DEATH ON OR AFTER THE ANNUITY COMMENCEMENT Sample Clauses

DEATH ON OR AFTER THE ANNUITY COMMENCEMENT. DATE If the Contract Owner dies, and the Annuitant is living, the designated Beneficiary will become the Contract Owner. If the Annuitant dies, the Contract Owner will be the Beneficiary. If a Death Benefit is triggered, the rights of the designated Beneficiary are voided. If the Annuitant who is also the Contract Owner dies, the designated Beneficiary will be the Beneficiary. The Death Benefit will be calculated as of the date We receive written notification of Due Proof of Death as in the manner described in the settlement option then in effect.
View SourceView Similar (5)
DEATH ON OR AFTER THE ANNUITY COMMENCEMENT. DATE Upon receipt of due proof of death of the Annuitant, any remaining annuity benefits payable will continue to be distributed under the Annuity Payment Option then in effect. Upon the death of the Owner, any remaining annuity payments will be made at least as rapidly as the Annuity Payment Option then in effect. Upon the death of the Owner, the rights of ownership granted by the Contract will pass to the surviving Owner, if any, otherwise to the Beneficiary. If there is no named Beneficiary at the time of a sole Owner's death, then the rights of ownership will pass to the Annuitant, if still living; otherwise to the Joint Annuitant, if applicable. If no named Beneficiary, Annuitant or Joint Annuitant survives the Owner, any remaining payments payable will continue to the Owner's estate.
View SourceView Similar (3)
DEATH ON OR AFTER THE ANNUITY COMMENCEMENT. DATE The death proceeds on or after the Annuity Commencement Date depend on the payment option selected. If any owner dies on or after the Annuity Commencement Date, but before the entire interest in the contract is distributed, the remaining portion of such interest in the contract will be distributed to the beneficiary at least as rapidly as under the method of distribution being used as of the date of that owner's death.
View SourceView Similar (2)
DEATH ON OR AFTER THE ANNUITY COMMENCEMENT. DATE If the Contract Owner dies, and the Annuitant is living, the designated Beneficiary will become the Contract Owner. If the Annuitant dies, the Contract Owner will be the Beneficiary. If a Death Benefit is triggered, the rights of the designated Beneficiary are voided. If the Annuitant who is also the Contract Owner dies, the designated Beneficiary will be the Beneficiary. The Death Benefit will be calculated as of the date We receive written notification of Due Proof of Death as in the manner described in the settlement option then in effect. CALCULATION CALCULATION OF THE DEATH BENEFIT OF THE DEATH If a Death Benefit is triggered before the BENEFIT Annuity Commencement Date, any Death PROVISIONS Benefit payable will be calculated as of the date We receive written notification of Due Proof of Death. If the calculated Death Benefit exceeds the Contract Value, the difference will be allocated to the Sub-Account(s) in accordance with the last Sub-Account allocation instructions received from the Contract Owner. During the time period between Our receipt of written notification of Due Proof of Death and Our receipt of complete settlement instructions from each Beneficiary, the calculated Death Benefit amount will be subject to market fluctuations. AML-VA2002 14 PRINTED IN U.S.A. CALCULATION DEATH BENEFIT OF THE DEATH The Death Benefit is the greatest of: BENEFIT a) the Contract Value; or PROVISIONS b) 100% of all premium payments made (CONTINUED) under the Contract, reduced by the gross amount of any partial surrenders since the Contract Issue Date; or c) the Maximum Anniversary Value, as described below. MAXIMUM ANNIVERSARY VALUE The Maximum Anniversary Value is based on a series of calculations on Contract Anniversaries, of Contract Values, premium payments and partial surrenders. As of the date We receive notification of Due Proof of Death, We will calculate an Anniversary Value for each Contract Anniversary prior to the decedent's death and 81st birthday. The Anniversary Value is equal to the Contract Value as of a Contract Anniversary, increased by the dollar amount of any premium payments made since that anniversary and reduced by the dollar amount of any partial surrenders since that anniversary. The Maximum Anniversary Value is equal to the greatest Anniversary Value attained from this series of calculations. OPTIONAL DEATH BENEFIT If this contract has an Optional Death Benefit, a charge for the benefit will appear on page 3. The benefit must be a...
View Source

Related to DEATH ON OR AFTER THE ANNUITY COMMENCEMENT

  • 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.

  • Tax Periods Beginning Before and Ending After the Closing Date The Company or the Purchaser shall prepare or cause to be prepared and file or cause to be filed any Returns of the Company for Tax periods that begin before the Closing Date and end after the Closing Date. To the extent such Taxes are not fully reserved for in the Company’s financial statements, the Sellers shall pay to the Company an amount equal to the unreserved portion of such Taxes that relates to the portion of the Tax period ending on the Closing Date. Such payment, if any, shall be paid by the Sellers within fifteen (15) days after receipt of written notice from the Company or the Purchaser that such Taxes were paid by the Company or the Purchaser for a period beginning prior to the Closing Date. For purposes of this Section, in the case of any Taxes that are imposed on a periodic basis and are payable for a Taxable period that includes (but does not end on) the Closing Date, the portion of such Tax that relates to the portion of such Tax period ending on the Closing Date shall (i) in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending on the Closing Date and the denominator of which is the number of days in the entire Tax period (the “Pro Rata Amount”), and (ii) in the case of any Tax based upon or related to income or receipts, be deemed equal to the amount that would be payable if the relevant Tax period ended on the Closing Date. The Sellers shall pay to the Company with the payment of any taxes due hereunder, the Sellers’ Pro Rata Amount of the costs and expenses incurred by the Purchaser or the Company in the preparation and filing of the Tax Returns. Any net operating losses or credits relating to a Tax period that begins before and ends after the Closing Date shall be taken into account as though the relevant Tax period ended on the Closing Date. All determinations necessary to give effect to the foregoing allocations shall be made in a reasonable manner as agreed to by the parties.

  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • What Will Happen After We Receive Your Letter When we receive your letter, we must do two things: