509.15 Assignment of policy. Any person insured under a group life insurance policy may assign the rights, benefits and all other incidents of ownership conferred on the person by any provision of such policy or bylaw, including specifically and not by way of limitation the right, if any, to have issued to theperson an individual policy and the right to name a beneficiary. Subject to the terms of thepolicy or agreement between the insured, the group policyholder and the insurer, any suchassignment, whether made before or after July 1, 1971, is valid for the purpose of vesting inthe assignee, in accordance with any provisions included therein as to the time at which itis to be effective, all rights, benefits and incidents of ownership conferred upon the insuredunder the policy and shall entitle the insurer to deal with the assignee as the owner of suchrights, benefits and incidents of ownership, provided the insurer shall not be affected byany assignment until the insurer has received written notice thereof. This section shall beconstrued as declaring the law as it existed prior to July 1, 1971 and not modifying it. l not be affected byany assignment until the insurer has received written notice thereof. This section shall beconstrued as declaring the law as it existed prior to July 1, 1971 and not modifying it. [C73, 75, 77, 79, 81, §509.15] Sat Dec 23 00:41:47 2023 Iowa Code 2024, Section 509.15 (16, 0)
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