Contingent Owner Clause Samples
The Contingent Owner clause designates an individual or entity who will assume ownership of a policy or asset if the primary owner dies or becomes unable to fulfill their role. In practice, this clause is commonly used in life insurance policies, where a contingent owner is named to take over policy rights and responsibilities if the original policyholder passes away or is incapacitated. By establishing a clear succession plan, the clause ensures continuity of ownership and prevents disputes or confusion over control of the asset in unforeseen circumstances.
Contingent Owner. The person, if any, you select to succeed to your rights as Owner of this Contract if all named Owners die. Contract Anniversary – The same date, in each subsequent year, as the Contract Date. Contract Date – The date we issued this Contract, as shown in the Contract Specifications. Contract Years, Contract Anniversaries, Contract Semiannual Periods, Contract Quarters and Contract Months are measured from the Contract Date.
Contingent Owner. 10 Beneficiary.............................................. 10 Assignment............................................... 10
Contingent Owner. The person, if any, you select who may succeed to your rights as Owner of this Contract if you die before your Annuity Date. Contract Anniversary -- The same date in each subsequent year as your Contract Date. Contract Date -- The date we issue your Contract, as shown in the Contract Specifications. Contract Years, Contract Semi-Annual Periods, Contract Quarters and Contract Months are measured from this date. Contract Debt -- As of the end of any Business Day, the principal amount you have outstanding on any loan under this Contract, plus any accrued and unpaid interest. Contract Value -- As of the end of any Business Day, your Variable Account Value, plus your Fixed Option Value, plus the amount held in the Loan Account to secure your Contract Debt, if any, including any interest. Fixed Option -- Amounts allocated under your Contract to the Fixed Option are held in our General Account and receive interest at rates declared periodically ("the Guaranteed Interest Rate"), but not less than 3% on an annual basis. General Account -- Our General Account consists of all assets of PM, other than those assets allocated to Separate Account A or to any of our other separate accounts. Investment Option -- A Variable Account or a Fixed Option offered under the Contract.
Contingent Owner. The Contingent Owner is named in the application and is subject to change by the Owner. If the Owner wishes to name a Contingent Owner, he must do so in the application. The Contingent Owner may be the recipient of certain rights or benefits under this Contract when the Owner dies before the Annuitization Date. The Owner's right to name a Contingent Owner may be restricted under the provisions of the retirement or deferred compensation plan for which this Contract is issued. Contract Anniversary - A Contract Anniversary is an anniversary of the Contract Issue Date as shown on the Data Page. Contract Owner (Owner) - The Contract Owner is the person who possesses all rights under the Contract, including the right to designate and change any designations of the Contingent Owner, Designated Annuitant, Contingent Designated Annuitant, Beneficiary, Contingent Beneficiary, Annuity Payment Option, and the Annuity Commencement Date. The Owner is the person named in the application, unless changed. Contract Value - The Contract Value is the sum of the value of all Variable Account Accumulation Units attributable to the Contract plus any amount held under the Contract in the Fixed Account. Contract Year - A Contract Year is each Contract Anniversary. Date Of Issue - The Date of Issue is shown on the Data Page. Designated Annuitant - The Designated Annuitant is the person named, prior to the Annuitization Date, to receive annuity payments. The Designated Annuitant is named on the Data Page, unless changed. The Company reserves the right to reject any change of the Designated Annuitant which has been made without the prior consent of the Company. Distribution - A Distribution is any payment of part or all of the Contract Value.
Contingent Owner. The Contingent Owner is named in the application and is subject to change by the Owner at any time. The Contingent Owner may be the recipient of certain rights or benefits under this Contract when the Owner dies before the Annuitization Date. The Owner's right to name a Contingent Owner may be restricted under the provisions of the retirement or deferred compensation plan for which this Contract is issued. Contract Anniversary - A Contract Anniversary is an anniversary of the Contract issue Date as shown on the Data Page. Contract Owner (Owner) - The Contract Owner is the person who possesses all rights under the Contract, including the right to designate and change any designations of the Contingent Owner, Designated Annuitant, Contingent Designated Annuitant, Beneficiary, Contingent Beneficiary, Annuity Payment Option, and the Annuity Commencement Date. The Owner is the person named in the application, unless changed. Contract Value - The Contract Value is the sum of all Variable Account Accumulation Units attributable to the Contract plus any amount held under the Contract in the Guaranteed interest Account. Contract Year - A Contract Year is each Contract Anniversary. Date of Issue - The Date of Issue is shown on the Data Page.