Ownership of Contract. Unless another owner is named in the application or an endorsement, the Annuitant is the Owner. Only an Owner who is not the Annuitant may name or change a Contingent Owner, except that an Owner who is also the Annuitant may name his or her spouse as Contingent Owner. Upon notice to us you may assign the contract to a new owner. The assignment cancels a designation of Contingent Owner. It does not change the beneficiary.
Appears in 1 contract
Sources: Annuity Contract (Merrill Lynch Life Variable Annunity Separate Account)
Ownership of Contract. Unless The Annuitant is the Owner unless another owner is named in the application or an endorsement, the Annuitant is the Owner. Only an Owner who is not the Annuitant may name or change a Contingent Owner, except that an Owner who is also the Annuitant may name his or her spouse as Contingent Ownercontingent owner. Upon notice to us you may assign the contract to a new ownerOwner. The assignment cancels a designation of Contingent Owner. It does not change the beneficiarycontingent owner.
Appears in 1 contract
Sources: Individual Variable Annuity Contract (Penn Mutual Variable Annuity Account Iii)