§ 27-4-22 - Assignment of interest under group life insurance.
SECTION 27-4-22
§ 27-4-22 Assignment of interest undergroup life insurance. – Subject to the terms of the policy relating to assignment of incidents ofownership under the policy, a person whose life is insured under a policy ofgroup life insurance may assign any or all incidents of ownership granted thatperson under the policy, including but not limited to any right to designate abeneficiary, to have an individual policy issued to him or her, and to paypremiums. Any assignment by the insured shall be valid for the purpose ofvesting in the assignee, in accordance with any provisions included in thepolicy as to the time at which it is to be effective, all of the incident ofownership assigned, but without prejudice to the insurer on account of anypayment it may make or individual policy it may issue without notice of theassignment.