ownership provision definition
In life insurance, the provision or endorsement that designates the owner of the policy when such owner is someone other than an insuredâfor example, a beneficiary. This clause vests ownership rights (e.g., the right to designate the beneficiary) to the specified person or entity. 1  Suggest an improvement or addition to the Insurance and Risk Management Glossary.  Buy a print version of the Insurance and Risk Management Glossary.