Rights of the Beneficiary. This Contract creates a revocable right in favor of the beneficiary shown in the (T.B. and C.) or any subsequent endorsement. The right of the beneficiary being limited to the net amounts due in the event of the Life Assured’s death occurring before the maturity date of the Contract. The Contract Owner may, prior to the death of the Life Assured and without requiring the consent of any beneficiary, exercise for the Contract Owner’s own benefit every right and privilege conferred by this Contract. In particular, he/she may at any time assign hereunder, or modify the beneficiary unless any irrevocable beneficiary is specified in the (T.B. and C.) or any subsequent endorsement. Any modification of the assigned beneficiary by the Contract Owner is subject to the mandatory submission of the original copy of the Contract and any subsequent endorsement. In the event where the original copy is not available, specific internal rules will apply. If the Contract Owner mortgages, charges, assigns or transfers any interest in this Contract, the rights of the beneficiary will be subordinated to the rights of the person(s) acquiring such interest.
Rights of the Beneficiary. The Beneficiary is the owner of the Account Balance and is able to exercise the rights of the Account, even if a Custodian is serving as the Administrator.
Rights of the Beneficiary. 7.1 This Contract creates a revocable right in favor of the beneficiary specified in the (T.B. and C.) or any subsequent endorsement. The Contract Owner has the right to modify the beneficiary upon his written request confirmed by a written endorsement issued by the Company. The right of the beneficiary being limited to the due amount in the event of the Life Assured’s death occurring before the maturity date of the Contract. The nominated beneficiary shall have no rights on the Contract as long as the Life Assured is still alive.
Rights of the Beneficiary. The Beneficiary may waive any default without waiving any other prior or subsequent default. The Beneficiary may remedy any default without waiving the default remedied. Neither the failure by the Beneficiary to exercise, nor the delay by the Beneficiary in exercising, any right, power or remedy upon any default shall be construed as a waiver of such default or as a waiver of the right to exercise any such right, power or remedy at a later date. No single or partial exercise by the Beneficiary of any right, power or remedy hereunder shall exhaust the same or shall preclude any other or further exercise thereof, and every such right, power or remedy hereunder may be exercised at any time and from time to time. No modification or waiver of any provision hereof nor consent to any departure by Grantor therefrom shall in any event be effective unless the same shall be in writing and signed by the Beneficiary and then such waiver or consent shall be effective only in the specific instances, for the purpose for which given and to the extent therein specified. No notice to nor demand on Grantor in any case shall of itself entitle Grantor to any other or further notice or demand in similar or other circumstances. Acceptance by the Beneficiary of any payment in an amount less than the amount then due on any secured indebtedness shall be deemed an acceptance on account only and shall not in any way affect the existence of a default hereunder.
Rights of the Beneficiary. This Contract creates a revocable right in favor of the beneficiary shown in the (T.B. and C.). The right of the beneficiary is limited to the net amounts due in the event of the life assured’s death occurring before the maturity date of the Contract. The Contract owner may, prior to the death of the life assured and without requiring the consent of any beneficiary, exercise for the Contract owner’s own benefit every right and privilege conferred by this Contract and in particular may at any time assign hereunder, or modify the beneficiary unless any irrevocable beneficiary is specified in the (T.B. and C.). If the Contract owner mortgages, charges, assigns or transfers any interest in this Contract, the rights of the beneficiary will be subordinated to the rights of the person acquiring such interest.
Rights of the Beneficiary
