Common use of ASSIGNMENT OF A CONTRACT Clause in Contracts

ASSIGNMENT OF A CONTRACT. An Authorized Request specifying the terms of an assignment of a Contract must be provided to the Administrative Office. The assignment shall take effect on the date the notice of assignment is signed, unless otherwise specified by the Owner; however, the Company will not be liable for any payment made or action taken before it receives the assignment. The Company will not be responsible for the validity or tax consequences of any assignment. Any assignment made after the death benefit has become payable will be valid only with Company consent. If the Contract is assigned, the Owner’s rights may only be exercised with the consent of the assignee of record.

ASSIGNMENT OF A CONTRACT. An Authorized Request specifying the terms of an assignment of a Contract must be provided to the Administrative Office. The assignment shall take effect on the date the notice of assignment is signed, unless otherwise specified by the Owner; however, the Company will not be liable for any payment made or action taken before it receives records the assignment. The Company will not be responsible for the validity or tax consequences of any assignment. Any assignment made after the death benefit has become payable will be valid only with Company consent. If the Contract is assigned, the Owner’s 's rights may only be exercised with the consent of the assignee of record.