15-12-210. INSURANCE AND ANNUITIES. Unless a power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to:
(1) Continue, pay the premium or make a contribution on, modify, exchange, rescind, release or terminate a contract procured by or on behalf of the principal which insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;
(2) Procure new, different and additional contracts of insurance and annuities for the principal and the principal’s spouse, children and other dependents, and select the amount, type of insurance or annuity and mode of payment;
(3) Pay the premium or make a contribution on, modify, exchange, rescind, release or terminate a contract of insurance or annuity procured by the agent;
(4) Apply for and receive a loan secured by a contract of insurance or annuity;
(5) Surrender and receive the cash surrender value on a contract of insurance or annuity;
(6) Exercise an election;
(7) Exercise investment powers available under a contract of insurance or annuity;
(8) Change the manner of paying premiums on a contract of insurance or annuity;
(9) Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section;
(10) Apply for and procure a benefit or assistance under a statute or governmental regulation to guarantee or pay premiums of a contract of insurance on the life of the principal;
(11) Collect, sell, assign, hypothecate, borrow against or pledge the interest of the principal in a contract of insurance or annuity;
(12) Select the form and timing of the payment of proceeds from a contract of insurance or annuity; and
(13) Pay, from proceeds or otherwise, compromise or contest, and apply for refunds in connection with, a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
History:
[15-12-210, added 2008, ch. 186, sec. 2, p. 574.]
Structure Idaho Code
Title 15 - UNIFORM PROBATE CODE
Chapter 12 - UNIFORM POWER OF ATTORNEY ACT
Section 15-12-201 - AUTHORITY THAT REQUIRES SPECIFIC GRANT — GRANT OF GENERAL AUTHORITY.
Section 15-12-202 - INCORPORATION OF AUTHORITY.
Section 15-12-203 - CONSTRUCTION OF AUTHORITY GENERALLY.
Section 15-12-204 - REAL PROPERTY.
Section 15-12-205 - TANGIBLE PERSONAL PROPERTY.
Section 15-12-206 - STOCKS AND BONDS.
Section 15-12-207 - COMMODITIES AND OPTIONS.
Section 15-12-208 - BANKS AND OTHER FINANCIAL INSTITUTIONS.
Section 15-12-209 - OPERATION OF AN ENTITY OR BUSINESS.
Section 15-12-210 - INSURANCE AND ANNUITIES.
Section 15-12-211 - ESTATES, TRUSTS AND OTHER BENEFICIAL INTERESTS.
Section 15-12-212 - CLAIMS AND LITIGATION.
Section 15-12-213 - PERSONAL AND FAMILY MAINTENANCE.
Section 15-12-214 - BENEFITS FROM GOVERNMENTAL PROGRAMS OR CIVIL OR MILITARY SERVICE.