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Contract Structure -
Contract Owner Rights |
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Contract Owner Rights
The contract owner holds key rights under an annuity contract. While the annuitant is living, the contract owner generally has the power to do the following:
- Name the annuitant
- State and change the annuity starting date
- Choose (and change, prior to the annuity starting date) the payout option
- Name and change the beneficiary
- Request and receive the proceeds of a partial or full surrender
- Allocate and transfer funds among different sub-accounts
- Initiate and change the status of a systematic withdrawal
- Assign or otherwise transfer ownership of the contract to other parties
- Amend the contract with the issuing company’s consent
Features will vary by company and product. Please refer to
Glossary for definitions
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