IF it is as YOU have written, then it is absolutely correct.
Most contracts provide an opportunity for the "OWNER" to
elect a "contingent owner" in the event of the death of the owner.
Failure to do that results in the "ownership" of the contract to
adhere to the Insured.
The Insured, now being the Owner, has the opportunity to
name both the Beneficiary(ies) AND a contingetnt Owner.

Cal Lester CLU



"Al" <albednarski[at]yahoo.com> wrote in message
news:1126782741.914611.65000[at]o13g2000cwo.googlegroups.com...
- quote -

One of my customers died recently. He had a life insurance policy on
his son. I had thought with the death of the owner, his surviving
spouse would have ownership of the policy on the son. No, the insurance
carrier said. Ownership would transfer to the son not the surviving
spouse. Is this correct?
Al