OWNERSHIP AND BENEFICIARY PROVISIONS Sample Clauses

OWNERSHIP AND BENEFICIARY PROVISIONS. OWNERSHIP The original Owner is the person named as the Owner in the application and shown in the Policy Schedule. You, as Owner, can exercise all rights and receive the benefits during the Insured's life before maturity. All rights of the Owner are subject to the rights of any assignee and any irrevocable Beneficiary. BENEFICIARY The Beneficiary will receive any death benefits of this Policy, subject to any assignment you have made. Unless otherwise provided, the interest of any Beneficiary who dies before the Insured will be paid in equal shares to any surviving Beneficiaries. If no Beneficiary is living at the Insured's death, payment will be made to the Owner's estate. The Beneficiary may be changed by Written Request. After we record receipt of your request, the change will take effect as of the date the request is signed, but will not affect any action already taken. The rights of the former Beneficiary will cease at the same time. We may require return of the Policy to record the change. If you give up the right to change a Beneficiary, that Beneficiary's written consent will be needed along with your Written Request to make any change in this Policy. ASSIGNMENT We will not honor an assignment of this Policy unless it is in writing and filed with the Company. You must provide the form of assignment. Conditions of the assignment take priority over any conflicting ownership or beneficiary provisions. It is up to you to make sure it is valid. All assignments are subject to Policy Debt(s). PAYMENT OF PREMIUMS PREMIUMS Premiums must be paid to the Company. A receipt will be furnished on request. The first premium is due on the Policy Date. The Policy will not take effect until it has been delivered and the first premium paid while the Insured is alive and prior to any change in health as shown in the application. The planned periodic premium and the mode of payment are shown on the Policy Schedule. We will send reminder notices to you for the planned periodic premium that you have selected. You may select to receive notices either annually, semiannually or quarterly. You may also arrange for payment of premiums on a monthly basis through an authorized special payment facility. All payment modes are subject to our minimum requirements for the payment mode selected. Changes in frequency and increases or decreases in the amount of planned premiums may be made by you, subject to our current administrative rules and minimum limits on premiums. Additional unpl...
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OWNERSHIP AND BENEFICIARY PROVISIONS. OWNER The rights and privileges of this policy belong to you, the Owner, during the Insured's lifetime. The policy names you or someone else as the Insured. If you are not the Insured, you should name a successor owner who will become the Owner if you die before the Insured. If you die before the Insured and there is no successor owner, ownership passes to your estate. CHANGE OF OWNERSHIP You may change the ownership of this policy by sending Notice To Us during the Insured's lifetime. The change will take effect on the date we receive the request. A change in ownership will not affect actions taken by us before the request is received. A change of ownership is subject to the rights of an assignee of record and any irrevocable beneficiary.
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OWNERSHIP AND BENEFICIARY PROVISIONS. 13 Ownership........................................................... 13 Beneficiary......................................................... 13
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OWNERSHIP AND BENEFICIARY PROVISIONS 
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Related to OWNERSHIP AND BENEFICIARY PROVISIONS

  • Beneficiary Designation/Release of Information/Right to Reimbursement To the extent permitted by applicable Law and except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of information and rights to reimbursement made by or relating to SpinCo Employees under Company Benefit Plan shall be transferred to and be in full force and effect under the corresponding SpinCo Benefit Plan until such beneficiary designations, authorizations or rights are replaced or revoked by, or no longer apply, to the relevant SpinCo Employee.

  • BENEFICIARY DESIGNATION RIGHTS The Insured (or assignee) shall have the right and power to designate a beneficiary or beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and to elect and change a payment option for such beneficiary, subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement.

  • Disclaimer of Liability of Trustees and Beneficiaries A copy of the Declaration of Trust of the Fund is on file with the Secretary of the Commonwealth of Massachusetts, and notice hereby is given that this Agreement is executed on behalf of the Fund by an officer of the Fund in his or her capacity as an officer of the Fund and not individually and that the obligations of the Fund under or arising out of this Agreement are not binding upon any of the trustees, officers or shareholders individually but are binding only upon the assets and properties of the Fund. [The remainder of this page has been intentionally left blank.]

  • Non-Alienation of Benefits No benefit hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to do so shall be void.

  • Severability and Beneficiaries 12.1 In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation of the Trust to pay is conditioned upon provision of services.

  • No Assignment of Benefits The rights of any person to payments or benefits under this Agreement shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this subsection shall be void.

  • Nonalienation of Benefits Except as provided in Section 8 of this Agreement, (i) no right or benefit under this Agreement will be subject to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same will be void, and (ii) no right or benefit hereunder will in any manner be liable for or subject to the debts, contracts, liabilities or torts of the Grantee or other person entitled to such benefits.

  • Other Rights and Benefits Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive or other plans, programs, policies or practices provided by the Company and for which Executive may otherwise qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under other agreements with the Company except as provided in Article 1, Article 5, Section 6.1 and Section 6.2 above. Except as otherwise expressly provided herein, amounts that are vested benefits or that Executive is otherwise entitled to receive under any plan, policy, practice or program of the Company at or subsequent to the date of a Change in Control shall be payable in accordance with such plan, policy, practice or program.

  • Compensation and Benefits Upon Termination (a) If Executive’s employment is terminated by reason of death or Disability, the Company shall pay Executive’s Base Salary, at the rate then in effect, in accordance with the payroll policies of the Company, through the date of such termination (in the event of Executive’s death, the payments will be made to Executive’s beneficiaries or legal representatives) and Executive shall not be entitled to any further Base Salary or any applicable bonus, benefits or other compensation for that year or any future year, except as may be provided in Sections 5(d) or (e) below or an applicable benefit plan or program, or to any severance compensation of any kind, nature or amount.

  • Compensation and Benefits Upon Termination of Employment (a) If the Company shall terminate the Executive's employment after a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d) and Section 3(f), or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive, as severance compensation and in consideration of the Executive's adherence to the terms of Section 5 hereof, the following:

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