Sec. 1-49. Insurance transactions.
Sec. 1-49. Insurance transactions. In a statutory short form power of attorney,
the language conferring general authority with respect to insurance transactions shall
be construed to mean that the principal authorizes the agent: (1) To continue, pay the
premium or assessment on, modify, rescind, release or terminate any contract of life,
accident, health, disability or liability insurance or any combination of such insurance
procured by or on behalf of the principal prior to the creation of the agency which insures
either the principal or any other person, without regard to whether the principal is or is
not a beneficiary thereunder; (2) to procure new, different or additional contracts of
insurance on the life of the principal or protecting the principal with respect to ill-health,
disability, accident or liability of any sort; to select the amount, the type of insurance
contract and the mode of payment under each such policy; to pay the premium or assessment on, modify, rescind, release or terminate any contract so procured by the agent,
and to designate the beneficiary of any such contract of insurance, provided no agent
shall be such beneficiary unless such agent is the spouse, child, grandchild, parent,
brother or sister of the principal; (3) to apply for and receive any available loan on the
security of the contract of insurance, whether for the payment of a premium or for the
procuring of cash; to surrender and thereupon receive the cash surrender value; to exercise any election as to beneficiary or mode of payment; to change the manner of paying
premiums; to change or to convert the type of insurance contract, with respect to any
contract of life, accident, health, disability or liability insurance as to which the principal
has, or claims to have, any one or more of the powers described in this section, and to
change the beneficiary of any such contract of insurance, provided no agent shall be
such new beneficiary unless such agent is the spouse, child, grandchild, parent, brother
or sister of the principal; (4) to demand, receive or obtain by action, proceeding or
otherwise any money, dividend or other thing of value to which the principal is, or may
become, or may claim to be, entitled as the proceeds of any contract of insurance or of
one or more of the transactions enumerated in this section; to conserve, invest, disburse
or utilize anything so received for purposes enumerated in this section, and to be reimbursed for any expenditures properly made by him in the execution of the powers conferred on him by the statutory short form power of attorney; (5) to apply for and procure
any available governmental aid in the guaranteeing or paying of premiums of any contract of insurance on the life of the principal; (6) to sell, assign, hypothecate, borrow
upon or pledge the interest of the principal in any contract of insurance; (7) to pay, from
such proceeds or otherwise, compromise or contest, and apply for refunds in connection
with, any tax or assessment levied by a taxing authority with respect to any contract of
insurance or the proceeds thereof or liability accruing by reason of such tax or assessment; (8) to agree and contract, in any manner, and with any person and on any terms,
which the agent may select for the accomplishment of any of the purposes enumerated
in this section, and to perform, rescind, reform, release or modify any such agreement
or contract; (9) to execute, acknowledge, seal and deliver any consent, demand, request,
application, agreement, indemnity, authorization, assignment, pledge, notice, check,
receipt, waiver or other instrument which the agent deems useful for the accomplishment
of any of the purposes enumerated in this section; (10) to continue, procure, pay the
premium or assessment on, modify, rescind, release, terminate or otherwise deal with
any contract of insurance, other than those enumerated in subdivisions (1) and (2) of this
section, whether fire, marine, burglary, compensation, disability, liability, hurricane,
casualty, or other type, or any combination of insurance; to do any act or acts with
respect to any such contract or with respect to its proceeds or enforcement which the
agent deems to be desirable or necessary for the promotion or protection of the interests
of the principal; (11) to prosecute, defend, submit to arbitration, settle and propose or
accept a compromise with respect to any claim existing in favor of, or against, the
principal based on or involving any insurance transaction or to intervene in any action
or proceeding relating thereto; (12) to hire, discharge and compensate any attorney,
accountant, expert witness or other assistant or assistants when the agent deems such
action to be desirable for the proper execution by him of any of the powers described
in this section and for the keeping of needed records thereof; and (13) in general, and
in addition to all the specific acts in this section enumerated, to do any other act or acts,
which the principal can do through an agent, in connection with procuring, supervising,
managing, modifying, enforcing and terminating contracts of insurance in which the
principal is the insured or is otherwise in any way interested. All powers described in
this section shall be exercisable with respect to any contract of insurance in which the
principal is in any way interested, whether made in the state of Connecticut or elsewhere.
(February, 1965, P.A. 573, S. 8.)