A life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon the terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with the exemptions from the claims of creditors of beneficiaries other than the policyholder as set out 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 shall have the power to 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 21.45.200 21.45.210 21.45.220 21.45.230 21.45.240 21.45.250 21.45.260 21.45.270 21.45.280 21.45.290 21.45.300 21.45.305 21.45.310 21.45.320 NextLast modified: November 15, 2016