Incident of Ownership
INCIDENT OF OWNERSHIP
Some aspect of the exclusive possession or control over the disposition or use of property that demonstrates that the person with such exclusive rights has not relinquished them.
A person who has kept the right to change the beneficiaries on his or her life insurance policy has retained an incident of ownership and is, therefore, considered the owner of the policy.
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Personal Property , Everything that is the subject of ownership that does not come under the denomination of real property; any right or interest that an individual has… Life Insurance , A life insurance policy is a legal agreement between an insurance agency and the policyholder, according to which the insurance agency agrees to pay… policy , pol·i·cy1 / ˈpäləsē/ • n. (pl. -cies) a course or principle of action adopted or proposed by a government, party, business, or individual: the admini… Proprietary , proprietary •beery, bleary, cheery, dearie, dreary, Dun Laoghaire, eerie, eyrie (US aerie), Kashmiri, leery, peri, praemunire, query, smeary, teary,… LAPSE , LAPSE
The termination or failure of a right or privilege because of a neglect to exercise that right or to perform some duty within a time limit, or… Adverse Possession , A method of gaining legal title to real property by the actual, open, hostile, and continuous possession of it to the exclusion of its true owner for…
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Incident of Ownership