Common use of DEATH ON OR AFTER THE ANNUITY COMMENCEMENT DATE Clause in Contracts

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 payable, 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 in the manner described in the settlement option then in effect as of the date written notification of Due Proof of Death is received by the Company.