WVC 33 - 13 - 27
§33-13-27. Power of insurer to hold proceeds of policy under
Any life insurer shall have the power to hold under
agreement the proceeds of any policy issued by it, upon such
terms and restrictions as to revocation by the policyholder and
control by beneficiaries, and with such exemptions from the
claims of creditors of beneficiaries other than the policyholder
as set forth in the policy or as agreed to in writing by the
insurer and the policyholder. Upon maturity of a policy, in the
event the policyholder has made no such agreement, the insurer
shall have the power to hold the proceeds of the policy under an
agreement with the beneficiaries. The insurer shall not be
required to segregate the funds so held but may hold them as part
of its general assets.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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