A policy may be assignable or nonassignable, depending upon its terms. Subject to its terms relating to its assignability, a life, group life, or health insurance policy, whether issued before or after July 1, 1966, under the terms of which the beneficiary may be changed upon the sole request of the insured, may be assigned either by pledge or transfer of title by an assignment executed by the insured alone and delivered to the insurer, whether or not the pledgee or assignee is the insurer. The assignment entitles the insurer to deal with the assignee as the owner or pledgee of the policy in accordance with the terms of the assignment until the insurer has received at its home office written notice of termination of the assignment or pledge, or written notice by or on behalf of some other person claiming an interest in the policy that is in conflict with the assignment.
Section: Previous 21.42.210 21.42.220 21.42.230 21.42.240 21.42.250 21.42.260 21.42.265 21.42.270 21.42.280 21.42.290 21.42.300 21.42.310 21.42.315 21.42.320-21.42.340 NextLast modified: November 15, 2016