Contingent Owner definition

Contingent Owner means the person named by the Owner as “Contingent Owner” in the Company’s prescribed form, who may become the Owner pursuant to the “Change of Ownership” provisions under the OWNERSHIP PROVISIONS of the Policy. It is only applicable for Policy with Insured under 18 years old when the Policy is issued.
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Contingent Owner. The Contingent Owner will become the Owner if the named Owner dies prior to the date of the death of the Insured. The Contingent Owner is named in the application, unless changed.
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Contingent Owner. The person, if any, you select to succeed to your rights as Owner of this Contract if all named Owners die. Contract Anniversary - The same date, in each subsequent year, as the Contract Date. Contract Date - The date we issued this Contract, as shown in the Contract Specifications. Contract Years, Contract Anniversaries, Contract Semiannual Periods, Contract Quarters and Contract Months are measured from the Contract Date.
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Examples of Contingent Owner in a sentence

  • CONTINGENT OWNER - The Contingent Owner, if any, is as named in the application, unless changed.

  • CONTINGENT OWNER - A Contingent Owner succeeds to the rights of a Contract Owner upon the Contract Owner's death before Annuitization if there is no Joint Owner.

  • CONTINGENT OWNER - A Contingent Owner succeeds to the rights of the Contract Owner upon the Contract Owner's death before Annuitization.

  • CONTINGENT OWNER - is the individual who becomes the Owner if you die before periodic annuity payments purchased under this Contract begin.

  • On the date hereof, the Underwriter shall have received a lock-up agreement substantially in the form attached hereto as Exhibit A signed by the persons listed on Schedule B hereto.

  • CONTINGENT OWNER: The Contingent Owner will become the Owner if the named Owner dies prior to the date of the death of the Insured.

  • OWNER, CONTINGENT OWNER, BENEFICIARY -------------------------------------------------------------------------------- The Owner, the Contingent Owner (if any) and the Beneficiary will be as shown in the application unless you change them or they are changed by the terms of this provision.

  • CONTINGENT OWNER - The Contingent Owner, if named, may succeed to the rights of the Contract Owner upon the Contract Owner's death before the Annuitization Date.

  • CONTINGENT OWNER If you are the Owner but are not the Annuitant, you may name a Contingent Owner to take over as Owner upon your death.

  • CONTINGENT OWNER -- is the individual who becomes the Owner if the Owner dies before periodic annuity payments begin under this Contract.


More Definitions of Contingent Owner

Contingent Owner is the person that becomes the Owner if the named Owner dies before the Insured.
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Contingent Owner. The Contingent Owner will become the Owner if the named Owner dies or ceases to be in existence prior to the date Death Proceeds become payable. The Contingent Owner is named in the application, unless changed.
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Contingent Owner is the person, persons or entity who will own the Contract following the Owner's death (or the death of both Joint Owners).
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Contingent Owner. The contingent owner, if any, will become the owner if the named owner dies before the date of the Insured's death. In the event of Joint Owners, the contingent owner will become the owner if both named joint owners die before the Insured. The contingent owner, if any, is as named in the application, unless changed. You may name a contingent owner at any time while the Insured is living. Such designation must be by written notice. Once recorded, the designation will be effective as of the date the written notice was signed. Such change will not affect any payment we make or action we take before it was recorded.
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Contingent Owner. The contingent owner, if any, will become the owner if the named owner dies before the date of the death of the last Insured to die. In the event of Joint Owners, the contingent owner will become the owner if both named joint owners die before the death of the last Insured to die. The contingent owner, if any, is as named in the application, unless changed. You may name a contingent owner at any time while at least one of the Insureds is living. Such designation must be by written notice. Once recorded, the designation will be effective as of the date the written notice was signed. Such change will not affect any payment we make or action we take before it was recorded.
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Contingent Owner. If there is a Contingent Owner, that person becomes the Owner if you die before the Annuity Start Date. ANNUITY START DATE - is the date you choose to have us begin periodic annuity payments to the Annuitant. It is shown on the Contract Specifications pages. If you do not choose an Annuity Start Date, we will make the Annuity Start Date the Contract Anniversary nearest the Annuitant's 85th birthday. If there are Joint Annuitants, we will use the 85th birthday of the younger Joint Annuitant. You may change the Annuity start Date by sending us written notice before the Annuity Start Date then in effect. However, in no event can the Annuity Start Date be later than the first day of the month following the 95th birthday of the Annuitant or the younger Joint Annuitant, if applicable. OWNER - owns and controls this Contract and can exercise all contractual rights while the Annuitant is living. You may change the Owner by sending us written notice that is satisfactory to us. If there are Joint Owners, Owner means Joint Owners, unless otherwise indicated. OWNER BENEFICIARY - the person you name (other than a Joint or Contingent Owner) to receive the death benefit proceeds, if any, if the Owner dies before the Annuitant and before the Annuity Start Date, if living; otherwise, the Owner's estate. WRITTEN NOTICE - all changes or requests must be in writing and must be received at our Home Office. Whenever written notice is required, send it to our Variable Life Administration Department at its mailing address. The address is shown in the Definitions Section under Home Office.
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Related to Contingent Owner

  • Contingent Right means a right under this Schedule 5 which is not a Firm Right and which is subject to the fulfilment of all competing Exercised Firm Rights and any additional contingency specified in this Schedule 5;

  • Contingent Obligation is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement.

  • Apparent owner means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder.

  • Contingent Liability means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount, if larger) of the debt, obligation or other liability guaranteed thereby.

  • Contingent Obligations means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

  • Contingent fee as used in this clause, means any commission, percentage, brokerage, or other fee that is contingent upon the success that a person or concern has in securing a Government contract.

  • Qualified Contractor ’ means a residential energy ef-

  • Potentially hazardous food means any food or ingredient, natural or synthetic, in a form capable of supporting the growth of infectious or toxigenic microorganisms, including Clostridium botulinum. This term includes raw or heat treated foods of animal origin, raw seed sprouts, and treated foods of plant origin. The term does not include foods which have a pH level of 4.6 or below or a water activity (Aw) value of 0.85 or less.

  • Contract Owner means the holder of interests in a variable annuity or variable life insurance contract issued by the Company.

  • Acquired Indebtedness means Indebtedness of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in connection with the acquisition of assets from such Person, in each case other than Indebtedness Incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired Indebtedness shall be deemed to be Incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary.