds or benefits due under the contract are paid directly to the contract-holder, with Prudential responsible for processing and delivering the payments but not retaining any ownership or discretion over the funds. The core function of this clause is to clarify the roles and responsibilities of each party, ensuring that payment flows are transparent and that Prudential’s involvement is limited to administrative handling rather than acting as a principal.
CONTRACT-HOLDER AS PAYEE - PRUDENTIAL AS AGENT. Every payment with respect to any annuity will be paid to the Contract-Holder. The Contract-Holder will notify Prudential forthwith of the death of any Annuitant and Contingent Annuitant. The Contract-Holder will reimburse Prudential for any payments made by Prudential which are in excess of those provided by the annuity for the Annuitant. However, the Contract-Holder may request Prudential to act as its agent for the purpose of making payments to Annuitants, Contingent Annuitants, and their beneficiaries. If Prudential assents to the request, it will make payments to the persons rather than to the Contract-Holder. The Contract-Holder may terminate this agency relationship at any time upon 45 days' advance notice to Prudential. Thereafter payments will be made to the Contract-Holder. GVA/GAA-1010/7211-82 Serial 410 (as modified by Forms GAA-7471A/7471) 4.5 9/84 Provision V. CHANGES:
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CONTRACT-HOLDER AS PAYEE - PRUDENTIAL AS AGENT. Every payment with respect to any annuity will be paid to the Contract-Holder. The Contract-Holder will notify Prudential forthwith of the death of any Annuitant and Contingent Annuitant. The Contract-Holder will reimburse Prudential for any payments made by Prudential which are in excess of those provided by the annuity for the Annuitant.
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