Ownership of Policy. Unless otherwise expressly provided for by Endorsement in the Policy, the Company shall be entitled to treat the Policyholder as the absolute owner of the Policy. The Company shall not be bound to recognise any equitable or other claim to or interest in the Policy, and the receipt of the Policy or a Benefit by the Policyholder (or by his legal or authorised representative) alone shall be an effective discharge of all obligations and liabilities of the Company. The Policyholder shall be deemed to be responsible Principal or Agent of the Insured Persons covered under this Policy.
Ownership of Policy. The Bank shall own all of the right, title and interest in the Policy and shall control all rights of ownership with respect thereto. The Bank, in its sole discretion, may exercise its right to borrow against or withdraw the cash value of the Policy. In the event that coverage under the Policy is increased at the discretion of the Bank, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.
Ownership of Policy. The Company shall be the sole and absolute owner of the Policy, and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as may otherwise be provided herein.
Ownership of Policy. The Policy is the exclusive property of the Employee, who may exercise all rights of ownership with respect to his interest therein, subject to the security interest of the Employer as expressed in this Agreement and the Collateral Assignment and to any death benefit which may become due to the Employer.
Ownership of Policy. The Trust shall be the sole and absolute owner of the Policy and shall have and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, including without limitation the right to designate the Policy beneficiary and the right to elect and change both the Total Sum Insured at Issue and the investment options of the Policy, except as may otherwise be provided herein.
Ownership of Policy. The Employee (or Employee's donee, if applicable) shall be the sole and absolute owner of the Policy; the Employee may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as may be otherwise provided herein.
Ownership of Policy. Employee shall be the sole and absolute ------------------- owner of the Policy including all supplemental riders and endorsements, and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as may otherwise be provided herein.
Ownership of Policy. The Employee shall be the sole and absolute owner of the Policy and shall have and may exercise all the rights and incidents of ownership granted to the owner by the Policy's terms except as otherwise provided in this Agreement. Such rights and incidents of ownership include the right to borrow on security of the Policy but only to the extent that the cash surrender value of the Policy exceeds the cumulative amount of premiums paid by the Company to such date, less any indebtedness to the Insurer created in favor of the Company; to pledge or assign his interest in the Policy for such loans or advances; the right, in the event of termination of this Agreement, to realize against the cash value of the Policy (to the extent such cash value exceeds the Company's interest in the Policy); the right of the Employee's estate in the event of the Employee's death, to realize against the proceeds of the Policy (to the extent said proceeds exceed the Company's interest in the Policy); and the right, subject to the interest of the Company to be reimbursed for its interest in the Policy, to surrender the Policy. An assignment describing the rights of the Company shall be filed with the Insurer. The parties agree that the Insurer is authorized to recognize the rights of either party, as designated in the assignment. The sole signature of either party shall be sufficient for the exercise of his or its respective rights, provided that the Company shall not surrender the Policy as long as the Employee is the owner of the policy, except as otherwise provided in paragraph 9(b) of this Agreement. Each right under the Policy shall be exercisable by the owner of the right without the consent of the other party; however, if the Insurer shall require the signatures of both the Company and the Employee, the parties agree to co-sign any required documents and take all steps necessary to permit the exercise of any such right under the Policy.
Ownership of Policy. Owner or his (or its) transferee shall be the owner of the Policy, and may exercise all ownership rights granted to the Owner by the terms of the Policy. Notwithstanding any other provisions of this Agreement or any form of policy assignment executed by Owner or his (or its) transferee in connection with this Agreement, it is the express intention of the parties to reserve to the Owner all rights in and to the Policy granted to the Owner by its terms, including, but not limited to, the right to assign the Owner's interest in the Policy, the right to change the beneficiary of the Policy, the right to exercise settlement options, the right to borrow against the cash value of the Policy, and the right to surrender or cancel the Policy, in whole or in part. Employer shall neither have nor exercise any right in or to the Policy which could, in any way, endanger, defeat or impair any of the rights of the Owner in the Policy, including the right to collect the proceeds of the Policy in excess of the amount due the Employer, as provided in this Agreement. The only rights in and to the Policy granted to the Employer shall be limited to its security interest in the "cash surrender value or surrender value" of the Policy, which for all purposes of this Agreement shall be as defined in the Policy, and a portion of the death benefit of the Policy, as hereinafter provided. The Employer shall not assign any of its rights in the Policy to anyone other than the Owner (or the Owner's transferee, if the Owner has transferred his or its rights in the Policy).
Ownership of Policy. The Employee shall be the sole and absolute owner of the Policy, and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as may otherwise be provided herein.
