Common use of Ownership of Contract Clause in Contracts

Ownership of Contract. Unless another Owner is named by the purchaser, the purchaser is the Owner. Upon notice to us you may assign the Contract to a new Owner. The assignment terminates all prior beneficiary designations. The new Owner's age must be less than 85 years. Only spouses may be co-owners. The beneficiary of the co-owner spouses must be the surviving spouse. The age of the oldest co-owner must be less than 85 years. Ownership rights must be exercised by the co-owners jointly. Co-owners are deemed to be joint tenants with right of survivorship unless they indicate otherwise.