Common use of POLICY TITLE AND OWNERSHIP Clause in Contracts

POLICY TITLE AND OWNERSHIP. The respective rights and duties of the Company and the Insured in the Policy shall be as follows: Title and ownership shall reside in the Company for its use and for the use of the Insured all in accordance with this Agreement. The Company alone may, to the extent of its interest, exercise the right to borrow or withdraw the Policy cash values or to terminate the Policy. Where the Company and the Insured, mutually agree to exercise the right to increase coverage under the Policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.