Contingent Owner definition

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 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 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

  • You may remove a Beneficiary (other than an irrevocable Beneficiary), Contingent Annuitant or a Contingent Owner from this Contract by providing proper written instructions to our Service Center.

  • If the spouse of the deceased Owner is the sole surviving Beneficiary, or is the sole surviving Joint or Contingent Owner, and has an unrestricted right to receive the death benefit proceeds in a lump sum, the spouse may continue this Contract as Owner rather than receive the death benefit proceeds, provided that we receive instructions to continue the Contract within such time frames as we may prescribe from time to time.

  • If the spouse of the deceased Owner is the sole surviving Beneficiary, or is the sole surviving Joint or Contingent Owner, and has an unrestricted right to receive the death benefit proceeds in a lump sum, the spouse may continue this Contract as Owner rather than receive the death benefit proceeds, provided that we receive instructions to continue the Contract within one (1) year.

  • You may name a Contingent Owner or a new Owner at any time while the Insured is living.

  • Any named Owner or Contingent Owner must be under Age 86 as of the Contract Date.

  • If there is no surviving Joint Owner and there is a Contingent Owner, we will pay the death benefit proceeds to the surviving Contingent Owner, if any.

  • You may name a Contingent Owner who will become the Owner of the policy if you die before the Insured.

  • If there is no Contingent Owner at the time of your death and you predecease the Insured, your estate will become the Owner of the policy.

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

  • Any new choice of Contract Owner or Contingent Owner will automatically revoke any prior choice of Contract Owner or Contingent owner.


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 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 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 Load means Load payable by the Unit Holder at actual basis to the extent of loss incurred by fund due to disinvestments if Units are redeemed by any major Unit Holder in such period of time that the Management Company believes may adversely affect the interest of other Unit Holder(s). Any Contingent Load received will form part of the Trust Property.

  • Contingent Worker means any Invesco consultant or contractor with access to the firm’s internal network systems.

  • 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 (and which is identified in the Rights Table by the notation "Contingent" in the column headed "Special Terms"); "Contract Miles" has the meaning ascribed to it in Schedule 7;

  • Contingent Obligation means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto.

  • 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.