20-1228. Policy settlements
Any life insurer may hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer may hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
Section: Previous 20-1221 20-1222 20-1223 20-1224 20-1225 20-1226 20-1227 20-1228 20-1229 20-1230 20-1231 20-1231.01 20-1232 20-1233 20-1241 NextLast modified: October 13, 2016