20-1122. Assignment of policies
A policy may be assignable or not assignable, as provided by its terms. Subject to
its terms relating to assignability, any life or disability policy, when issued, 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. Any such 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.
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