(a) A policy may be assignable or not assignable, as provided by its terms.
(b) Subject to its terms relating to assignability, any life or accident and health policy, 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.
(c) Any assignment shall entitle 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 some interest in the policy in conflict with the assignment.
Section: Previous 23-79-117 23-79-118 23-79-119 23-79-120 23-79-121 23-79-122 23-79-123 23-79-124 23-79-125 23-79-126 23-79-127 23-79-128 23-79-129 23-79-130 23-79-131 NextLast modified: November 15, 2016