Common use of Owner Retains All Other Incidents of Ownership Clause in Contracts

Owner Retains All Other Incidents of Ownership. Except as specifically provided herein, the Owner shall retain all incidents of ownership in and to the Policy, including, but not limited to: (a) the sole right to collect and receive all distributions or shares of surplus, dividend deposits or additions to the Policy now or hereafter made or apportioned thereto, except as otherwise provided herein, and to exercise any and all options contained in the Policy with respect thereto; (b) the sole right to exercise all non-forfeiture rights permitted by the terms of the Policy or allowed by the Insurer and to receive all benefits and advantages derived therefrom; (c) the sole right to elect any optional mode of settlement permitted by the Policy or allowed by the Insurer; and (d) the right to collect from the Insurer that portion of the net proceeds of the Policy when it becomes a claim by death or maturity not payable to the Assignee under the Split-Dollar Agreement; provided however, that the foregoing rights retained by the Owner shall be subject to the terms and conditions of the Split-Dollar Agreement.