Source Contract definition

Source Contract means the nonqualified deferred annuity contract[(s)] which is[are] the source of the exchange to this Inherited NQ Contract, as described in the Section, “Conditions Applicable to the Source Contract and the Exchange Transaction.”
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Examples of Source Contract in a sentence

  • Also, even if no affirmative election was made, the insurance company that issued the Deceased Holder’s Source Contract or any Interim Source Contract must not have applied the 5 Year Rule under Section 72(s)(1)(B) of the Code.

  • The exchange must be either directly from the Source Contract or from the most recent Interim Source Contract if successive exchanges have been made of the remaining interest as a beneficiary from the Source Contract.

  • This Contract is not designed to accept amounts which had been paid on a life contingent basis from the Source Contract or any Interim Source Contract.

  • You cannot have previously applied the value of your interest as a beneficiary under the Source Contract or any Interim Source Contract to a life contingent annuity payout.

  • Also, even if no affirmative election was made, the insurance company that issued the Deceased Holder’s Source Contract must not have applied the Five Year Rule under Section 72(s)(1)(B) of the Code.

Related to Source Contract

  • Customer Contract means any Seller Contract pursuant to which a Seller provides Products and/or Services to the counterparty.