Individual Insured definition
Examples of Individual Insured in a sentence
For purposes of applying this condition, the knowledge of an Insured Entity or an Individual Insured will not be imputed to any other Individual Insured.
Individual Insured Certificates that have been accepted for a distribution shall be due and payable on the applicable Distribution Date.
Notwithstanding Exclusions 1 and 2 of this policy, we shall pay on your behalf all sums which you become legally obligated to pay to a claimant as damages because of any claim first made against you and reported to us during the policy period arising out of an error by the Individual Insured, provided that the error is the sole cause of the damages.
Insured Certificates beneficially owned by a trust will be considered to be beneficially owned by each beneficiary of the trust to the extent of such beneficiary's beneficial interest therein, but in no event will a trust's beneficiaries collectively be deemed to be Certificate Owners of a number of Individual Insured Certificates of which such trust is the owner.
The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in Individual Insured Certificates will be deemed to be the death of the Certificate Owner of the Insured Certificates regardless of the registration of ownership, if such beneficial interest can be established to the satisfaction of the Depository Participant.