Class Plus 2 Information Folder and Contract Provisions - Empire Life

and a Senior Vice-President of Empire Life. This contract willbe governed and interpreted in accordance with the laws ofthe Province or Territory of Canada in which you sign theApplication.Any action or proceeding against an insurer for the recoveryof insurance money payable under the contract is absolutelybarred unless commenced within the time set out in theInsurance Act or other applicable legislation.1.3 Effective DateThe contract will become effective when we have received all ofthe required documents and an initial deposit.We will issue a confirmation notice to you as confirmation of acontract purchase. The effective date of your contract will beindicated on the confirmation notice.1.4 CurrencyAmounts payable to or by us will be in Canadian dollars.1.5 Payment of BenefitsBefore making payment of any of the benefits payable under theterms of this contract, we will require sufficient proof of theright of the claimant to receive such payment. If the proceedsbecome payable by reason of the last Annuitant’s death we willalso require sufficient proof of death of the Annuitant(s) and, ifapplicable, the Joint Life in accordance with our rules.1.6 BeneficiaryThe primary beneficiary(ies) to receive any amount payable onthe death of the last Annuitant will be as you have designatedon the Application. You may, by providing notice to us, and tothe extent that the law(s) governing this contract allows:1) appoint or revoke a beneficiary; and/or2) reallocate the share percentage payable.We assume no responsibility for the validity or effect of anybeneficiary designtions or revocations.If there are no surviving beneficiaries on the death of the lastAnnuitant, any Death Benefit payable will be paid to you or toyour estate.If you designate a beneficiary as irrevocable, the consent of thatbeneficiary will be required for certain transactions.1.7 Control of PolicyIf you have selected the Joint Tiered LWA Option theAnnuitant and the Joint Life must be joint owners with rightof survivorship (subrogated policyholders in Quebec) inaccordance with our rules.You may exercise all of the rights and privileges as ContractOwner subject to the law(s) governing this contract, includingrequirements under the Income Tax Act. Your rights may berestricted if the beneficiary is irrevocable or if the contract hasbeen assigned.If you are not the Annuitant and, if you predecease theAnnuitant while this contract is in force, the joint or successorowner or, if applicable, the subrogated policyholder willbecome the Contract Owner. If a joint or successor owner hasnot been appointed the Annuitant will become the ContractOwner.1.8 Contract TerminationYour contract will terminate on the earliest of:1) if the market value of your contract is equal to $0 and thecontract is not in the Guaranteed Payment Phase (See Section5.9 Guaranteed Payment Phase);2) on the Maturity Date (See Section 6.2 Maturity Date);3) on the death of the last Annuitant; or4) at any time the minimum balance requirements, inaccordance with our rules, are not met.2. DEPOSITS2.1 General InformationWhen you make your initial deposit, in accordance with ourrules, the Class Plus Anniversary Date will be the ValuationDate of the initial deposit. If the Valuation Date of the initialdeposit is February 29th, February 28th will be the Class PlusAnniversary Date.Deposits must be in accordance with our rules regardingminimum deposit requirements. We reserve the right to, fromtime to time and at our discretion, without advance noticeto you:1) refuse to accept deposits;2) limit the amount of deposits allocated to a Fund, Fund Classor Purchase Fee Option;3) impose additional conditions on deposits; and4) limit the number of contracts owned by you.If your contract is to be registered under the Income TaxAct, provincial legislation and/or any pension legislationcertain restrictions may apply as specified in the applicableendorsement(s).The amount of your deposit (before any applicable sales chargesare deducted) will be used for determining the Maturity andDeath Benefit Guarantees.46