Page 22 - Life Assurance

4/5
Life Insurance
Contractual Provisions

First: The contract clauses:

1- Ownership clause:

The owner of a life insurance policy can be the
insured, the beneficiary, a trust, or another party.

The policy owner possesses all contractual
rights in the policy while the insured is living. These
rights include the following: naming - changing the
beneficiary - surrendering the policy for its cash
value- borrowing the cash value - receiving
dividends - electing settlement options.

2- Entire - contract clause:

The entire-contract clause states that the life
insurance policy and attached application constitute
the entire contract between the parties. All
statements in the application are considered to be
representations rather than warranties.

3- The incontestable clause:

Incontestable states that the insurer cannot
contest the policy after it has been in force two

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