If any Owner's or oldest multiple Owners' attained age is or greater at the time of the change, the Guaranteed Death Benefit, the Minimum Death Benefit, and the Maximum Guaranteed Death Benefit will be zero, and the Death Benefit will then be the Cash Surrender Value.
If any Owner'sownership changes result in multiple Owners or if there has ever been multiple Owners, the Guaranteed Death Benefit and the Maximum Guaranteed Death Benefit shall be set to zero. If the oldest multiple Owners' attainedOwner is age is or greateryounger at the time of the change, the Guaranteed Death Benefit, the Minimum Death Benefit, and the Maximum Guaranteed Death Benefit will be zero, and the Death Benefit will then be the Cash Surrender Value.greatest of # 1, # 2 or # 3 above.
A change of Owner from a sole Owner to a sole Owner (where there have never been multiple Owners' attained age is or greater at the timeOwners designated) will result in recalculation of the change, the Guaranteed Death Benefit, the MinimumGuaranteed Death Benefit, and the Maximum Guaranteed Death Benefit. If the new Owner's attained age at the time of the change is less than , the Guaranteed Death Benefit and the Maximum Guaranteed Death Benefit in effect prior to the change will be zero,remain in effect and the Death Benefit will then beprovision shall apply. If the Cash Surrender Value.new Owner's attained age at the time of the change is or greater, but not greater than :
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.