Common use of Incidents of Ownership Clause in Contracts

Incidents of Ownership. The Insured shall be the sole and absolute owner of any and all Policies and may exercise all ownership rights and incidents of ownership granted to the owner of each such Policy by Insurer, except as may expressly provided to the contrary in this Agreement. It is the intention of the parties that the Insured retain all rights that each such Policy grants to the owner thereof, except Company's right to be repaid the amounts that it pays toward the premiums on each such Policy. Specifically (but not limited thereto), Company may neither have nor exercise any rights as collateral assignee of each such Policy that could in any way defeat or impair the Insured's right to receive the cash surrender value or the death proceeds of each such Policy in excess of the amount due to Company under this Agreement. All provisions of the collateral assignment to the Company described in Section 5 below shall be construed so as to carry out such intention.