Common use of Ownership, Assignment and Beneficiary Provisions Clause in Contracts

Ownership, Assignment and Beneficiary Provisions. Ownership - As the Owner of this Contract, you are entitled to all rights given by its terms. You may exercise these rights without the consent of the Annuitant, Beneficiary, or Payee. Your rights are subject to the interests of any assignee or irrevocable beneficiary. Assignment - You may assign this policy. Your rights and the rights of any beneficiary will be secondary to the rights of the assignee. We assume no responsibility for the validity of an assignment. Any assignment will not be binding upon us until we receive Proper Notice. Because an assignment may be a taxable event, you should consult competent tax advisors as to the tax consequences resulting from such an assignment.

Ownership, Assignment and Beneficiary Provisions. Ownership OWNERSHIP - As the Owner of this Contract, you are entitled to all rights given by its terms. You may exercise these rights without the consent of the Annuitant, Beneficiary, or Payee. Your rights are subject to the interests of any assignee or irrevocable beneficiary. Assignment ASSIGNMENT - You may assign this policy. Your rights and the rights of any beneficiary will be secondary to the rights of the assignee. We assume no responsibility for the validity of an assignment. Any assignment will not be binding upon us until we receive Proper Notice. Because an assignment may be a taxable event, you should consult competent tax advisors as to the tax consequences resulting from such an assignment.