Common use of Limitation on Policy Disposition Clause in Contracts

Limitation on Policy Disposition. During the period that the collateral assignment of the Policy is in effect, the Owner shall not borrow from, pledge, transfer or assign the Policy and shall not sell, surrender or cancel the Policy, change the beneficiary designation provision or terminate the dividend election without the express written consent of the Company, which consent shall not be unreasonably withheld.

Limitation on Policy Disposition. During the period that the a collateral assignment of the a Policy is in effect, the Owner shall not borrow from, pledge, transfer or assign the Policy and shall not sell, surrender or cancel the Policy, change the beneficiary designation provision or terminate the dividend election without the express written consent of the CompanyCorporation, which consent shall not be unreasonably withheld.

Limitation on Policy Disposition. During the period that the a collateral assignment of the a Policy is in effect, the Owner shall not borrow from, pledge, transfer or assign the Policy and shall not sell, surrender or cancel the Policy, change the beneficiary designation provision or thereof, nor terminate the dividend election thereof without the express written consent of the CompanyCorporation, which consent shall not be unreasonably withheld.