Definition of Policy owner

Policy owner means the owner named in the policy or the certificate holder in the case of a group policy. (16) "Premium outlay" means the amount of premium assumed to be paid by the policy owner or other premium payer out-of- pocket. (17) "Self-supporting illustration" means an illustration of a policy form for which it can be demonstrated that, when using experience assumptions underlying the disciplined current scale, for all illustrated points in time on or after the fifteenth policy anniversary or the twentieth policy anniversary for second-or-later-to-die policies (or upon policy expiration if sooner), the accumulated value of all policy cash flows equals or exceeds the total policy owner value available. For this purpose, policy owner value will include cash surrender values and any other illustrated benefit amounts available at the policy owner's election.
Sample 1 Sample 2 Sample 3

Examples of Policy owner in a sentence

Without limiting the generality of the foregoing, the Shares of a Portfolio would not be "appropriate funding vehicles" if, for example, such Shares did not meet the diversification or other requirements referred to in Article VI hereof; or if the Company would be permitted to disregard Policy owner voting instructions pursuant to Rule 6e-2 or Rule 6e-3(T) under the 1940 Act.
Prior to termination we must notify the Policy owner in writing of the amount necessary to bring the Policy debt back within the limit.
An Employer (or the Policy owner if the Policy owner has disassociated from the Employer) will receive a notice from MassMutual which sets forth this amount.
There is no limit on the number of transfers a Policy owner may make.
All transfers under these options during any Policy year are considered one transfer for purposes of determining the number of transfers made by a Policy owner during a Policy year.