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.
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Contingent Owner. 10 Beneficiary.............................................. 10 Assignment............................................... 10
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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.
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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.
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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.
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Related to Contingent Owner

  • Contingent Obligation any obligation of a Person arising from a guaranty, indemnity or other assurance of payment or performance of any Debt, lease, dividend or other obligation (“primary obligations”) of another obligor (“primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person under any (a) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments regardless of nonperformance by any other party to an agreement; and (c) arrangement (i) to purchase any primary obligation or security therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or assure working capital, equity capital, net worth or solvency of the primary obligor, (iv) to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure or hold harmless the holder of any primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which such Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto.

  • Contingent Liability Where we effect or arrange a Transaction, you should note that, depending upon the nature of the Transaction, you may be liable to make further payments when the Transaction fails to be completed or upon the earlier settlement or closing out of your position. You may be required to make further variable payments by way of margin against the purchase price of the investment, instead of paying (or receiving) the whole purchase (or sale) price immediately. The movement in the market price of your investment will affect the amount of margin payment you will be required to make. We will monitor your margin requirements on a daily basis and we will inform you as soon as it is reasonably practicable of the amount of any margin payment required under this clause.

  • CONTINGENT FUNDING 12 1. Any obligation of COUNTY under this Agreement is contingent upon the following: 13 a. The continued availability of federal, state and county funds for reimbursement of 14 COUNTY’s expenditures, and 15 b. Inclusion of sufficient funding for the services hereunder in the applicable budget(s) 16 approved by the Board of Supervisors. 17 2. In the event such funding is subsequently reduced or terminated, COUNTY may suspend, 18 terminate or renegotiate this Agreement upon thirty (30) calendar days’ written notice given

  • CONTINGENT ANNUITANT The person designated by the Owner who, upon the Annuitant's death prior to the Annuity Commencement Date, becomes the Annuitant.

  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.