§33-14-28. Assignment of incidents of ownership in group life
insurance policies including conversion privileges.
No provision in this chapter or in any other law shall be
interpreted so as to prohibit a person whose life is insured
under any policy of group life insurance from making an
assignment of all or any part of his incidents of ownership under
such policy including specifically, but not by way of limitation,
any right to designate a beneficiary or beneficiaries thereunder
and any right to have an individual policy issued to him in
accordance with sections sixteen and seventeen of this article.
Subject to the terms of the policy relating to assignment of
incidents of ownership thereunder, such an assignment by the
insured, made either before or after the effective date of this
section, 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 other provisions of this article prior to receipt
of notice of the assignment.