DEATH BEFORE THE ANNUITY COMMENCEMENT DATE Sample Clauses

DEATH BEFORE THE ANNUITY COMMENCEMENT DATE. Entitlement. If there is a single Owner, then upon the death of the Owner LNY will pay a Death Benefit to the designated Beneficiary(s). If the designated Beneficiary of the Death Benefit is the surviving spouse of the deceased Owner, the spouse may elect to continue the Contract as the new Owner. The Death Benefit in effect at the time of death of the original Owner will continue, unless subsequently terminated by the surviving spouse. If there are no designated Beneficiaries, LNY will pay a Death Benefit to the Owner's estate. Upon the death of the spouse who continues the Contract as the new Owner, LNY will pay a Death Benefit to the designated Beneficiary(s). If there are two Owners, upon the death of the first Owner, LNY will pay a Death Benefit to the surviving Owner. If the surviving Owner is the spouse of the deceased Owner, then the spouse may elect to continue the Contract as sole Owner. The Death Benefit in effect at the time of death of the original Owner will continue, unless subsequently terminated by the surviving spouse. Upon the death of the Owner who continues the Contract, LNY will pay a Death Benefit to the designated Beneficiary(s). If the Annuitant is also an Owner, then the Death Benefit paid upon the death of the Annuitant will be subject to the Contract provisions regarding death of an Owner. If the surviving spouse of the deceased Annuitant assumes the Contract, the Contingent Annuitant, if any, will become the Annuitant. If there is no named Contingent Annuitant, the surviving spouse will become the Annuitant. If an Annuitant who is not an Owner dies, then the Contingent Annuitant, if named, becomes the Annuitant and no Death Benefit is payable on the death of the Annuitant. If an Annuitant who is not an Owner dies and no Contingent Annuitant is named, the youngest Owner immediately becomes the Annuitant and the Contract continues. In lieu of continuing the Contract, the Owner may elect to receive a Death Benefit (in equal shares, if applicable). Written notification of the election to receive the Death Benefit must be received by LNY within 75 days of the death of the Annuitant. This Contract will terminate when any Death Benefit is paid due to the death of the Annuitant. If the Owner is a corporation or other non-individual (non-natural person), the death of the Annuitant will be treated as the death of the Owner. The Death Benefit will be paid upon approval by LNY and after LNY is in receipt of: a. proof, satisfactory to LNY, ...
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DEATH BEFORE THE ANNUITY COMMENCEMENT DATE. Entitlement.
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DEATH BEFORE THE ANNUITY COMMENCEMENT DATE. We pay a Death Benefit before the Annuity Commencement Date if one of the following conditions is met: If the Contract Owner dies, and:
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DEATH BEFORE THE ANNUITY COMMENCEMENT DATE. Entitlement. a. proof, satisfactory to LNL, of the death; b. written authorization for payment; and c. all claim forms, fully completed. Due proof of death may be a certified copy of a death certificate, a certified copy of a decree of a court of competent jurisdiction as to the findings of death, or any other proof of death acceptable to LNL. All Death Benefit payments will be subject to the laws and regulations governing death benefits. Notwithstanding any provision of this Contract to the contrary, the payment of Death Benefits provided under the Contract must be made in compliance with Code Section 72(s) or 401(a)(9) as applicable, as amended from time to time.
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DEATH BEFORE THE ANNUITY COMMENCEMENT DATE. It replaces the first paragraph of Section 2.13 (A). Upon the death of the Annuitant, including an Owner/Annuitant, LNL will pay to the Beneficiary a Death Benefit equal to the greater of the following two amounts: a. the Contract Value at the end of the Valuation Period when the death claim is approved for payment as described in Section 2.13 (B); or b. the higher of: 1. the Contract Value at the end of the Valuation Period when the EGMDB becomes effective; and 2. the highest Contract Value at the end of the Valuation Period that includes any Contract anniversary date up to and including age 75 following election of this rider; increased by Purchase Payments and decreased by any withdrawals, annuitizations, and premium taxes incurred after the EGMDB effective date or Contract anniversary date on which the highest Contract Value occurred. The EGMDB will only be in effect, unless terminated by the owner, for Non- Qualified Contracts and Contracts sold as Individual Retirement Annuities (IRA) under Code Section 408. For benefits to be payable under the EGMDB, due proof of death of the Annuitant prior to the Annuity Commencement Date must be received by LNL. As of the Annuity Commencement Date, the EGMDB will be discontinued and the charge for this benefit will cease. The EGMDB may not be elected on or after the Annuity Commencement Date. The EGMDB takes effect on the Valuation Date at the end of the Valuation Period during which the EGMDB election form is approved by the LNL Home Office. There is a daily charge for the EGMDB at an annual rate of 0.30% which is deducted in addition to the mortality and expense risk and administrative charge. The charge will start at the beginning of the next Valuation Period after the EGMDB becomes effective. This charge will continue for all future Contract years, including years following age 75, unless the Owner elects to discontinue the EGMDB. After the EGMDB has been elected, the Owner may discontinue it at any time. If discontinued, the EGMDB will terminate on the Valuation Date at the end of the Valuation Period during which the written request to discontinue the EGMDB is received in the LNL Home Office. The 0.30% annual charge will cease at the end of the Valuation Period during which the EGMDB is terminated. If the Owner elects to discontinue the EGMDB, the first paragraph of Section 2.13 (A) will be reinstated in its original form as it existed prior to the election of this rider. Once discontinued, the Owner may no...
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Related to DEATH BEFORE THE ANNUITY COMMENCEMENT DATE

  • Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Term Commencement Date For purposes of this Lease, the "Term Commencement Date" shall be defined as the earlier of (A) the first date on which Tenant occupies all or any part of the Premises for the conduct of business, or (B) fourteen (14) days after the date on which both of the following shall occur: (i) Landlord's Work shall be (or be deemed to be) substantially completed (notwithstanding the incompleteness of (x) so-called "punch list" items, (y) work to be undertaken by Landlord which does not materially impair Tenant's use of the Premises for the purposes allowed herein, and (z) finishes and exterior landscaping to the Property), and (ii) a certificate of occupancy has been (or is deemed to have been) issued with respect to the Premises (or the building inspector has (or is deemed to have) provided a verbal "sign off" on Landlord's Work and indicated that a certificate of occupancy will issue in due course). If Tenant (or any agent, employee or contractor of Tenant) causes any delay in the performance or substantial completion of Landlord's Work (including, without limitation, by failing to timely prepare the Construction Drawings), then Landlord's Work shall be deemed to have been substantially completed on the date that Landlord's Work would have been substantially completed but for such delay, and the certificate of occupancy for the Premises (or building inspector "sign off" as aforesaid) shall be deemed to have been issued (or provided) on the date it would have been issued (or provided) but for such delay. Landlord shall use reasonable efforts to substantially complete Landlord's Work by the date (as the same may be modified by Landlord at or prior to the time of its approval of the Construction Drawings as provided in the second paragraph of Section 10.22, the "Estimated Substantial Completion Date") which is ninety (90) days after Landlord's final approval of the Construction Drawings, but Tenant shall not have any claim against Landlord, and Landlord shall have no liability to Tenant, if Landlord's Work is not substantially completed by the Estimated Substantial Completion Date. Notwithstanding the foregoing, if Landlord fails to substantially complete Landlord's Work on or before the date which is sixty (60) days after the Estimated Substantial Completion Date due to Landlord's fault or neglect, then Tenant shall be entitled to a credit (offset) against Base Rent due and payable as of the Term Commencement Date in the amount of one (1) day of Base Rent for each day after the Estimated Substantial Completion Date that Landlord's Work shall not have been substantially completed.

  • Rent Commencement Date The "Rent Commencement Date" shall be the date that Tenant first uses the Premises or any portion thereof for any purpose permitted under this lease. In the event this lease pertains to a building or building interior finish to be constructed, the "Rent Commencement Date" shall be the date upon which the buildings and other improvements erected and to be erected upon the premises shall have been substantially completed in accordance with the plans and specifications described on Exhibit "C" attached hereto and incorporated herein by reference, provided however, that if Landlord shall be delayed in such substantial completion as a result of: (i) Tenant's failure to agree to plans, specifications, and cost estimates, within a reasonable period of time; (ii) Tenant's request for materials, finishes or installations other than Landlord's standard; (iii) Tenant's changes in plans; the commencement date and the payment of rent hereunder shall be accelerated by the number of days of such delay, and provided further that if Landlord cannot substantially complete the premises as a result of any events (i) through (iii) above, Landlord may as its election complete so much of Landlord's work as may be practical under the circumstances and, by written notice to Tenant, establish the commencement date as the date of such partial completion, subject to any applicable accelerations due to delays resulting from events (i) through (iii) above. Taking possession by Tenant shall be deemed conclusively to establish that said buildings and other improvements have been completed in accordance with the plans and specifications and that the premises are in good and satisfactory condition, as of when possession was so taken. Tenant acknowledges that no representations as to the repair of the premises have been made by Landlord, unless such are expressly set forth in the lease. After such "Rent Commencement Date" Tenant shall, upon demand, execute and deliver to Landlord a letter of acceptance of delivery of the premises. In the event of any dispute as to substantial completion of work performed, execute or required to be performed by Landlord, the certificate of Landlord's architect or general contractor shall be conclusive.

  • Fixed Annuity An Annuity with payments which do not vary in amount.