44-1619. Insured; assignment of rights, privileges, and incidents of ownership.
No provisions in sections 44-1601 to 44-1617 shall prohibit a person whose life is insured under any such policy of group life insurance from making an assignment or transfer of all or any part of his rights, privileges, and incidents of ownership under such policy, including specifically, but not by way of limitation, any right to designate a beneficiary thereunder and any right to have an individual policy issued in accordance with subdivisions (8) and (9) of section 44-1607, to any person other than the group policyholder. Subject to the terms of the policy relating to assignment of rights, privileges, and incidents of ownership thereunder, such an assignment by an insured, made either before or after December 25, 1969, is valid for the purpose of vesting in the assignee, in accordance with any provision included therein as to the time at which it is to be effective, all of such rights, privileges, and incidents of ownership so assigned, but without prejudice to the insurer on account of any payment it may make or individual policy it may issue in accordance with subdivisions (8) and (9) of section 44-1607 prior to receipt of notice of the assignment.
Source
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.