376.680. Assignment of incidents of ownership, group life policy, effect of.
Assignment of incidents of ownership, group life policy, effect of.
376.680. Subject to the terms of the policy relating toassignment of incidents of ownership thereunder, a person whoselife is insured under a policy of group life insurance may assignany or all incidents of ownership granted him under such policy,including but not limited to any right to designate abeneficiary, to have an individual policy issued to him, and topay premiums. Any assignment by the insured, made either beforeor after September 28, 1971, shall be valid for the purpose ofvesting in the assignee in accordance with any provisionsincluded therein as to the time at which it is to be effective,all of such incidents of ownership so assigned, but withoutprejudice to the insurer on account of any payment it may make orindividual policy it may issue without notice of the assignment.
(L. 1971 S.B. 125 § 1)