20-1277. Assignability of group life
insurance
Nothing in this title or in any other title shall be construed to prohibit any
person insured under a group life insurance policy from making an assignment of all or
any part of his incidents of ownership under such policy including but not limited to the
privilege to have issued to him an individual policy of life insurance pursuant and
subject to the provisions of sections 20-1266 through 20-1269, inclusive, and the right
to name a beneficiary. Subject to the terms of the policy or agreement between the
insured, the group policyholder and the insurer relating to assignment of incidents of
ownership thereunder, such an assignment by an insured, made either before or after the
effective date of this act, is valid for the purpose of vesting in the assignee, in
accordance with any provisions included therein as to the time at which it is to be
effective, all of such 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 sections 20-1266 through 20-1269, inclusive, prior to receipt of notice
of the assignment.
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