DEATH BENEFIT IF ANNUITANT IS NOT AN OWNER Clause Samples

This clause defines how death benefits are handled when the annuitant of an annuity contract is not the contract owner. In such cases, if the annuitant passes away, the clause specifies who is entitled to receive the death benefit and under what conditions, often directing the benefit to a named beneficiary or the contract owner. This ensures that the distribution of benefits is clear and follows the intended structure of the contract, preventing confusion or disputes over entitlement when the annuitant and owner are different individuals.
DEATH BENEFIT IF ANNUITANT IS NOT AN OWNER. If the Annuitant is not an Owner, upon the death of the Annuitant the Contract continues with the Contingent Annuitant (Section 6.5) as the new Annuitant. The Death Benefit will be the Accumulation Value of the Contract determined on the effective date. The effective date is the date on which proof of death is received at the Home Office. However, the effective date will be the next following Valuation Date if the proof of death is received at the Home Office on a Valuation Date after the close of trading on the New York Stock Exchange. If the Primary Annuitant dies prior to the Primary Annuitant’s 75th birthday, the Death Benefit will not be less than: • total Purchase Payments paid under the Contract; less • an adjustment for every withdrawal made under Section 4.5. The adjustment for each withdrawal equals (a) times (b), where: (a) = the amount withdrawn from the Accumulation Value divided by the Accumulation Value immediately before the withdrawal; and (b) = total Purchase Payments paid under the Contract prior to the withdrawal less all adjustments for prior withdrawals. As of the effective date, the Accumulation Value of the Contract will be set at an amount equal to the Death Benefit. ▇▇.▇.▇.▇▇. (1106) 10
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DEATH BENEFIT IF ANNUITANT IS NOT AN OWNER. If the Annuitant is not an Owner, upon the death of the Annuitant the contract continues with the Contingent Annuitant (Section 6.5)
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Related to DEATH BENEFIT IF ANNUITANT IS NOT AN OWNER

  • 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.

  • 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.

  • 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.

  • Domestic Partners; Spouses; Gender Discrimination If the Contract Amount is $100,000 or more, Contractor certifies that it is in compliance with PCC 10295.3, which places limitations on contracts with contractors who discriminate in the provision of benefits regarding marital or domestic partner status.

  • CONTINGENT ANNUITANT The person designated by the Owner who, upon the Annuitant's death prior to the Annuity Commencement Date, becomes the Annuitant.