Common use of Ownership of Insurance Clause in Contracts

Ownership of Insurance. The Employee shall be the owner of the Policy, but as a condition of the Agreement agrees to make a "collateral assignment" to the Company in an amount equal to the sum of the cumulative annual premiums paid by the Company. The Employee may exercise all rights of ownership with respect to the Policy, except as otherwise hereinafter provided. It is the express intention of the parties to reserve to the Employee certain rights in and to the Policy granted to it by the terms of the Policy, but excluding the right to designate and change the beneficiary of that portion of the proceeds to which the Company is entitled under Section 5 hereunder.