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 by law, including specifically and not by way of limitation the right, if any, to have issued to the person an individual policy 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, any such assignment, whether made before or after July 1, 1971, 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 rights, benefits and incidents of ownership conferred upon the insured under the policy and shall entitle the insurer to deal with the assignee as the owner of such rights, benefits and incidents of ownership, provided the insurer shall not be affected by any assignment until the insurer has received written notice thereof. This section shall be construed as declaring the law as it existed prior to July 1, 1971 and not modifying it.
[C73, 75, 77, 79, 81, §509.15]
Structure Iowa Code
Section 509.1 - Form of policy.
Section 509.2 - Provisions as part of group life policy.
Section 509.3 - Provisions as part of accident or health policy.
Section 509.3A - Creditable coverage.
Section 509.4 - Employees of common employer — rates.
Section 509.5 - Authorized companies.
Section 509.6 - Approval of commissioner.
Section 509.7 - Grounds for revocation of authority.
Section 509.8 - Foreign policies.
Section 509.9 - Foreign companies.
Section 509.10 - Other provisions in policies.
Section 509.11 - Voting by policyholders.
Section 509.12 - Proceeds exempt from execution.
Section 509.14 - Group insurance on franchise plan.
Section 509.15 - Assignment of policy.
Section 509.16 - Premium rates approved.
Section 509.17 - Guidelines for rates.
Section 509.18 - Prohibited deposit in financial institution.