What does Ownership Clause mean? Read on to discover the definition & meaning of the term Ownership Clause - to help you better understand the language used in insurance policies.
In life insurance, the provision or endorsement that designates the owner of the policy when such owner is someone other than an insured for example, a beneficiary. This clause vests ownership rights (e.g., the right to designate the beneficiary) to the specified person or entity.
We hope the you have a better understanding of the meaning of Ownership Clause.